"ITF" or "in trust for" accounts are merely a beneficiary form of account registration. They are Totten Trusts - the beneficiaries have no right, title or interest in the account until the account-holder dies. The account-holder has absolute control over the account and has the right to unzip beneficiaries and zip in new ones at any time. To address your question, I would prefer the see the old account closed out and a new one established. In that case, the signature card rules.
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC