About Modak
What Modak is, who it’s for, and how the app and MoCard work together.
What is Modak?
Modak is a US-based platform leveraging the power of fintech, gamification, and community to empower kids to reach their full potential. We are founded with an audacious vision to enable kids and young adults to reach their full potential, regardless of their background. We pursue this mission by offering a gamified fintech and learning ecosystem - with teen cards, financial literacy, and other services. We build for scale and security using the best technologies and enrich the user experience with a thriving community that supports each other. Modak is trusted by over 30,000 families and growing by the day. We are one of the most well-funded early-stage startups, and we are grateful for the 5+ years of runway we have even in this market. Our investors include GGV Capital ($9.2Billion VC firm), Monashees, Maya Capital, Nazca VC, One VC, and 30+ leading angel investors and entrepreneurs across Silicon Valley and Latin America.
Read this on its own page →What is Mogold?
Mogold is Modak’s premium membership that provides exclusive financial benefits and enhanced features for families.
Read this on its own page →Are there any fees?
There are no hidden fees associated with Modak. We don’t charge for opening a card and most of our services. However, if you need expedited or premium services, our app will show you and ask for your permission before charging the fees. For example, we charge $0.50 for debit cards (and 3% extra for credit cards and Apple/Google Pay) when you load your kid’s modak card with your debit or credit cards. Do note that our normal ACH - funding via your other bank accounts - is free.
Read this on its own page →How much does Mogold cost?
The membership costs $5.99 per month.
Read this on its own page →Who can subscribe to Mogold?
The parent account holder subscribes to Mogold, and the benefits extend to both the parent and the teen(s) within the family group.
Read this on its own page →Why do I need a cellphone to create an account?
This is because the bank needs to make sure it’s really you who’s opening the account. If anything looks fishy with your account, they can use your phone number to reach you and check that everything is okay. They may also send you a code to confirm it’s you when you log in or make a transaction. All of this helps keep your money safe and secure.
Read this on its own page →Can I create a Modak account outside of the US?
Right now, your US-based card can be used anywhere in the world where Visa cards are accepted. For example, if you are an American traveling internationally, you can use your Modak card anywhere!
Read this on its own page →What is the MoCard account for?
A MoCard is a card through which you can spend your money, and earn/spend rewards points (Mobucks) for healthy behaviors. Parents can fund the MoCard account, and these funds can be used to set limits on the spendings. This means parents have the ability to guide and monitor their teen’s spending while teaching them financial responsibility.
Read this on its own page →What purchases qualify for the 2% cashback?
Cashback applies to eligible purchases made with the teen’s Modak card. Certain transactions, such as ATM withdrawals, peer-to-peer transfers, or refunds, may be excluded.
Read this on its own page →How do I know Modak is safe?
Modak blocks unsafe spending categories, offers real-time transaction tracking and monitoring, and allows instant card lock/unlock. Data is encrypted and secured with biometrics. Modak complies with CFPB regulations to ensure high security and privacy standards. Moreover, your checking accounts and debit cards are issued by Legend Bank, N.A., FDIC-Insured.
Read this on its own page →How is the 4% annual savings boost calculated?
The 4% boost is applied to:
- Funds held in teen savings goals.
Funds held in the parent’s balance. The boost is typically calculated periodically (e.g., monthly). Specific calculation details should follow internal guidelines. See our Modak rewards boost Terms
Read this on its own page →Is there a limit to the cashback earned?
Any applicable limits or caps will be defined by Modak’s internal policy. If no cap is specified, agents should communicate that standard program terms apply.
Read this on its own page →What does the $25 fee waiver mean?
Parents who fund their Modak account using a debit or credit card will have associated processing fees waived up to a total of $25. Once this limit is reached, standard fees will apply.
Read this on its own page →Is the physical card for parents really free?
Yes. Mogold members can request a parent physical card at no additional cost. Outside of Mogold membership the card costs $5
Read this on its own page →How can a family subscribe to Mogold?
Parents can subscribe directly through the Modak app by navigating to the Membership or Premium Features section and following the enrollment steps or by referring friends or family.See our MoGold Referral Terms and Conditions.
Read this on its own page →Can customers cancel Mogold at any time?
Yes. The membership can be canceled at any time. Benefits typically remain active until the end of the current billing cycle.
Read this on its own page →What happens if a customer cancels the membership?
Upon cancellation:
- Cashback and savings boosts will no longer accrue.
- Fee waivers and free card benefits will no longer apply.
- Access to Mogold perks continues until the end of the billing period.
Is Mogold refundable?
Membership fees are non-refundable once billed, unless otherwise specified.
Read this on its own page →Do the benefits apply to all teens in the family?
Yes. The benefits extend to all teens within the parent’s family group.
Read this on its own page →When do cashback and savings boosts get credited?
Credits are generally applied on a monthly basis, during the first 5 days of the month.
Read this on its own page →How can I create a payment link?
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Log in to the Modak app using your credentials.
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Tap on the Banking section from the home screen.
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Look for and tap the “Request” button.
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Choose who you want to request from — either your parent or someone else.
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Enter the amount you want to request.
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Tap “Create Payment Link.”
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Once the link is created, you can:
- Tap “Copy” to share it through any messaging app
- Or tap “Share” to send it directly
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Want to use a QR code instead? Tap “Your QR” to show your personal payment QR.
- You can let them scan it or save it to send later.
Where can I find the Mocard?
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Parent app
- Sign in to your Modak account using your login credentials.
- Click on your kid’s profile and select the card icon.
- Select either your virtual or physical card
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Kids app
- Sign in using your login credentials.
- Click on the “cards” section in the bottom middle (Card Icon)
- Select either your virtual or physical card