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.

Beneficiaries are limited to two (2) per account

Thank you working girl!

is there a restriction on escheatment of these accounts?

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!

The restriction that Dawn referenced above (no more than two beneficiaries per account) was repealed last year.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.

the repeal is referenced in the PA Banking Law modernization package under portal.state.pa.gov page 2.

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!

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?

NotDoneYet: Black's Law Dictionary and the PA UCC both say an estate and a trust are "organizations", for whatever it's worth...

Thanks, SwPa.