An Ohio broker maintains a trust account at a local bank. Under Ohio Division rules, the trust account must be:
Correct Answer
A) A non-interest-bearing demand deposit account, or an interest-bearing account with interest handled according to written agreement
Under Ohio rules, the trust account must be a demand deposit (checking) account. It may be non-interest-bearing or interest-bearing. If interest-bearing, the handling of interest must be in accordance with a written agreement between the parties. The broker cannot simply keep the interest for personal use.
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