What Does “ITF” Mean in Banking?

“ITF” in banking stands for “in trust for.” It means that the person who owns the account is the trustee of the money, which will go to the account’s beneficiary when the account owner dies.

“In Trust For” accounts are a way for someone to make sure that, if he dies, the money in his bank account will go to someone else without much trouble. The account holder has full control over the money as long as he lives and can make changes at any time. Some banks in some states like to use the “payable on death” designation, which also pays the balance of the account to one or more beneficiaries when the account owner dies.

Joel Gomez
Joel Gomezhttps://www.gadgetclock.com
Joel Gomez is an Avid Coder and technology enthusiast. To keep up with his passion he started Gadgetclock 3 years ago in 2018. Now It's his hobby at the night :) If you have any questions/queries and just wanna chit chat about technology, shoot a mail - Joel at gadgetclock com.

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