West Virginia legislation · 2026 Regular Session
West Virginia SB581: Eliminating requirement that commissioner approve joint account forms used by banking institutions
Status: Signed into law, March 25, 2026
What the bill says
An act to amend and reenact §31A-4-33 of the Code of West Virginia, 1931, as amended, relating to joint accounts in banking institutions; and eliminating the requirement that the commissioner approve joint account forms to be used by banking institutions. ARTICLE 4. BANKING INSTITUTIONS AND SERVICES GENERALLY. §31A-4-33. Deposits in trust; deposits in more than one name; limitation on liability of institutions making payments from certain accounts; notice requirements; pledges or garnishment of joint accounts; financial institutions duties; multiple-fiduciary accounts; payment of multiple-fidu.
From the enrolled text, March 12, 2026:
AN ACT to amend and reenact §31A-4-33 of the Code of West Virginia, 1931, as amended, relating to joint accounts in banking institutions; and eliminating the requirement that the commissioner approve joint account forms to be used by banking institutions. ARTICLE 4. BANKING INSTITUTIONS AND SERVICES GENERALLY. §31A-4-33. Deposits in trust; deposits in more than one name; limitation on liability of institutions making payments from certain accounts; notice requirements; pledges or garnishment of joint accounts; financial institutions duties; multiple-fiduciary accounts; payment of multiple-fiduciary accounts. (a) If any deposit in any banking institution be made by any person describing him or herself in making such deposit as trustee for another, and no other or further notice of the existence and terms of a legal and valid trust than such description shall be given in writing to the banking institution, in the event of the death of the person so described as trustee, such deposit, or any part thereof, together with the interest thereon, may be paid to the person for whom the deposit was thus stated to have been made. (b) When a deposit is made by any person in the name of such depositor and another or others and in form to be paid to any one of such depositors, or the survivor or survivors of them, such deposit, and …