A Fiduciary Deposit is a deposit which is made by the Custodian on behalf of the underlying Depositor. The Custodian holds the Depositor's funds (in a deposit) in a fiduciary capacity with the Partner Bank on behalf of the Depositor. The Custodian acts as a central Depositor account holder, collecting the funds from Depositors and depositing them on a fiduciary basis with the Partner Banks. Deposits made by the Custodian are on a non-discretionary basis and the Depositor is in control of the underlying deposit at all times.
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