Personal Finance

Holly Crap, HSBC big screw up

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  • Aug 30th, 2021 9:42 pm
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[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill

Holly Crap, HSBC big screw up

HSBC Made a big screw up.
I use HSBC for just about 9 months.
On Friday, I opened a new joint account with my mother-in-law in her ask, to help her manage some money / move things around.

I login to my online banking, and saw the new joint account, as expected, nothing special. She don't have much, only have couple thousand dollars.

However after I setup online banking for her, and show her how to use ATM, to my surprise, she have full access to all my other SOLE Ownership account, including my CAD, USD account.

I was like WTF!!!!
This is beyond bad. How could they F up like this.
Last edited by cheapshopper on Aug 23rd, 2021 2:27 pm, edited 1 time in total.
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Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
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36 replies
[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill
hunnni83 wrote: I had a joint account with my mother when I was younger and wasn't of legal age to opened my own bank account. BMO f*cked up and my bank account was $0 one day when my tuition fee was due. Apparently, my mother had full access to my account and withdrew everything.
I think it is different, in your case, you and your mother have a join account, so she can make withdraw.
But in my case, yes, have a join account with my mother-in-law, so that join account we both can access and she can take money out, that's expected.
But i have ONE join account with her doesn't mean she can have access to ALL MY other account at the same bank. All the sudden she saw all my asset at HSBC, and have full access to them.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
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Member
Nov 24, 2019
436 posts
520 upvotes
Saskatoon
HSBC sucks/are incompetent. In other breaking news, the sky is blue.

Hopefully their mistake didn't cost you anything, but yeah I'd move to a different bank.
Deal Addict
User avatar
Oct 13, 2007
4363 posts
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Edmonton
cheapshopper wrote: HSBC Made a big screw up.
I use HSBC for just about 9 months.
On Friday, I opened a new JOIN account with my mother-in-law in her ask, to help her manage some money / move things around.

I login to my online banking, and saw the new JOIN account, as expected, nothing special. She don't have much, only have couple thousands dollar.

However after I setup online banking for her, and show her how to use ATM, to my surprise, she have full access to all my other SOLE Ownership account, including my CAD, USD account.

I was like WTF!!!!
This is beyond bad. How could they F up like this.
So they made a mistake. It happens. Call & get it fixed. What did they say about it when you called them?

BTW, It's called a "joint" account.
Sr. Member
Feb 28, 2014
964 posts
1141 upvotes
cheapshopper wrote: HSBC Made a big screw up.
I use HSBC for just about 9 months.
On Friday, I opened a new JOIN account with my mother-in-law in her ask, to help her manage some money / move things around.

I login to my online banking, and saw the new JOIN account, as expected, nothing special. She don't have much, only have couple thousands dollar.

However after I setup online banking for her, and show her how to use ATM, to my surprise, she have full access to all my other SOLE Ownership account, including my CAD, USD account.

I was like WTF!!!!
This is beyond bad. How could they F up like this.
Sounds like there was a mistake made when the account profile was created. Just call or visit an HSBC branch to get this resolved so that only the joint account shows and not your individual account.
Deal Addict
User avatar
Nov 30, 2005
1849 posts
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Ottawa, ON
cheapshopper wrote: HSBC Made a big screw up.
I use HSBC for just about 9 months.
On Friday, I opened a new JOIN account with my mother-in-law in her ask, to help her manage some money / move things around.

I login to my online banking, and saw the new JOIN account, as expected, nothing special. She don't have much, only have couple thousands dollar.

However after I setup online banking for her, and show her how to use ATM, to my surprise, she have full access to all my other SOLE Ownership account, including my CAD, USD account.

I was like WTF!!!!
This is beyond bad. How could they F up like this.
With a HSBC JOIN account, everything is connected, sorta like being joined at the hips. No secret is safe. If you wanted to set up a JOINT account, that's totally different but you didnt ask for that.
Deal Addict
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Oct 13, 2007
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Edmonton
ZxExN wrote: With a HSBC JOIN account, everything is connected, sorta like being joined at the hips. No secret is safe. If you wanted to set up a JOINT account, that's totally different but you didnt ask for that.
LOL
Deal Expert
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Jun 9, 2003
25130 posts
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Markham, ON
you must really get along with your mother in law for a joint account...
Deal Fanatic
May 4, 2014
5160 posts
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Toronto, ON
HSBC looking out for mother in law's interests. You probably didn't see the red envelope she passed to the teller when you weren't looking.There is no mistake here..
Deal Fanatic
Aug 24, 2016
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The Prairies
thelefteyeguy wrote: you must really get along with your mother in law for a joint account...
She trusts him but he don’t trust her :lol:
[OP]
Deal Addict
Jan 31, 2007
4797 posts
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Richmond Hill
coolintheshade wrote: She trusts him but he don’t trust her :lol:
Well, she trust me to handle her couple thousand dollars , making bill payment, etc.
Not that I don't trust her, but no need for her to have full visibility and access to my 6 figure asset.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill
ZxExN wrote: With a HSBC JOIN account, everything is connected, sorta like being joined at the hips. No secret is safe. If you wanted to set up a JOINT account, that's totally different but you didnt ask for that.
you serious? Should this be only the joint account is connected?
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill
thelefteyeguy wrote: you must really get along with your mother in law for a joint account...
Our relationship is ok, I help her do a lot of daily things. Is a small amount in the joint account.

However no one would expect a joint account with her give her full access to all my assets under the same bank.
Last edited by cheapshopper on Aug 23rd, 2021 8:08 pm, edited 1 time in total.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
Deal Addict
Oct 4, 2009
3293 posts
2468 upvotes
Montreal
OP, this isn’t making much sense.

Instead of opening a joint account with your MIL(WTF?) she should have simply opened a regular account and then given you Trading Authority or Power of Attorney on the account.

Now if she passes away you will get the proceeds of the account which is likely to piss off her heirs. It’s hard to imagine this wasn’t explained to both of you by HSBC. That she could see your assets is the least of the problems this setup creates.
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Jun 9, 2003
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Markham, ON
cheapshopper wrote: Our relationship is ok, I help her do a lot of daily things. Is a small amount in the joint account.

However no one would expect a joint account with her five her full access to all my assets under the same bank.
i think it is better to have her learn or setup preauthorized payments then to do it for her.
i don't work in the financial services...but my wife and my accounts are joint and we have full access to everything accept for the TFSA
hopefully HSBC can resolve this ... because if something happens to you....she will also have control of all the assets over your wife LUL
[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill
I contacted HSBC, they checked and told me they did not make my account as joint account with my mother-in-law. System still show my account are sole ownership.

However they have no idea why her online account and ATM card have access to my account. They checking on it.

This is a big issue, now can I trust them not by mistake give access of my account to someone etc by mistake?
Without login using her account, I would never find out.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
Sr. Member
Feb 28, 2014
964 posts
1141 upvotes
cheapshopper wrote: I contacted HSBC, they checked and told me they did not make my account as joint account with my mother-in-law. System still show my account are sole ownership.

However they have no idea why her online account and ATM card have access to my account. They checking on it.

This is a big issue, now can I trust them not by mistake give access of my account to someone etc by mistake?
Without login using her account, I would never find out.
So whoever set up the accounts at HSBC screwed up. Only HSBC can fix this snafu, keep pressing HSBC to get this resolved. if not, take your business elsewhere.
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User avatar
Dec 12, 2009
25140 posts
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Toronto
This looks like a big fail with HSBC. @cheapshopper , will the mother-in-law be expecting more (monetary) support from you going forward?
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[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill
will888 wrote: This looks like a big fail with HSBC. @cheapshopper , will the mother-in-law be expecting more (monetary) support from you going forward?
I think so, she wouldn't know how to login and check my transition, otherwise she will see my payroll deposit as well. But now she saw my account balance.

I was setting up her online banking and just want to show her how i have access to her stuff now. She can have her son (live oversea) to access via online banking as well if needed.
What i didnt expect is it show all my accounts under her online banking .
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
[OP]
Deal Addict
Jan 31, 2007
4797 posts
4792 upvotes
Richmond Hill
thelefteyeguy wrote: i think it is better to have her learn or setup preauthorized payments then to do it for her.
i don't work in the financial services...but my wife and my accounts are joint and we have full access to everything accept for the TFSA
hopefully HSBC can resolve this ... because if something happens to you....she will also have control of all the assets over your wife LUL
Already check, all my account are still sole ownership, but for whatever reason her account profile have access to all my account.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************

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