what does itf stand for?
The âITFâ term in the bank account stands for âin trust for,â and this literally pertains to the authority given by the account owner to the named person in the account who will become the beneficiary upon the account ownerâs death. In the case of a bank account named âJohn Doe ITF Jane Doeâ, John Doe is considered the actual owner of the account. For some experts, John Doe here is classified as the account âtrustee,â and he is entrusting his bank account to a person named Jane Doe when he dies.