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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
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.
Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
Refinance
The process of paying off an existing loan with a new loan, typically in order to obtain a lower interest rate or to change the terms of the loan.