POD vs. Totten Trust (ITF)

Can someone tell me what the difference is between the two and which one is more commonly used? I had never heard of ITF until recently and I have been in banking for 12 years. There is some confusion about which one allows for the funds in an account to just be split between the remaining beneficiaries and which one requires the funds to go to a deceased beneficiaries children in the case that a beneficiary should pass away before the account owner.

Thanks for your help!

This is a legal issue and should be addressed with your bank's attorney.

The Indiana Bankers Assn sponsors programs on opening deposit accounts according to Indiana law. I'm pretty sure you will find that there is no form of ownership that would require a bank to chase down a decedent's heirs...