Modak Rewards Boost Terms of Service

Last Modified: October 31, 2025

1. Introduction

These terms and conditions govern your use of Modak’s Rewards Boost Feature, which is designed to help the primary account holder and your family understand the concept of saving money and managing your finances and governs your access to and participation in the Modak rewards program (the “Modak Rewards Boost Feature”). By using the Modak Rewards Boost Feature, the primary account holder agrees to these Terms of Service. Please read them carefully. If the primary account holder does not agree to any of these terms, the primary account holder should refrain from using this service. This Modak Rewards Boost Feature is offered by Modak, and all rewards are promotional and provided by Modak.

These Terms of Service supplement our general Terms and Conditions available at https://www.modakmakers.com/legal/terms (the “General Terms”), which also apply to the Modak Rewards Boost Feature. These Terms of Service are incorporated by reference into, and form a part of, the General Terms. In the event of a conflict between the terms of these Terms of Service and the General Terms, these Terms of Service will supersede and control but only with respect to the Modak Rewards Boost Feature. All capitalized terms used but not defined in these Terms have their respective meanings as set forth in the General Terms.

2. Definitions

   • Primary Account Holder: The parent or legal guardian who opens and manages the Parent Account.
   • Authorized User: The authorized user (e.g., child) that is authorized by the Primary Account Holder to conduct transactions on the Parent Account or Child Account.
   • Spending Account: A sub-account of the Parent Account, including Child Account, that is accessible by the Card. The Spending Account may be a sub-account of the Parent Account or a sub-account of the Child Account.
   • Eligible Account: The Parent Account, including any Child Account, except, in all cases, any Spending Account.

3. Eligibility and Additional Terms

   • Geolocation Requirement: The Modak Rewards Boost Feature is available to individuals who are legal residents of the United States and who have an active Parent Account and Child Account.
   • Eligibility criteria and associated benefits such as the Rewards Boost, may be modified at any time at the discretion of Modak and/or the Bank Partner.
   • If your Parent Account or Child Account is closed, suspended or not in good standing, you forfeit all rewards under the Modak Rewards Boost Feature. If your account is closed mid statement, blocked due to fraud, suspicious activity, or non-compliance with our policies, reward boost payouts will not be made.
   • We may temporarily or permanently disqualify you from participating in the Modak Rewards Boost Feature and/or adjust or cause to be forfeited any or all rewards accrued as a result of your abusive behavior, fraud, misrepresentation, any violation of law, violation of any other agreement with us or one of our affiliates, or any other violation of any of the terms or conditions of Terms of Service, as determined by us in our sole discretion. Rewards cannot be combined with other discount or reward programs unless specifically authorized by us. We may cancel or forfeit any rewards you may accrue under the Terms of Service or any agreement you may have with us or the Bank Partner.

4. Description of Service

Modak Rewards Boost Feature is available to the balance in the Eligible Account. Primary Account Holder may allocate funds between Parent Account and Child Account. However, balances in the Spending Account will not be eligible for Rewards Boost.

Subject to these Terms of Service, we may offer you a Rewards Boost (“Rewards Boost”) equal to [X]% (annually) or any other rate we may disclose to you (“Rewards Boost Rate”) in connection with your Eligible Account. The Rewards Boost Rate may change at our discretion. The Rewards Boost Rate will begin to accrue no later than the business day you are eligible to earn the Rewards Boost, as further described in these Terms of Service. We use the average daily balance method to calculate the Rewards Boost you are eligible for in connection with your Eligible Account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the Eligible Account for each day of the period and dividing that figure by the number of days in the period. We use an accrual basis of 365 for each day in the year. The Rewards Boost will be credited to your account on a 365/365 basis every month. If your Eligible Account is closed before the Rewards Boost is credited, you will not receive the Rewards Boost.

The Rewards Boost is not paid by our Bank Partner, is not an annual percentage yield and is solely an obligation of Modak, not the Bank Partner. The Rewards Boost is a promotion and can be discontinued, restricted, or modified at any time.

To be eligible for a Rewards Boost, you must maintain in your Eligible Account the minimum balance disclosed to you from time to time, which may be modified by Modak providing you prior notice. We determine whether your Eligible Account meets the minimum balance by adding the principal in the Eligible Account for each day of the period and dividing that figure by the number of days in the period. In addition, your Parent Account (and each Eligible Account) must be open and good standing, and you must comply with the General Terms and the terms herein and any other agreements you may have with us or the Bank Partner. This Rewards Boost is not available to those whose Parent Account or Eligible Account has been closed within 90 days or closed with a negative balance within the last three (3) years.

Your Rewards Boost will be paid to your Parent Account. We pay out the Rewards Boost on a monthly basis, each payment to be paid out the month following the month in which you met the eligibility requirements for the Rewards Boost, so long as you meet the requirements set forth here and your Parent Account (and Eligible Account) is open and in good-standing. Some Rewards Boost Rates may only be available for a limited time, or for a limited total value across individual or all of users.

We may impose a maximum Rewards Boost, and we will provide you notice of such maximum Rewards Boost from time to time. In addition to the standard Rewards Boost Rate scale, you may earn addition Rewards Boost as may be authorized by Modak from time-to-time for special programs, promotions or transactions that may be offered for limited time periods and for which additional terms and conditions may apply.

We encourage you to frequently review your Parent Account for Rewards Boost. If it has been more than thirty (30) days since the end of month and Rewards Boosts are not reflected on your Parent Account summary, please contact customer service. Inquiries must be made within sixty (60) days of the end of the month in which the Rewards Boost was to post. If you do not file your claim within sixty (60) days, Rewards Boosts applied to your Parent Account will be deemed accurate and you will have waived any claim for adjustment.

No Rewards Boost will be retroactively applied to your Parent Account during any period in which you do not meet the eligibility criteria set forth hereunder or if your Parent Account (or any Eligible Account) was otherwise in default of these Terms, including the General Terms or any agreement you may have with us or Bank Partner, or when you were not enrolled into this Modak Rewards Boost Feature. All Rewards

Boost awarded to you will be rounded to the nearest cent for purposes of determining the amount of Rewards Boost to be awarded.

4. Additional Terms:

• Modak Reward Boosts are subject to change at Modak’s discretion, in compliance with applicable regulations.
• The availability and calculation of Modak Reward Boost may be subject to limitations based on account status, transaction history, and regulatory requirements.
• Any modifications to the Modak Reward Boost, including changes to the rate, balance limits, or payment schedules, will be communicated in accordance with applicable laws and account agreements.
• We may temporarily or permanently suspend your participation in the Modak Rewards Boost Feature, as well as Rewards Boost: (1) you violate, or you or your Parent Account is in default under, these Terms of Service or the General Terms or any agreement you may have with us or Partner Bank; (2) you engage in any fraudulent or other illegal activity in connection with the Modak Rewards Boost Feature, or otherwise engage in activity that we deem to be abusive or “gaming” conduct under the Modak Rewards Boost Feature, as determined in our sole discretion; (3) you engage in fraudulent activity on any service or product we may offer or service; (4) we or Partner Bank close your Parent Account (or Eligible Account) for any reason; or (5) we terminate your participation in the Modak Rewards Boost Feature.

5. User Responsibilities and Obligations

The Primary Account Holder agrees to:

• Maintain accurate account information.
• Monitor your goals balance and Eligible Account for any unauthorized transactions.
• Comply with applicable laws and regulations in the use of this service.
• Safeguard your account credentials.

6. Fees and Charges

There are currently no fees associated with using the Modak Rewards Boost Feature. However, Modak reserves the right to introduce fees in the future. Any such changes will be communicated to you.

7. Modification of Terms

Modak reserves the right to modify these Any changes to these Terms of Service will be in effect as of the “Last modified” date referred to at the top of this page or such later date as may be specified in the updated Terms of Service. Your continued access or use of the Modak Rewards Boost Feature or Parent Account after the modifications have become effective will be deemed your acceptance of the modified Terms of Service. You agree that you will abide by all such changes and that they will apply to you and the Modak Rewards Boost Feature.

8. Limitation of Liability

Modak is not liable for:

• Losses arise from system outages or defects that prevent fund transfers, rewards deposits or spending or fund allocations.
• Failure to transfer funds into or out of Parent Account or Child Account.

Under no circumstances will Modak be liable for indirect, incidental, or consequential damages.

9. Indemnification

The Primary Account Holder agrees to indemnify and hold Modak, its affiliates, partners, and employees harmless from any claims, liabilities, damages, or expenses (including legal fees) that arise from your use of the Modak Rewards Boost Feature, your breach of these Terms of Service, or any unauthorized use of your account.

In addition to any other indemnification obligations under the General Terms, you agree to indemnify and hold us and our third-party service providers and their respective affiliates, directors, officers, employees, agents and contractors harmless from and against any loss, damage, liability, cost, or expense of any kind (including attorneys’ fees) arising from your or an authorized user’s: (i) participation in the Modak Rewards Boost Feature; or (ii) any fraud or misuse of the Modak Rewards Boost Feature.

10. Miscellaneous

Rewards Boost you receive may qualify as taxable income to you. You acknowledge and agree that you are responsible for determining, paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with your activity in connection with the Modak Rewards Boost Feature. We are not responsible for determining whether you owe taxes in connection with your participation in the Modak Rewards Boost Feature or receipt of Rewards Boost or for collecting, reporting, or remitting taxes arising from your participation in the Modak Rewards Boost Feature or for receipt of Rewards Boost except for our own income taxes.

You represent and warrant that you will not access or use the Modak Rewards Boost Feature to engage in any illegal, fraudulent, or other illicit activity. The Modak Rewards Boost Feature is owned and administered by us, and is subject to all applicable laws and regulations. It is void where prohibited.

We may terminate your participation in the Modak Rewards Boost Feature at any time. We may end this Modak Rewards Boost Feature at any time for any reason or no reason, upon notice to you. In the event of termination, any uncredited reward boost for the current month will be forfeited. We may also in our sole discretion cancel, change, amend, modify, or restrict the Modak Rewards Boost Feature or any aspects, Terms of Service or features of the Modak Rewards Boost Feature or these Terms of Service. All interpretations of these Terms of Service will be determined by us in our sole discretion. We may temporarily or permanently disqualify you from participating in the Modak Rewards Boost Feature and/or adjust or cause to be forfeited any accrued but not applied Rewards Boost accrued as a result of your abusive behavior, fraud, misrepresentation, any violation of law or any other violation of any of the Terms of Service or conditions of these Terms of Service or the General Terms of Service, in each case as determined by us in our sole discretion.

If we do not credit, or improperly deny, a Rewards Boost to which you were otherwise entitled, then your exclusive remedy will be the crediting of the improperly denied Rewards Boost or such other alternative benefit as we in our sole discretion may determine. Neither we nor any of our affiliates, agents or representatives have any other or additional liability to you or any other person for such error(s), subject to applicable law.