Seeking answers? FAQ to the rescue!

For parents

Why is a SSN required?

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.

Modak is a financial technology company and not a FDIC-insured bank

Checking account and the Modak Visa® debit card issued by Lewis & Clark Bank, Member FDIC.

Funds deposited into Checking may be eligible for up to $250,000 of FDIC insurance.

The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured depository institution.

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