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What is ITF in Bank of America?

IN TRUST FOR (ITF) OR. PAYABLE ON DEATH (POD) An account owner may name one or more beneficiaries for an account during his or her lifetime. When the account owner passes away, the funds in the account belong to the beneficiary(ies).

What does ITF mean at Bank of America?

Accounts held In Trust For (ITF), Payable on Death (POD) or Transfer on Death (TOD) No An account owner may designate one or more beneficiaries for an account during his or her lifetime. When the account owner dies, the funds in the account pass to the beneficiary(ies).

Can I withdraw money from my ITF account?

When the title of an account includes language like in trust for (ITF), transfer on death (TOD) or similar language, the account is treated as a POD account. You may change, add or remove the name of any payee or beneficiary anytime by visiting a financial center and providing us with proper written notice.

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