MINOR'S ACCOUNT
\mˈa͡ɪnəz ɐkˈa͡ʊnt], \mˈaɪnəz ɐkˈaʊnt], \m_ˈaɪ_n_ə_z ɐ_k_ˈaʊ_n_t]\
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A specific type of savings account setup for a minor by an adult. This type of banking account does allow the minor to make withdrawals and deposits, but does not provide all privileges allowed a normal account. No maintenance fees typically apply until the minor becomes 18 years old. Some banks require a primary account link to a minor's account to make the adult accountable for any improper minor account use.
By Henry Campbell Black
Word of the day
Quinones
- Hydrocarbon rings which contain two moieties position. They can be substituted in any position except at the ketone groups.