What is the meaning of 'ITF' on a bank statement?
It could mean:
Internal Transfer of Funds
In Trust For
Interim Trust Fund
International Trust Fund
If the bank account is a ITF ("in trust for") or FBO ("for
benefit of") type of trust account, then the beneficiary will gain
immediate control of the account upon your death without going to
court, though possibly subject to estate tax.
Related Q&A：
Is the standard trust bank still going？Well, to be honest, I'm not really sure if the Standard Trust Bank is still operating. These days, the banking industry is constantly changing and evolving. Sometimes banks merge, sometimes they face financial challenges that might lead to closures or restructurings. You might need to check the latest financial news or maybe contact a local financial expert to get the most accurate and up-to-date information. Oh, and it's always a good idea to keep an eye on such things if you have any dealings with them.
