An Ohio broker maintains a small amount of the broker's own funds in the trust account to cover bank service charges. Under Ohio law, this practice is:
Correct Answer
B) Permitted in a minimal amount to cover bank service charges, preventing account closure due to insufficient funds
Ohio allows a broker to maintain a minimal amount of personal funds in the trust account to cover bank service charges (such as monthly fees or check charges). This prevents the trust account from being closed or incurring overdraft fees due to bank charges. The amount must be minimal and properly documented.
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