custody account held by parent minors cannot access - account trustee - mutual funds - pension funds - corporate customers - safekeeping

Custody Accounts

1. An account held in trust by a parent for a minor under the Uniform Gift to Minors Act. Minors cannot transfer assets without approval of the account trustee.

2. An account held by a custodian for an institution such as a mutual fund, pension fund, or a corporate customer. The bank holds the customer's property in safekeeping, as provided by a written agreement, collects dividends and interest payments, and sells or delivers securities when instructed by the principal.

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