What does ITF on a mank statment mean...
Like if it says
JOhn doe
ITF
Jane doe
thanks
2007-09-21 13:35:08 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
in trust for? does that mean they're holding it for them? or that it will go to them one day?
2007-09-21 14:55:08 · update #1
Here is an extract of the definition of the ITF designation from the Fairfield County Bank, but it means the same thing with other banks.
VI. In Trust For (“ITF”) Designation.
The “In Trust For” (“ITF”) designation means that you intend to open an account under section 36a-296(a) of the Connecticut General Statutes (entitled “Deposits in Trust”) or the successor to that statute. The In Trust For designation means that you have full ownership of the account until your death. You, as the owner, must give us your social security number. When you die, the account will belong to the beneficiary you have named if such person is alive when you die. If you have named more than one beneficiary, the account will belong equally to the beneficiaries who are alive when you die.
2007-09-21 18:30:27 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
Internal Transfer of Funds I believe
2007-09-21 20:38:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
in trust for
2007-09-21 20:38:18 · answer #3 · answered by Anonymous · 1⤊ 0⤋