ADB Bank is a division of Allegiance Direct, a finance company that provides commercial customers of insurance agencies the opportunity to finance their insurance premiums. The bank division was established in 2005 and is headquartered in Cedar City, UT.
For consumers, ADP Bank offers Certificates of Deposit and their Wealth Money Market Account. The features of this money market include:
- No minimum balance requirement
- No monthly service charge
- Free online banking
- Free online bill pay2
- Free first order of checks
- Free check imaging
- Check writing2
- The security of FDIC insurance
ADB Bank also offers high yield CDs with a mimimum balance of $5,000.
Opening and Funding
Applications can be taken by phone or via an online form. The online application is a simple, one page secure form that asks for basic info - name, address, social, license or passport ID. Upon submitting the info, it is forwarded to a client service representative who will work to open the account and help you fund the account. This is the first time we've covered a bank that uses this kind of process for the online app.
Deposits and withdrawals can be done via ACH, but you'll need to fill out and fax an ACH authorization form. Presumably, you receive this from the client service representative.
Safety and Soundness
ADP Bank is rated 4 out of 5 Stars (Excellent) by Baeur Financial for its safety and soundness. It has been FDIC insured since 2005.
Sponsor Updates and Offers
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