As a result of HSBC’s ongoing commitment to protect our customers this section briefly provides information about Powers of Attorney and Joint Deposit Accounts. These may be used if you wish to give someone else authority to do banking for you.
This information provided about Powers of Attorney applies to individuals who wish to add a Power of Attorney on their account(s), to open a new Joint Deposit Account or to convert a sole-ownership account to a Joint Deposit Account. This section does not apply to business clients or commercial accounts. A link to the Canadian Bankers Association website containing details about the Commitment on Powers of Attorney and Joint Deposit Accounts can be found at the bottom of this page.
A Joint Deposit Account is a bank account owned by two or more people. Each account holder can make withdrawals, deposits, payments and other transactions on the account without having to obtain consent from the other account holder(s).
As a joint account holder, you share not only equal access rights to the account but also share the responsibility for all the transactions made on the account. For example, if you have overdraft protection or a line of credit attached to the Joint Deposit Account, all account holders will be responsible for repaying the outstanding balance.
If you wish to open a Joint Deposit Account, please visit an HSBC branch.
A Power of Attorney is a legal document in which you authorize one or more people (or a company) to act on your behalf to deal with or dispose of your property. The person giving the power is the “Donor” and the person receiving the power to act is the “Attorney”. The rules governing Powers of Attorney vary from one province to another. If you require information with respect to the law applicable to your Power of Attorney, please speak to a legal professional in your jurisdiction.
|Power of Attorney||Joint Deposit Account|
|Access to the account||Once the Power of Attorney has been placed on the account, the Attorney can access the account, subject to any limitations in the Power of Attorney. The account holder (the Donor) also retains the right to transact on the account.||All account holders have the right to access the account without the consent of the other joint account holder(s).|
|Ownership||The funds in the account belong to the account holder (the Donor). The Attorney does not own the funds in the account.||Each account holder has equal ownership of the account.|
|Modification and Termination||The account holder (the Donor) can change or revoke the Power of Attorney at any time, as long as the account holder (the Donor) is mentally capable.||Unless you tell us in writing that all the account holders must give instructions together, any of the account holders have the ability to close the Joint Deposit Account.|
Making a decision that suits your needs
Obtaining a Power of Attorney
Operating the Account with a Power of Attorney
Reviewing a Power of Attorney or Instructions Received from the Attorney
Changing or Revoking a Power of Attorney
If you have any questions regarding adding a Power of Attorney to your account(s), opening a Joint Deposit Account with HSBC or managing existing Power(s) of Attorney or Joint Deposit Account(s), please visit your local HSBC branch.
You can also find additional information about Power of Attorneys and Joint Deposit Accounts, including the risks and advantages of each option, on the Federal/Provincial/Territorial Ministers Responsible for Seniors Forum’s website.