Once the minor of an ITF account has reached 18 years of age and above, the primary can transfer the proceeds of the ITF account to an individual account under the child's name through the following steps:
1. Open a separate individual account in the child's name. (For the account opening procedure, please see this link. Please note that you will be issued a new COL account number. The initial deposit can be waived)
2. Once they have a COL account number, you can request a transfer of cash from your ITF account into the child's individual account. This request will also entail the closure of your ITF account.
Please note:
- Stocks and Mutual Funds cannot be transferred. These will be liquidated and transferred as cash instead.
If you do not wish to liquidate your mutual funds and stocks, the child can still open a separate individual account but the transfer request cannot be done. You will still retain your ITF account as a separate account.
We also attached the ITF Closure and Instruction Form needed to request the transfer of proceeds after the child has opened their individual account. This form will need to be printed and signed before being sent back to us via email for processing. Please note that we do not accept digitized/electronic signatures.