How to name beneficiaries and fund a trust at MVB Bank
Covers 10 deposit, 2 retirement, and 1 lending accounts — beneficiaries must be updated in-branch
MVB Bank Account Support (Client Support)
MVB Bank, 301 Virginia Avenue, Fairmont, WV 26554
MVB Bank Account Support (Client Support)
MVB Bank, 301 Virginia Avenue, Fairmont, WV 26554
MVB Client Support (decedent accounts) — MVB has no separate bereavement department
MVB Bank, 301 Virginia Avenue, Fairmont, WV 26554 (the Fairmont - Virginia Avenue banking center; MVB does not publish a separate estate-claims PO box)
The key to protecting your MVB Bank accounts is making sure each one has a transfer mechanism in place—either a beneficiary designation or trust ownership. Without one, the account goes through probate, adding time, cost, and court involvement for your family.
MVB Bank has 13 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others will require probate if nothing is set up. Each is covered below.
- Full legal name
- Date of birth
- Social Security number
- Relationship to account owner
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- MVB calls a POD account an "In Trust For" account, and Section 11 of the Deposit Account Agreement is what actually governs it. The rules below all come from that section.
- The account owner (whom the agreement calls the trustee) can change the named beneficiaries at any time by written direction to MVB, and can withdraw all or part of the deposit at any time — a withdrawal revokes the arrangement as to the amount withdrawn.
- A beneficiary acquires the right to withdraw ONLY IF all of the owners have died AND the beneficiary is then living. There is no earlier access.
- The beneficiary is entitled only to what remains AFTER MVB has paid the owner's outstanding debits and items. Money owed on the account comes out first.
- CONTINGENT BENEFICIARIES ARE SUPPORTED, but a named beneficiary is ASSUMED TO BE PRIMARY unless it is explicitly indicated as contingent. Say so on the form if you mean contingent.
- If two or more beneficiaries survive all of the owners, they take in EQUAL SHARES WITHOUT right of survivorship unless the account says otherwise — so if one of them later dies, that share does not roll to the others.
- If ALL of the named beneficiaries predecease the owner, the arrangement terminates and title to the money vests back in the owner, meaning the funds fall into the estate and go through probate. Naming a contingent beneficiary is the way to avoid that.
- IRA beneficiary designations are a separate form from the deposit-account In Trust For designation. Updating one does not update the other.
- For joint accounts, all account owners must sign the designation form.
Sources
Data sourced from MVB Bank primary sources (19 pages reviewed). How we research.
Download these MVB Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against MVB Bank primary sources. Bring it to the branch or keep it beside the phone.
MVB Bank Account Support (Client Support)
MVB Bank, 301 Virginia Avenue, Fairmont, WV 26554
MVB Bank Account Support (Client Support)
MVB Bank, 301 Virginia Avenue, Fairmont, WV 26554
MVB Client Support (decedent accounts) — MVB has no separate bereavement department
MVB Bank, 301 Virginia Avenue, Fairmont, WV 26554 (the Fairmont - Virginia Avenue banking center; MVB does not publish a separate estate-claims PO box)
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