Modak was built around a belief that is still incredibly important to us: kids deserve the opportunity to learn about money early, and families deserve better tools to help them build healthy financial habits together.
Our hope was to grow alongside your family and give kids a safe place to learn, spend, save, and build confidence with money as they grew toward adulthood.
Unfortunately, we have made the very difficult decision to discontinue Modak’s banking services. While we continue to believe deeply in our mission, we have determined that we can no longer sustainably provide the banking services that are part of Modak today.
This is not the outcome we hoped for, and the closure is not related to anything you or your child did or to an individual issue with your account.
We are exploring ways that Modak may be able to continue supporting families and financial education in the future. While we don’t have anything to announce today, our belief in helping kids build stronger financial futures has not changed.
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