Agreement Custodial Contract With Bank
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
The Custodian will independently send an account statement to Client, at least quarterly, identifying the amount of funds and each security in the Account at the end of the period and setting forth all transactions in the Account during the period, including the amount of any fees paid to Advisor.
A custodial agreement is an arrangement wherein one holds an asset or property on behalf of the actual owner (beneficial owner). Such agreements are generally entered into by state agencies, or companies to administer various benefit programs.
Gifts are irrevocable: Contributions to a custodial account are considered irrevocable?meaning you can't get that money back?and funds can be withdrawn by the custodian only to pay for expenses that would directly benefit the child before the age of majority.
What is a custodial account? A custodial account is generally created by a parent or grandparent for the benefit of a minor child or grandchild. When you put money into a custodial account, you make a gift to the minor beneficiary of the account, even though the minor does not control the account.
A bank custodian that provides core domestic custody services typically settles trades, invests cash balances as directed, collects income, processes corporate actions, prices securities positions, and provides recordkeeping and reporting services.