Eliminates requirement for commissioner approval of joint account forms used by banking institutions.

This bill amends the West Virginia Code to remove the requirement that the commissioner of financial institutions must approve the forms used by banking institutions for joint accounts. It allows banking institutions to pay the entire balance of a joint account to any joint tenant without prior written notice from all joint tenants, provided one joint tenant has not given written notice prohibiting such payment. The bill also outlines rules for fiduciary accounts and multiple-fiduciary accounts, including their creation and management by banking institutions.

Eliminates requirement for commissioner approval of joint account forms used by banking institutions.

This bill amends the West Virginia Code to remove the requirement that the commissioner of financial institutions must approve the forms used by banking institutions for joint accounts. It allows banking institutions to pay the entire balance of a joint account to any joint tenant without prior written notice from all joint tenants, provided one joint tenant has not given written notice prohibiting such payment. The bill also outlines rules for fiduciary accounts and multiple-fiduciary accounts, including their creation and management by banking institutions.