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West VirginiaSB 5812026 Regular SessionSenateWALLET

Eliminating requirement that commissioner approve joint account forms used by banking institutions

Sponsored By: Mike Azinger (Republican)

Signed by Governor

§31A-4-33

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Easier accounts with multiple fiduciaries

Beginning June 10, 2026, banks can offer accounts with more than one fiduciary, like co‑agents under a power of attorney or co‑conservators. The bank may pay or follow directions from any one or more fiduciaries, including a successor who shows proof. The law lists the types of fiduciary accounts that qualify.

Simpler payouts on trustee-labeled deposits

Beginning June 10, 2026, if a deposit is labeled "as trustee for" someone and the bank has no other written trust terms, the bank pays the deposit and interest to that person when the named trustee dies. This applies only when the bank received no written notice of different trust terms.

Joint bank accounts: payouts and creditor reach

Beginning June 10, 2026, joint deposit accounts payable to any owner are treated as joint tenancy with survivorship; any owner can be paid while alive, and survivors after a death. Banks are released from liability for payments made before they get a signed written order from any owner telling them not to pay. For joint accounts opened on or after July 1, 1994, banks must give written notice that a creditor of any one owner, by legal process, can reach the entire balance, and that any owner may withdraw, pledge, or encumber the account unless a signed stop is on file. Giving that notice to one owner counts as notice to all owners. A bank may pay the whole balance to such a creditor and is discharged; co‑owners may then seek their share from the creditor. If a joint account is pledged to the bank without a prior signed stop, the bank is not liable to other owners; the banking commissioner issues rules to carry out these procedures.

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Sponsors & Cosponsors

Sponsor

  • Mike Azinger

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 129 • No: 0

House vote • 3/12/2026

Passed House (Roll No. 428)

Yes: 95 • No: 0

Senate vote • 2/3/2026

Passed Senate (Roll No. 40)

Yes: 34 • No: 0

Actions Timeline

  1. Approved by Governor 3/25/2026

    3/25/2026Senate

  2. To Governor 3/18/2026

    3/18/2026Senate

  3. Effective ninety days from passage

    3/14/2026Senate

  4. To Governor 3/18/2026 - Senate Journal

    3/14/2026Senate

  5. Approved by Governor 3/25/2026 - Senate Journal

    3/14/2026Senate

  6. Approved by Governor 3/25/2026 - House Journal

    3/14/2026House

  7. Completed legislative action

    3/13/2026House

  8. House Message received

    3/13/2026Senate

  9. On 3rd reading, Special Calendar

    3/12/2026House

  10. Read 3rd time

    3/12/2026House

  11. Passed House (Roll No. 428)

    3/12/2026House

  12. Communicated to Senate

    3/12/2026House

  13. On 2nd reading, Special Calendar

    3/11/2026House

  14. Read 2nd time

    3/11/2026House

  15. Do pass

    3/10/2026House

  16. Immediate consideration

    3/10/2026House

  17. Read 1st time

    3/10/2026House

  18. House received Senate message

    2/4/2026House

  19. Introduced in House

    2/4/2026House

  20. To Finance

    2/4/2026House

  21. To House Finance

    2/4/2026House

  22. On 3rd reading

    2/3/2026Senate

  23. Read 3rd time

    2/3/2026Senate

  24. Passed Senate (Roll No. 40)

    2/3/2026Senate

  25. Communicated to House

    2/3/2026Senate

Bill Text

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