Terms & Conditions for the Referral Program

Modak Referral Program Terms

1. Introduction

The Modak Referral Program (the “Referral Program”) allows eligible Modak users to invite friends, family members, and other individuals to become Modak customers.

By participating in the Referral Program, including by sharing a referral code, referral link, QR code, or any other referral method made available by Modak (each, a “Referral Code”), you agree to these Modak Referral Program Terms (the “Referral Terms”).

These Referral Terms supplement the Modak Terms and Conditions, which govern your use of the Modak platform and Services. Capitalized terms not otherwise defined in these Referral Terms have the meanings assigned to them in the Modak Terms and Conditions. In the event of any conflict between these Referral Terms and the Modak Terms and Conditions, these Referral Terms govern solely with respect to the Referral Program.

Participation in the Referral Program is voluntary. Referral Rewards are promotional in nature, are not guaranteed, and remain subject to these Referral Terms and any additional eligibility requirements disclosed as part of the applicable referral campaign.

2. Definitions

For purposes of these Referral Terms:

“Referral Code” means the unique referral code, referral link, QR code, or other referral identifier assigned by Modak that may be shared with prospective customers.

“Referral Reward” means a promotional incentive offered by Modak in connection with the Referral Program. Referral Rewards may consist of promotional credits, U.S. dollar credits, MBX (Mobucks), subscription benefits, fee reimbursements, discounts, merchandise, digital rewards, or other promotional incentives designated by Modak. The type, value, availability, and eligibility requirements for Referral Rewards may vary by promotion and are subject to change.

“Qualifying Referral” means a referral that satisfies all eligibility requirements established by Modak for the applicable referral campaign.

“Referred Customer” means an individual who uses a Referral Code to register for the Service and who satisfies the requirements to become a Qualifying Referral.

3. Eligibility

Every active Modak user is assigned a unique Referral Code and may participate in the Referral Program unless otherwise restricted by Modak.

Child Users may participate in the Referral Program by sharing their assigned Referral Code. Referral Rewards earned through a Child User’s Referral Code will be credited to the Child Account associated with that Referral Code. As described in the Modak Terms and Conditions, the Parent Accountholder remains the legal owner of all Child Accounts and all funds, promotional rewards, and other credits deposited into those accounts.

Referral Codes are personal to the assigned Modak user and may not be sold, transferred, assigned, purchased, or otherwise distributed for commercial purposes without Modak’s prior written consent.

Participation in the Referral Program does not guarantee that any referral will qualify for a Referral Reward.

4. Qualifying Referrals

A referral becomes a Qualifying Referral only after all applicable eligibility requirements have been satisfied and verified by Modak.

Unless otherwise disclosed as part of a specific referral campaign, a Qualifying Referral generally requires that the Referred Customer:

• has not previously established or attempted to establish a Modak account;
• has not previously received or attempted to receive a Referral Reward for the same account relationship;
• successfully completes all required account registration, identity verification, and onboarding requirements;
• completes any qualifying activity requirements associated with the applicable referral campaign;
• remains in good standing with Modak; and
• complies with these Referral Terms, the Modak Terms and Conditions, and all other applicable Modak policies.

If the Referred Customer is a minor who cannot independently establish a Modak account, the applicable Parent Accountholder must successfully establish the required Parent Account and associated Child Account before the referral may become a Qualifying Referral.

A referral does not become a Qualifying Referral until all applicable eligibility requirements have been completed and verified by Modak. Modak reserves the right to determine, in its sole discretion, whether a referral satisfies the requirements of a Qualifying Referral.

5. Referral Rewards

For each Qualifying Referral, Modak may provide a Referral Reward to the referring user, the Referred Customer, or both, depending upon the applicable referral campaign.

The Referral Reward applicable to a Qualifying Referral will be the promotional incentive advertised by Modak at the time the applicable Referral Code was shared or otherwise used, as determined by Modak’s records.

Referral Rewards may consist of promotional credits, U.S. dollar credits, MBX (Mobucks), subscription benefits, fee reimbursements, discounts, merchandise, digital rewards, or other promotional incentives designated by Modak.

Unless otherwise disclosed, Referral Rewards will be credited to the Modak account associated with the Referral Code used for the Qualifying Referral.

Referral Rewards are promotional incentives only. They are not deposits, wages, interest, investment returns, or property rights until awarded by Modak.

Referral Rewards are non-transferable and may not be sold, exchanged, pledged, assigned, or redeemed except as expressly permitted by Modak.

Nothing in these Referral Terms obligates Modak to offer any particular Referral Reward, promotional campaign, or Referral Program for any minimum period of time.

6. Reward Timing

Referral Rewards are generally issued within three (3) business days after a Qualifying Referral has been verified by Modak.

Processing times may vary due to fraud review, identity verification, technical processing, promotional requirements, operational considerations, or other factors.

Modak may delay, suspend, or withhold Referral Rewards while conducting reviews necessary to verify eligibility or investigate suspected fraud, abuse, or other violations of these Referral Terms.

7. Verification, Monitoring, and Fraud Prevention

All referrals and Referral Rewards are subject to verification by Modak.

Modak monitors Referral Program activity to verify compliance with these Referral Terms, detect fraud, prevent abuse, administer Referral Rewards, and protect the integrity of the Referral Program.

Modak maintains records of Referral Codes, referral activity, eligibility determinations, qualifying activities, Referral Rewards issued, fraud investigations, and other information reasonably necessary to administer the Referral Program. Such records are retained in accordance with Modak’s record retention policies and may be provided to Modak’s Bank Partner, regulators, auditors, law enforcement, or other authorized parties where required by law or contractual obligations.

Modak may require additional information or documentation before approving any Referral Reward.

8. Fraud and Abuse

The Referral Program is intended solely for legitimate referrals of prospective Modak customers.

Modak may deny, suspend, reverse, cancel, recover, or revoke any Referral Reward and may suspend or terminate a user’s participation in the Referral Program if Modak determines, in its sole discretion, that fraud, abuse, manipulation, or conduct inconsistent with the intended purpose of the Referral Program has occurred.

Examples of prohibited conduct include, but are not limited to:

• creating multiple accounts to earn Referral Rewards;
• referring yourself or attempting to receive multiple Referral Rewards for the same individual;
• creating fictitious or fraudulent identities;
• submitting false or misleading information;
• engaging in automated, bulk, or scripted referrals;
• purchasing, selling, or transferring Referral Codes;
• manipulating qualifying activities;
• participating in referral rings or coordinated fraudulent activity; or
• otherwise attempting to manipulate or abuse the Referral Program.

Modak reserves the right to reverse previously issued Referral Rewards if it subsequently determines that the underlying referral was fraudulent, abusive, or otherwise failed to satisfy these Referral Terms.

9. Referral Limits

Modak may establish, modify, suspend, or remove limits on the number of Qualifying Referrals or Referral Rewards available to any user.

Any referral limits applicable to a particular promotion will be disclosed as part of that promotion.

10. Program Changes and Termination

Modak reserves the right to modify, suspend, discontinue, or terminate the Referral Program, any Referral Reward, any referral campaign, or these Referral Terms at any time, subject to applicable law.

Modak may change the type, value, eligibility requirements, qualifying activities, availability, or timing of Referral Rewards without prior notice unless notice is required by applicable law.

Referral Rewards that have already been verified and approved prior to termination of a referral campaign will generally continue to be honored unless Modak determines that fraud, abuse, or another violation of these Referral Terms has occurred.

11. Disclaimer

Participation in the Referral Program does not create any contractual right or guarantee that a Referral Reward will be awarded.

Referral Rewards are promotional incentives offered at Modak’s discretion and may be modified, suspended, replaced, or discontinued at any time, subject to applicable law.

Modak is not responsible for lost, delayed, incomplete, misdirected, fraudulent, or improperly submitted referrals, technical failures, system outages, network interruptions, or other circumstances beyond Modak’s reasonable control that affect administration of the Referral Program.

12. Governing Law and Dispute Resolution

These Referral Terms are governed by the Governing Law, Arbitration, and Dispute Resolution provisions contained in the Modak Terms and Conditions, which are incorporated into these Referral Terms by reference.

13. Contact Information

Questions regarding the Referral Program may be directed to:

Email: hi@modakmakers.com

In-App Support: You may also contact Modak through the Help section of the Modak application.