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Custodian
A person or entity that holds and safeguards assets on behalf of another entity.
More Details
A custodian is a person or entity that holds and manages financial assets on behalf of another person or entity. Custodians are typically responsible for the safekeeping of these assets, as well as the execution of trades and the settlement of transactions.
Example
If you open a youth account for your child, you or another adult would be added as a custodian on the account to oversee and assist with its safe management.
Related Terms
Bankruptcy
A legal process in which an individual or business has their assets liquidated or restructured in order to pay off creditors.
Line of Credit
A loan that allows a borrower to access funds up to a pre-approved credit limit, and is only charged interest on the borrowed funds.
ACH
Acronym for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers.