Payable-on-Death Deposit-Account Beneficiary Rules in West Virginia
At a glance
| Accounts covered | Bank POD account under § 31A-4-33a; separate credit-union POD share and deposit accounts under § 31C-6-7 (W. Va. Code §§ 31A-4-33a(a), 31C-6-7). |
|---|---|
| How the POD designation is made | Written bank POD contract specifically designates payees; credit-union account must be identified as payable-on-death or p.o.d. (W. Va. Code §§ 31A-4-33a(a), 31C-6-7). |
| Who may be named | One or more named bank beneficiaries, including a minor whose vested share follows the minor-deposit route; credit-union statute says one or more POD payees (W. Va. Code §§ 31A-4-33a(a), (e), 31C-6-7). |
| Owner and beneficiary rights before death | Bank owner retains full title and can withdraw or close account; designated beneficiary has no claim until last owner's death (W. Va. Code § 31A-4-33a(b), (d)). |
| Joint owner's priority over payee | Joint bank owners may hold with survivorship; POD interest vests only after the last surviving joint owner dies. Credit-union POD account similarly pays payees after all account persons die (W. Va. Code §§ 31A-4-33a(a), 31C-6-7). |
| If a payee dies first | Only bank beneficiaries surviving the last owner take; absent a survivor, balance enters that owner's estate (W. Va. Code § 31A-4-33a(a), (d)). |
| Shares among surviving payees | Surviving bank beneficiaries take per-capita shares unless written contract provides otherwise; credit-union shares follow its account contract (W. Va. Code §§ 31A-4-33a(d), 31C-6-7). |
| Changing the designation or using a will | Bank change must be written on its prescribed form and delivered before owner's death; bank POD contract prevails over contrary testamentary document (W. Va. Code § 31A-4-33a(a), (c)). |
| Proof, payment, and bank discharge | At last bank owner's death, payment to designated survivors under written contract fully discharges bank; minor share follows § 31A-4-34 (W. Va. Code § 31A-4-33a(e)-(f)). |
Requirements one by one
Bank and credit-union contracts
W. Va. Code § 31A-4-33a(a) requires a written bank POD contract with specifically named beneficiaries. The separate credit-union rule in § 31C-6-7 covers shares and deposits and requires the account label “payable-on-death” or “p.o.d.”
Lifetime and joint-owner rights
The bank owner can use or close the account while alive under W. Va. Code § 31A-4-33a(b). A beneficiary gains no claim until the last owner's death; a joint owner with survivorship takes before payees under § 31A-4-33a(a), (d).
Survival and shares
Only surviving designated bank payees receive the balance. W. Va. Code § 31A-4-33a(d) gives each a per-capita share unless the written contract says otherwise; if no payee survives, the balance becomes part of the last owner's estate. A minor payee's vested share uses the cited minor-deposit procedure under § 31A-4-33a(e)-(f). W. Va. Code § 31A-4-34 permits payment on the minor depositor's order unless a parent or guardian has given the bank written instructions against it.
Change and payment
The bank's prescribed written change must be delivered before the owner's death under W. Va. Code § 31A-4-33a(c). Its POD contract prevails over a contrary testamentary document under subsection (a). Payment to designated survivors under the written contract discharges the bank under § 31A-4-33a(f).
What trips people up
The separate credit-union statute, W. Va. Code § 31C-6-7, makes its death transfer effective by the account contract. It does not set out the bank statute's per-capita default or bank-prescribed change procedure for credit-union accounts.
Common questions
Can I close the bank POD account while living?
Yes. W. Va. Code § 31A-4-33a(b) expressly leaves the owner free to withdraw, use or close it.
Does a will override the bank POD contract?
The contract takes precedence over contrary testamentary provisions under W. Va. Code § 31A-4-33a(a).
Statutes and sources
Current official bank POD statute and credit-union POD statute, accessed 2026-10-08.
Source links
Every statute quoted above, linked, with the date we checked it.
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