You won't find a "thou shalt not..." addressing this specific practice in the Act, but you don't need to. It contradicts everything about why UTMA accounts exist and how they are supposed to work.
The funds in an UTMA account are an irrevocable gift to the beneficiary, and are only to be disbursed by the custodian for the minor's benefit. Allowing them to be transfered out to cover Mom & Dad's overdrafts is not consistent with these stipulations.
While it is not the bank's responsibility to police every withdrawal completed by the custodian, it would not be difficult to make the case that by allowing the custodian to link an UTMA account to their own account for ODP, that the bank was complicit in enabling the custodian to breach their fiduciary duty.