Meaning of “trust account” in the English Dictionary

"trust account" in Business English

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trust accountnoun [ C ]


a bank account that is used by a person or organization to manage money for another person or group of people:

The money was deposited in a trust account for her until she reached the age of 18.

an account that is used to keep money for a particular purpose:

A trust account has been established by the solicitors for donations to the charity.

an account set up by two people or organizations in which money or property is kept by a third person or organization until a particular condition is satisfied:

All pre-payments by travellers are placed in a trust account and not released until completion of the tour.

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(Definition of “trust account” from the Cambridge Business English Dictionary © Cambridge University Press)