• Terms & Conditions Modak Savings Bonus Campaign

Modak Savings Bonus Terms and Conditions

‍

Effective Date: 03/10/2025

‍

1. Introduction

These terms and conditions govern your participation in our exciting campaign designed to empower kids and promote financial literacy. By accessing and using our services, including participating in Modak Savings Bonus Campaign, you agree to abide by these terms and conditions. Please read them carefully. If you do not agree with any part of these terms, we kindly ask that you refrain from using our services.

Additionally, it's important to note that most of our campaigns are focused on promoting our products and services through various initiatives such as referral programs, contests, interviews, and educational activities aimed at enhancing kids' involvement with financial knowledge.

By participating, you agree to be fully unconditionally bound by these Rules, and you represent and warrant that you meet the eligibility requirements set forth herein. In addition, you agree to accept the decisions of Modak, as final and binding as it relates to the content. The Promotion is subject to all applicable federal, state and local laws.

‍

2. Eligibility:

• Selection: Modak will enable this campaign only to a selected group of users, including parents and kids. 
• Age Requirement: There is no age restriction. The campaign is open to individuals of all ages, including both children and adults.
• Geolocalization: The Promotion is only open to legal residents of the United States and is void where prohibited by law. Employees of Modak (the “Sponsor”) their respective affiliates, subsidiaries, advertising and promotion agencies, suppliers and their immediate family members and/or those living in the same household of each are not eligible to participate in the Promotion. The Promotion is subject to all applicable federal, state and local laws and regulations. Void where prohibited.

• Ownership of Modak Account: Participants of the Modak Savings Bonus Campaign must possess a valid Modak Account to be eligible for participating.
• Savings goal requirement: 
  
  • To participate in the campaign, children must have an active savings goal, either pre-existing or newly created.
  • Parents/guardians can contribute to their child’s savings goal. If a child does not already have a savings goal, a new one must be set up before contributions can be made.
  • If a child is unable to independently fund their savings goal, a parent/guardian may assist by making deposits on their behalf. There must be a savings goal created for the parent/guardian to be able to fund.

‍

3. How to participate:

The entry must fulfill all Promotion requirements, as specified, to be eligible to win the reward.

Step 1: Ensure Eligibility: 

• Participants must have an active Modak account.

• A savings goal must be set up within Modak (either existing or newly created).

Step 2: Enroll in the Campaign

• Only participants who receive the communication and/or active banners within the app are eligible to enroll in the campaign. 

Step 3: Start Saving

• Fund your Modak savings goals with new deposits.
• Only funds that remain saved through the weekly evaluation period will count towards MBX rewards. Withdrawals within the same week will reduce the eligible amount.

‍

4. Limits/exceptions:

‍

• Reward Limit: The reward will only apply on a maximum Applicable Balance ($ Applicable balance) of $2000 USD. If the Applicable Balance exceeds $2000 USD, the reward will only apply to $2000 USD. The formula to calculate the Applicable Balance can be found in Section 6 - Rewards.
• MBX rewards are non-transferable and non-refundable.
• Modak reserves the right to withhold, adjust, or cancel rewards if fraudulent activity, misuse, or any attempt to game the system (such as repeated deposits and withdrawals) is detected.
• Participants must comply with Modak’s standard Terms of Use.

‍

5. Promotion Period:

The Modak Savings Bonus Campaign will be active and open for participation between 03/10/2025 and 04/07/2025 11:59PM EST. Modak reserves the right to extend the campaign duration on a weekly basis.

Please note that entries outside of this promotion period will not be considered eligible for participation in the campaign.

‍

• Participants will receive a communication from Modak informing them when the Campaign is coming to an end.
• Modak reserves the right to modify or discontinue the Campaign at any time at its sole discretion.
• Any changes to these Terms & Conditions will be communicated via email or through the Modak platform.

‍

6. Reward: 

‍

Participants who apply for the promotion/campaign will receive 1 MBX per $1 (1% yield on a weekly basis). We will use a formula to determine the reward that will be paid out weekly. The funds to be considered in this campaign are those available in the savings account, that consist of the total balance across the existent savings goals. 

The reward will be applied onto the ‘Applicable Balance’, following this formula:

‍

Formula: $ Applicable balance = $ Money ins - $ Money outs 

The applicable balance is determined by adding all of the deposits that happened during a promotional week and then subtracting any withdrawals during the same week. This feature is meant to help you increase your savings habits weekly. The calculation is done independently each week during the promotional period. We are providing the below 2 examples for illustrative purposes only: 

Example 1: New Savings Goal starts at $0.00 at the beginning of the promotional week.  A user added $50 to their savings goal and withdrew $20, the reward will apply only on $30 (the positive balance change during the promotional period). If the Applicable balance is $0 or negative, there will be no reward. 

Example 2: An existing Savings goal has $25 in it at the start of the promotional week.  A user added $50 to their Savings goal and withdrew $20 during the promotional week, the reward will apply only on $30 (the positive balance change during the promotional period). If the Applicable balance is $0 or negative, there will be no reward. 

‍

To determine the amount of the reward to be paid to the user at the end of the week, we will follow the next formula:

Reward in MBX =  $ Applicable balance 

If we used the same example from the formula above it would be calculated as such: 

$30 = 30 MBX

‍

In summary:
Reward in MBX = $ Money ins - $ Money outs

‍

Rewards will be calculated at the beginning of each week (on Mondays) based on the net positive balance in the total sum of funds in the savings goals. MBX rewards will be distributed within 1-2 business days after the calculation. 

‍

The reward will only apply on a maximum Applicable Balance ($ Applicable balance) of $2000 USD. If the Applicable Balance exceeds $2000 USD, the reward will only apply on $2000 USD.

‍

MBX rewards do not apply to the existing savings goals balance previous to the launch of this campaign.

‍

No cash or other prize substitution permitted except at Sponsor's discretion. The prize is non-transferable. Any and all prize-related expenses, including without limitation any and all federal, state, and/or local taxes shall be the sole responsibility of the winner. No substitution of prize or transfer/assignment of prize to others or request for the cash equivalent by winners is permitted. Acceptance of the prize constitutes permission for Modak to use the winner's name, likeness, and entry for purposes of advertising and trade without further compensation, unless prohibited by law. Please note that prizes will be issued within 1 -2 business days after the calculation.

‍


7. Reward Notification

‍

Users selected to participate in the Modak Savings Bonus Campaign will be notified via email to the email address they are registered at Modak within 1-2 days the reward has been paid. Modak shall have no liability for a user's failure to receive notices due to user’s spam, junk e-mail or other security settings or for user's provision of incorrect or otherwise non-functioning contact information. 

The receipt by the user of the reward offered in this Promotion is conditioned upon compliance with any and all federal and state laws and regulations. ANY VIOLATION OF THESE OFFICIAL RULES BY ANY USER (AT SPONSOR'S SOLE DISCRETION) WILL RESULT IN SUCH USER'S DISQUALIFICATION AS PARTICIPANT OF THE PROMOTION AND ALL PRIVILEGES AS PARTICIPANT WILL BE IMMEDIATELY TERMINATED.

‍

8. Rights Granted by you: 

By entering this content you understand that Modak, anyone acting on behalf of Modak, or its respective licensees, successors and assigns will have the right, where permitted by law, without any further notice, review or consent to print, publish, broadcast, distribute, and use, worldwide in any media now known or hereafter in perpetuity and throughout the World, your entry, including, without limitation, the entry and user's name, portrait, picture, voice, likeness, image or statements about the Promotion, and biographical information as news, publicity or information and for trade, advertising, public relations and promotional purposes without any further compensation.

‍

9. Liability and Disputes

‍

By entering, you agree to release and hold harmless Modak and its subsidiaries, affiliates, advertising and promotion agencies, partners, representatives, agents, successors, assigns, employees, officers and directors from any liability, illness, injury, death, loss, litigation, claim or damage that may occur, directly or indirectly, whether caused by negligence or not, from (i) such entrant's participation in the Promotion and/or his/her acceptance, possession, use, or misuse of any prize or any portion thereof, (ii) technical failures of any kind, including but not limited to the malfunctioning of any computer, cable, network, hardware or software; (iii) the unavailability or inaccessibility of any transmissions or telephone or Internet service; (iv) unauthorized human intervention in any part of the entry process or the Promotion; (v) electronic or human error which may occur in the administration of the Promotion or the processing of entries.

‍

• Limitation of Liability: Modak shall not be liable for any direct, indirect, incidental, special, or consequential damages arising out of or in any way connected with your participation in Modak Savings Bonus Campaign, including but not limited to, prizes, rewards, or any use of or inability to use our services.
• Dispute Resolution: We strive to ensure that participating in Modak Savings Bonus Campaign is a positive experience for all involved. In the unlikely event that a dispute arises, we encourage open communication and cooperation to resolve.

THIS PROMOTION IS GOVERNED BY THE LAWS OF THE USA AND DELAWARE, WITHOUT RESPECT TO CONFLICT OF LAW DOCTRINES. As a condition of participating in this Promotion, participant agrees that any and all disputes which cannot be resolved between the parties, and causes of action arising out of or connected with this Promotion, shall be resolved individually, without resort to any form of class action, exclusively before a court located in Delaware having jurisdiction. Further, in any such dispute, under no circumstances will participant be permitted to obtain awards for, and hereby waives all rights to claim punitive, incidental, or consequential damages, including reasonable attorneys' fees, other than participant's actual out-of-pocket expenses (i.e. costs associated with entering this Promotion), and participant further waives all rights to have damages multiplied or increased.

‍

• Informal Resolution: We believe in resolving disputes amicably and encourage you to first reach out to us directly to discuss any concerns or issues you may have. Our team is here to listen and work with you to find a satisfactory solution.
• Arbitration: If a resolution cannot be reached informally, any disputes, claims, or controversies arising from or related to Modak Savings Bonus Campaign shall be resolved through binding arbitration. The arbitration will be administered by a mutually agreed-upon arbitration provider. We believe arbitration offers a fair and efficient way to resolve disputes outside of the courtroom.
• Fair Process: The arbitration will be conducted in accordance with the rules and procedures of the chosen arbitration provider. We assure you that the process will be fair and transparent, and the decision of the arbitrator will be final and binding on all parties involved.
• Costs: Each party shall bear its own costs associated with the arbitration proceedings. We understand that legal proceedings can be daunting, and we strive to minimize any financial burden on all parties involved.

‍

• Governing Law: These terms and conditions shall be governed by and construed in accordance with the laws of Delaware, US, without regard to its conflict of law principles.
• Jurisdiction: Any legal action or proceeding arising out of or relating to these terms and conditions or Modak Savings Bonus Campaign shall be brought exclusively in the courts of Delaware, US, and you hereby consent to the jurisdiction of such courts.

‍

10. Privacy and Security

At Modak, we take the privacy and security of your information seriously. We are committed to protecting your data and ensuring that it is handled responsibly and securely.

• Collection of Information: We collect certain personal information from you when you participate in Modak Savings Bonus Campaign to facilitate your participation and administer the campaign effectively. This may include information such as your name, email address, and transaction details. Rest assured, we only collect information that is necessary for the campaign and in accordance with our Privacy Policy.
• Use of Information: The information collected from you may be used to communicate with you regarding the campaign, notify you of any updates or changes, and facilitate the distribution of prizes or rewards. We may also aggregate and analyze data for statistical purposes to improve our services and offerings.
• Security Measures: We have implemented robust security measures to safeguard your personal information from unauthorized access, disclosure, alteration, or destruction. These measures include encryption, firewalls, secure data storage, and regular security audits. We continually review and update our security practices to ensure they meet the highest standards.
• Third-Party Partners: In some cases, we may engage third-party service providers to assist us in administering the campaign or providing certain services. These service providers are bound by strict confidentiality agreements and are only authorized to use your information as necessary to perform their services on our behalf.
• Data Retention: We will retain your personal information for as long as necessary to fulfill the purposes outlined in this Privacy and Security section, unless a longer retention period is required or permitted by law.

By participating in Modak Savings Bonus Campaign, you acknowledge and agree to the terms of this Privacy and Security section and our Privacy Policy.

‍

11. General Terms and Conditions:

‍

By accessing and using our services, including participating in Modak Savings Bonus Campaign, you agree to abide by these general terms and conditions. Please read them carefully. If you do not agree with any part of these terms, we kindly ask that you refrain from using our services.

‍

• Participant Conduct: Participants are expected to conduct themselves in a respectful and responsible manner while participating in Modak Savings Bonus Campaign. Any behavior that violates these terms and conditions or engages in fraudulent activity will result in disqualification from the campaign. Modak has the right, in its sole discretion, to maintain the integrity of the Promotion, to void entries for any reason, including, but not limited to; multiple entries from the same user from different IP addresses; multiple entries from the same computer in excess of that allowed by Promotion rules; or the use of bots, macros or scripts or other technical means for entering.
• Technical Issues: Modak is not responsible for any technical issues that may affect participation in Modak Savings Bonus Campaign, including but not limited to, internet outages, server downtime, or software malfunctions. We will make every effort to address and resolve technical issues promptly.
• Compliance with Laws: Participation in Modak Savings Bonus Campaign is subject to all applicable laws and regulations. Participants are responsible for ensuring compliance with any local, state, or federal laws that may apply.
• Amendment or Cancellation: Modak reserves the right to amend or cancel Modak Savings Bonus Campaign at its discretion, without prior notice. In the event of cancellation, Modak will make reasonable efforts to notify participants and provide any necessary refunds or compensation.
• Ineligibility: Any attempt by an entrant to deliberately damage any web site or undermine the legitimate operation of the Promotion may be a violation of criminal and civil laws and should such an attempt be made, Modak reserves the right to seek damages from any such person to the fullest extent permitted by law.


• Consent to Terms: By participating in Modak Savings Bonus Campaign, participants agree to abide by these general terms and conditions. Modak reserves the right to take appropriate action, including disqualification, against any participant who violates these terms.
• Communications: By entering the Promotion you agree to receive email newsletters periodically from Modak. You can opt-out of receiving this communication at any time by clicking the unsubscribe link in the newsletter.
• Review of Terms: Participants are encouraged to review Modak's privacy policy and terms of service, which govern the use of our services in addition to these general terms and conditions.

‍

These general terms and conditions are intended to ensure a fair and enjoyable experience for all participants in the Modak Savings Bonus Campaign. Thank you for your cooperation and participation!

‍

12. Contact Information

‍

For any inquiries or assistance regarding Modak Savings Bonus Campaign or our services, please feel free to reach out to us through the following channels:

‍

• Email: You can contact us via email at hi@modakmakers.com.
• In-App 24/7 Live Chat: We offer a convenient in-app live chat feature available 24/7 to assist you with any questions or concerns you may have. Simply access the live chat feature within the Modak app to connect with a member of our support team in real-time.
• Support Webpage: Visit our support webpage at Modak Support for comprehensive information, FAQs, and resources to help address common issues and inquiries. You can also submit a support ticket through the webpage for personalized assistance from our support team.

‍

We are committed to providing prompt and helpful assistance to ensure your experience with Modak Savings Bonus Campaign and our services is positive and enjoyable.

‍

13. Sponsor:  The Sponsor of the Promotion is Modak Communities Operating Holdings Inc. 3000 SAND HILL RD, BUILDING 4 SUITE 230, MENLO PARK, CALIFORNIA 94025. 

‍

14. This promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram, Snapchat, Youtube, Pinterest, LinkedIn or Google. You understand that you are providing your information to the owner of this Promotion and not to Facebook, Twitter, Instagram, Snapchat, Youtube, Pinterest, LinkedIn or Google. 

‍