In almost 20 yrs of banking in NH and all the banks I have been with it has been common practice to allow only one beneficiary on ITF accounts. The strongest reasoning behind this is that the bank doesnt want to be the one in the middle of a dispute over the precentage of the funds one bene gets over another and most systems are not set up to track this as with an IRA (or similar). Additionally, NH RSA 384-D:1 makes not make referrence to multiple bene's
Most of the time customers are OK with that but every now and then you get the occasional push-back....the most frequent argument we get from resisting customers is that "all the other banks allow me to do it". Is that true? Is everyone else allowing multiple bene's and if so, on what basis? and conversely...if not, what is your arguement to the customer?
Thank you

I am not from NH, but I am from MA. Until recently, MA law did not allow multiple beneficiaries. Now that law allows it, we have chosen to allow it also. However, we do not allow the customer to choose the percentage that each beneficiary gets. It is divided equally among the listed number of beneficiaries on the account. Hope this helps.

The bank that I just came from did not allow for more than one beneficiary for the reason you state, it is NH law. That was the reason we gave to them. We would offer to open multiple accounts and split the money so each ITF would get the dollar amount the customer chose.