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These accounts are usually created by the bank or a program manager who is managing these accounts for the actual owner. When making an electronic funds transfer, you might come across the term. . When preparing living trust documents, this term will be used if you want to prepare a life insurance policy for your children. Additionally, it also appears in the banking industry, as an. There are other instances as well where you might comes across this term. The money in these accounts, whether there are two accounts or 200, will all still belong to the beneficiary and not the manager.