Common use of In Trust For Account Clause in Contracts

In Trust For Account. If you establish or maintain an account in your name that is designated in the account title that it is in trust for (“ITF”) one or more beneficiaries, without presenting formal trust papers, you may make deposits, withdrawals, change, add, or remove beneficiaries, or close the account at your discretion during your lifetime. Your Social Security number must be used for income tax reporting. The beneficiary designated on our records has no rights to the account until the death of all owners of the ITF account and cannot make any withdrawals or account changes so long as you are alive. If we receive proof that you (or the last surviving co-owner of a joint account) have died, we will pay the balance of the account to the beneficiary or beneficiaries you designated on the signature card you executed for the account.

In Trust For Account. If you establish or maintain an account in your name that is designated in the account title that it is in trust for (“ITF”) one or more beneficiaries, without presenting formal trust papers, you may make deposits, withdrawals, change, add, or remove beneficiaries, or close the account at your discretion during your lifetime. Your Social Security number must be used for income tax reporting. The beneficiary designated on our records has no rights to the account until the death of all owners of the ITF account and cannot make any withdrawals or account changes so long as you are alive. If we receive proof that you (or the last surviving co-owner co‐owner of a joint account) have died, we will pay the balance of the account to the beneficiary or beneficiaries you designated on the signature card you executed for the account.