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.

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Modak is a financial technology company and not a bank.

Banking services are provided by Solid Financial Technologies, Inc.’s partner banks who are Member FDIC.

Card Services are issued by Solid Financial Technologies, Inc.’s partner banks pursuant to a license from Visa® and may be used everywhere Visa® cards are accepted.

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