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#1669041 - 02/23/12 06:35 PM Restrictions on Titling account "ITF"
Myra18 Offline
Member
Joined: Jan 2011
Posts: 97
I know PA does not recognized POD but does allow use of ITF, are there any PA-specific account requirements when using ITF? Any help would be appreciated.

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#1669307 - 02/24/12 02:09 AM Re: Restrictions on Titling account "ITF" Myra18
Deputy Dawn Offline
Gold Star
Deputy Dawn
Joined: Feb 2007
Posts: 484
Pennsylvania
Beneficiaries are limited to two (2) per account

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#1669566 - 02/24/12 05:32 PM Re: Restrictions on Titling account "ITF" Deputy Dawn
Myra18 Offline
Member
Joined: Jan 2011
Posts: 97
Thank you working girl!

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#1691047 - 04/20/12 04:10 PM Re: Restrictions on Titling account "ITF" Myra18
Starter Offline
Platinum Poster
Starter
Joined: Aug 2004
Posts: 513
NJ
is there a restriction on escheatment of these accounts?

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#1941829 - 07/16/14 08:39 PM Re: Restrictions on Titling account "ITF" Myra18
fretzer Offline
Member
Joined: Dec 2008
Posts: 76
Pennsylvania
In regards to PA law in respect to POD / ITF accounts can you please provide the guidance for future reference? We have a customer that is stating another local bank has opened these accounts with multiple beneficiaries. Your assistance is GREATLY appreciated. Thank you!

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#1941835 - 07/16/14 08:51 PM Re: Restrictions on Titling account "ITF" Myra18
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
The restriction that Dawn referenced above (no more than two beneficiaries per account) was repealed last year. I don't have a cite handy, but suffice to say any guidance that would have referenced this restriction is now moot.

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#1942140 - 07/17/14 02:54 PM Re: Restrictions on Titling account "ITF" Myra18
Beachbum, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 480
Knee Deep in Regs
the repeal is referenced in the PA Banking Law modernization package under portal.state.pa.gov page 2.
_________________________
What we think, we become.
Buddha

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#1960260 - 09/09/14 12:20 PM Re: Restrictions on Titling account "ITF" Myra18
SwPa Offline
Junior Member
Joined: Oct 2013
Posts: 25
Hello everyone. I see that that Pa Banking Code permits beneficiaries on an ITF account to be individuals or a "non-profit organization". We have customers that want to name their living trust as the beneficiary. I do not believe a family's living trust would qualify as non-profit, and therefore would not be permissible. We are getting push-back from the customer's financial advisors. I cannot find anything on the subject. Can anyone offer any insight, anything? Thanks!

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#1960310 - 09/09/14 02:06 PM Re: Restrictions on Titling account "ITF" Myra18
NotDoneYet Offline
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NotDoneYet
Joined: Jul 2010
Posts: 482
PA
Our attorney suggested we do the same thing, but my husband and I went a different route. They did suggest we make our estate the beneficiary on our accounts. An estate isn't really an organization. Is a living trust?

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#1960345 - 09/09/14 02:59 PM Re: Restrictions on Titling account "ITF" Myra18
SwPa Offline
Junior Member
Joined: Oct 2013
Posts: 25
NotDoneYet: Black's Law Dictionary and the PA UCC both say an estate and a trust are "organizations", for whatever it's worth...

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#1960464 - 09/09/14 05:48 PM Re: Restrictions on Titling account "ITF" Myra18
NotDoneYet Offline
Gold Star
NotDoneYet
Joined: Jul 2010
Posts: 482
PA
Thanks, SwPa.

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