If a CD is titled Jane Doe ITF Mary Smith, does Mary Smith have the right to close it, with the bank issuing a check to her, without Jane Doe's signature?
The owner of such an account is Jane Doe, and she controls the account during her lifetime. She can alter or remove the "ITF" designation, which stands for "in trust for", and designate Mary Smith to receive ownership of the account upon her death or at any time during her lifetime. While Jane is alive, Mary has no legal interest in the account and has no access to the funds, so the answer to your question is "No".
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The owner of such an account is Jane Doe, and she controls the account during her lifetime. She can alter or remove the "ITF" designation, which stands for "in trust for", and designate Mary Smith to receive ownership of the account upon her death or at any time during her lifetime. While Jane is alive, Mary has no legal interest in the account and has no access to the funds, so the answer to your question is "No".
