To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. This information includes your SSN as it helps us make sure you are who you say you are.

We take your privacy and the protection of your data extremely seriously. We leverage an industry leading third party, Persona, to help us with the verification of your personal information including your SSN. Backpack does not store your SSN on its own servers and leverages Persona’s encryption capabilities to make sure your information is always secure. You can read more in Backpack’s Privacy Policy and/or Persona’s Privacy Policy.