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- A UGMA provides a child under the age of 18 (a minor) with a way to own investments. The money is in the minor's name, but the custodian (usually the parent) has the responsibility to handle the money in a prudent manner for the minor's benefit. The parent cannot withdraw the money to use for his or her own needs.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
- Availability policy, Inactive account, Individual retirement account (IRA), Negotiable Order of Withdrawal Account (NOW), Passbook, Time deposit