Modak, a fintech that offers debit cards and money-management tools for kids and teens, is discontinuing its banking services.
The Menlo Park, Calif., startup, in a notice on its website, said all banking accounts will close around Dec. 15. The notice doesn’t say why, and it doesn’t say how many customers are affected.
The wind-down runs on a staggered schedule. Account funding ended Oct. 16, and Modak parent and child cards will stop working on Nov. 15. Incoming ACH and direct deposits end Nov. 30, so customers must redirect payroll or benefits before then. Customers can send outbound ACH transfers through the Modak app until Dec. 15.
Subscription billing has already stopped, with no further charges.
Modak is urging families to move their balances themselves via ACH transfer in the app. It also recommends connecting an external bank account through Plaid, which lets Modak quickly return any leftover balance when accounts close.
Modak’s deposit accounts and Visa debit cards are issued by the $1.1 billion-asset Legend Bank, which became Modak’s sponsor bank in mid-2025.