In banking, APD stands for Automatic Pay Deposit. An APD stub, which contains all the information typically found on a regular check stub, is mailed in place of an actual check when you enroll in this service.
Here's a breakdown:
- Automatic Pay Deposit (APD): This is a service that automatically deposits your pay into your bank account.
- APD Stub: Instead of receiving a physical check, you receive a stub containing all the pertinent information. This stub acts as a record of your deposit, similar to a regular check stub.
- Enrollment Agreement: There are restrictions involved with this service, so you should refer to the Automatic Pay Deposit (APD) Enrollment Agreement form provided by your bank.
