W. Va. Code R. § 106-17-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-17-3 - Notice

3.1. Opening New Joint Accounts -- Upon the request of a customer to open a new joint account, a bank shall provide notice to the joint account holders that the joint account may be paid out to, pledged by, or otherwise encumbered by each and any of the individuals to the joint account-- unless prior written notice is given by one of the account holders not to permit it. The wording of the notice provided by the banks to their customers must be approved by the Commissioner of Banking and printed in a clearly legible type size. A bank may comply with this subsection by:

3.1.1. Obtaining the signature of at least one joint account holder on a separate document containing the required disclosures and approved for such use by the Commissioner of Banking, and then maintaining this signed separate document either together with the joint account's signature card, or in another manner whereby the document is easily retrievable as to each joint account;

3.1.2. Incorporating the required and approved disclosure notice within the signature card or the account opening agreement with the bank; or

3.1.3. Establishing a procedure for ensuring that a person opening a covered joint account is given the required notice in a form approved by the Commissioner of Banking, and that fact is recorded by a checkbox marked upon the signature card or the account opening agreement accompanying that joint account.

3.2. Notice Forms -- The form of the notice, including the wording contained in the disclosures, shall be approved by the Commissioner of Banking together with any restrictions or specific use of a particular form that the Commissioner may establish. In addition to any other notice form which may be, from time to time, approved by the Commissioner of Banking, banks may use the forms set forth in Appendix A and B of this rule as prescribed in this subsection:

3.2.1. The form in Appendix A may be used when the bank is following the notice procedure set forth in subdivision 3.1.1. of this rule; and

3.2.2. The form in Appendix B may be used when the bank is following the notice procedure set forth in subdivisions 3.1.2. or 3.1.3 of this rule.

3.3. Use of Previously Approved Forms -- Unless a change in law, legislative rule, or determination by a court necessitates immediately altering a notice form previously approved for use by the Commissioner of Banking, banks shall have a reasonable amount of time, up to six months, to replace their existing approved forms. And during that time the banks may continue to use their previously approved forms.

W. Va. Code R. § 106-17-3