What Does "ITF" Mean in Banking?
Last Updated Mar 30, 2020 5:21:02 PM ET
"ITF" in banking stands for "in trust for." It means that the owner of the account is acting as the trustee of the funds, which transfer to the beneficiary of the account when the owner dies.
"In Trust For" accounts are a method for someone to ensure that the funds in his bank account transfer to someone else with little difficulty if he passes away. The owner of the account retains control of the funds as long as he lives and is permitted to make changes at any point. Banks in some states prefer to use the "payable on death" designation, which also pays the balance of the account to one or more beneficiaries when the account owner passes away.
More From Reference

What Does the Executor of a Will Do?

What Are the Age Limit Restrictions for IRA Contributions?

What Is an Ex-Dividend Date, and How Does It Affect Your Stocks?

What Is the Difference Between Salary and Wages?

How Many Minutes of Daylight Do We Gain Each Day? And Other Daylight Saving Time Facts

Understanding SSI: Supplemental Security Income Basics for New Applicants