“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.
