Estate planning options at Clear Mountain Bank
Estate planning for your Clear Mountain Bank accounts starts with understanding how each one transfers at death. Beneficiary designations bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Clear Mountain Bank offers 21 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
Contact Clear Mountain Bank directly for information about adding or updating beneficiary designations on your accounts.
Why trust accounts are not available
Clear Mountain Bank does not currently support retitling accounts into a trust. The alternative is to name a trust as the Transfer on Death beneficiary, which provides similar probate-avoidance benefits while keeping the account in the individual's name.
Clear Checking
The bank's most popular personal checking account, with unlimited check writing and a Mastercard debit card.
Interest Checking
Earns interest on any balance. Not available to corporations or partnerships.
Prime 50 Checking
Interest-bearing checking with the first order of checks free and a free personal safe deposit box for the first year.
MoneyWise Student Checking
A checkless account for high school and college students. Overdraft protection is available when it is linked to an eligible Clear Mountain account with a joint owner or signer age 18 or older.
StartFresh Banking
Two second-chance accounts, StartFresh First Step (no check writing) and StartFresh Checking, for customers who have been turned down for a checking account before.
Money Market Deposit Account
Tiered-rate money market with a Mastercard debit card.
Investor Money Market Deposit Account
Higher tiered rates for larger balances.
Personal Savings Account
Interest-bearing savings, which the bank says is available to both individuals and businesses.
Christmas Club Account
Weekly deposits at a fixed rate for the contract year; the balance is deposited to the owner's Clear Mountain checking or savings account before November 1.
Certificates of Deposit
Certificates can renew automatically at the market rate after each term. The Freedom CD allows one rate bump during its term.
CDARS
Large deposits are placed in certificates under $250,000 at other network banks under one Deposit Placement Agreement, with one statement listing every certificate and its issuing bank.
Insured Cash Sweep (ICS)
Excess balances are placed in money market deposit accounts at other FDIC-insured banks, with up to six withdrawals a month.
Clear Mountain Financial Solutions (LPL Financial)
Investment portfolios, annuities, insurance and education savings plans offered through LPL Financial advisors at Pierpont Centre in Morgantown, 304-292-7372. These are not bank deposits and are not FDIC insured.
PayDay IRA
No term limit and no early withdrawal penalty from the bank. The bank publishes no beneficiary form or rule for its IRAs.
Fixed Rate IRA
Roth IRA
The bank directs Roth questions to its Personal Bankers.
Sources
Data sourced from Clear Mountain Bank primary sources (22 pages reviewed). How we research.
Clear Mountain Bank estate support
Customer Service Center
Phone
Lost or stolen debit card, after hours
Lost or stolen credit card
Clear Mountain Financial Solutions (LPL Financial)
Hours
Office
Mailing address
Website
Estate requests go through general customer service.
Estate planning articles
Learn how to protect your Clear Mountain Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
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Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
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New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
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Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: a will, living trust, pour-over will, both powers of attorney, living will, and TOD deed.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: what a will or trust costs, whether you need a trust or TOD deed, and how documents are signed.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
How Much Is the Federal Gift Tax?
Whether a gift owes federal gift tax, how much of the annual exclusion and lifetime exemption it uses, and whether Form 709 is due.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
