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 bank.

Checking accounts and the Modak Visa Debit Cards are provided and issued by Lewis & Clark Bank, Member FDIC.

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

Accounts and Debit Cards are issued by Lewis & Clark Bank, Member FDIC.

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