To sign up, you should be below 17 years old. Your parent or guardian will be the account holder, allowing you to use it.
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.
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!
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.
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.
We have implemented several ways to protect your personal information:
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.
Modak's card is supported by renowned partners in the financial industry. By partnering with these established institutions, Modak is committed to adhering to all state and federal finance and banking regulations. Refer to “How does Modak keep sensitive personal info safe and secure?” for specific details.
By following these revised steps, you'll have a clearer and more concise process for deleting your account on the Modak app.
Disclaimer: We will securely delete or render irretrievable all your information and card data that is no longer necessary for the purposes for which it was collected. All backup data will be subject to the same retention and deletion policies as outlined in our T&C.
Modak makes revenues from the interchange fees that Visa charges merchants for processing the transaction. Modak uses that revenue to offer MoCard and other services to our customers. Moreover, Modak generate revenue from our partnerships with brands on merchant offers.
There are no fees associated with opening the account.
Use your card to spend money, whether it's in a store or online!
We will need to submit your parents information to the bank partner to open an account on your behalf This includes:
If you are a teen please follow these instructions
To complete the registration process, you will need to gather the following information about the parent or guardian: their full name, email address, phone number, date of birth, and physical address for shipping the card. Please ensure that you have all of this information readily available before proceeding with the registration process.
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If you are a parent or guardian please follow this instruction:
At Modak, we take identity verification very seriously. That's why we partner with a trusted third-party provider called Persona to ensure that all user identities are verified securely. However, if you have trouble verifying your identity, please don't hesitate to contact our customer support team for assistance. We're here to help you every step of the way.
Follow these instructions to activate the physical card:
Parent Portal
Teens app
Absolutely! Anywhere Visa cards are accepted.
You can use your MoCard anywhere that accepts Visa as a form of payment. This includes stores, online retailers, and businesses that accept card payments.
There are several reasons why you did not receive it:
It's important to regularly check the status of your card on the app. If you need further assistance please contact Customer Service.
Please follow these instructions:
a. Shipping address
b. Estimated Time of Arrival (ETA)
c. Delivery status
d. Delivery partner
e. Tracking number
f. Link to track your shipping
If you have any questions or concerns about your order, you can contact Modak customer support for assistance.
When the card is used internationally, the Visa exchange rate is used to convert the transaction amount into USD. This exchange rate from Visa will be marked up by Visa. Other than this, there won’t be any fees charged to the cardholder at the time of the transaction.
No, The MoCard doesn't have a payment deadline. The amount you deposit is the amount you can use and is debited to the card limit immediately.
As the MoCard uses only the funds deposited, if you try to spend more than you have deposited, the payment will not go through.
The MoCard is currently designed for making purchases at physical stores and online for virtual transactions. However, we're excited to let you know that we have plans to introduce an ATM feature in the near future! Stay tuned for updates.
You will be able to fund it in multiple ways such as by ACH, debit pull, through direct deposit, and even with your MBX ™
Anytime you want to check the movements on your teen's account, you can click on top of any transaction to see more details.
Follow these instructions to activate the physical card:
If you've attempted the task more than three times without success, we encourage you to reach out to our customer support team for assistance.
Parent Portal
We recommend you to act quickly in case your card is lost or stolen to minimize the potential for fraudulent activity on your account.
Please follow these instructions:
Parent Portal
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Teens app
We recommend you to act quickly in case your card is lost or stolen to minimize the potential for fraudulent activity on your account.
For now, you can keep using your MoCard normally. In the future, we will enable a feature that allows you to ‘graduate’ your account from teen to adult!
Not yet! We currently only have it enabled for teens under 18. However, this is in our plans for the future
Anytime you want to check the movements on your kid's account, you can click on top of any transaction to see more details.
To ensure compliance with banking regulations in the United States, individuals under the age of 18 are required to obtain parental permission in order to acquire the MoCard. Consequently, if you have a teenager seeking to obtain a MoCard, it is necessary for you as parent or legal guardian to create an account on your behalf.
The requirement of providing a Social Security Number (SSN) when opening a bank account in the US is necessary to verify that person’s identity and ensure that they are the person they claim to be. It is a crucial step to prevent fraudulent activities and protect both the customer and the bank from potential risks. At Modak, the only required SSN is from the parent as they are they adult owner of the account.
Yes, you can use a browser on any device to log into the Parent Portal. You can click on this link, or type in the URL, and open it on any device https://app.modakmakers.com/parents
For teens: You will need to log into the Modak Makers app and then click on the "Get $5" in the upper right corner of the screen.
For parents: You will need to log into the Parent Portal and then click on the "Get $5" button, you can find it in the upper right corner of the screen.
Please follow this instructions.
1. Log in
2. Click on the button "Get $5"
3. Share the link with your friends and or family.
You will get the reward in your Modak account within 1 business day after your friend successfully completes the process.
You can get $5 for every friend who uses your code to sign up and make their first transaction.
Each account holder is limited to a maximum of 8 referrals under the Referral Program. To refer additional individuals beyond this limit, you must send a request via email to hi@modakmakers.com and receive direct approval from Modak Makers to increase your referral limit.
They will need to sign up using your code and then make their first transaction. They have to make a first fund of at least $10. Please note that transactions made using payment methods such as Cash App or PayPal will not be considered eligible for the referral program
Web:
App:
Email:
If you prefer to contact customer support via email, you can send an email to hi@modakmakers.com
Our customer support team will respond to your email as soon as possible.
