Basic Banking Account with Independence - Customer

1. Can I apply for an ATM Card?

Yes. You can choose to apply for an ATM Card during the Basic Banking Account with Independence opening process.    

2. Can I withdraw cash at a branch?

Yes. Please present your ATM Card or the account number of your Basic Banking Account with Independence, together with your ID, to one of our tellers. 

3. Can I use my newly-issued ATM Card to access my existing accounts?

No. Your newly-issued ATM Card can only access your Basic Banking Account with Independence.

4. Can I use Internet Banking or Mobile Banking to manage my Basic Banking Account with Independence?

No. You can manage your Basic Banking Account with Independence at a branch or over the phone using our Phone Banking service.

Basic Banking Account with Independence - Attorney

1. Why do I need to sign the declaration?

The reason for the declaration is to protect yourself and the customer, since the customer has diminished mental capacity. The declaration sets out the responsibilities and liability associated with monitoring the Basic Banking Account with Independence. 

2. Do I have to open the Basic Banking Account with Independence once an Enduring Power of Attorney is registered with the bank?

No, opening the Basic Banking Account with Independence is optional. Since the customer’s access to their primary accounts will be removed upon registration of an Enduring Power of Attorney /Guardianship Order or Court-Appointed Committee, the Basic Banking Account with Independence allows the customer to retain some independence and access to their pocket money, but it is an optional service.

3. How do I monitor the transactions on the Basic Banking Account with Independence?

Monthly account statements will be sent to the Basic Banking Account with Independence correspondence address.  You may also visit a branch to check the latest account balance or transactions.

For accounts with a zero balance and no transactions within the statement cycle, no statement will be generated for that month.

4. How much money should I keep in the Basic Banking Account with Independence?

The Basic Banking Account with Independence serves as a pocket money account for the customer. We therefore do not recommend maintaining large balances in the account. Please keep sufficient funds in the Basic Banking Account with Independence for the customer’s everyday use.

5. Can the customer apply for a credit card or loan service as part of the Basic Banking Account with Independence?

No. To help Basic Banking Account with Independence customers minimise their exposure to potential risks, we will not provide them with these services.

Power of Attorney

1. What is a Power of Attorney?

A Power of Attorney is a legal document that appoints one or more people (your Attorney/s) to make decisions for you (the Donor).

2. What is a Donor?

A Donor is an individual who wishes to give another person/people the authority to act or make decisions on their behalf.

3. What is an Attorney?

An Attorney is a person/people appointed pursuant to a Power of Attorney/Letter of Delegation/Enduring Power of Attorney to look after the finances/property or health and welfare of another person (Donor).

4. What documents will I need to take with me to branch?

We will need to see the full Power of Attorney document – either the original, or a copy which has been certified by a qualified solicitor of Hong Kong. We will also need to see suitable documents for identification and address verification of the Attorney. If multiple Attorneys are appointed, every Attorney will need to provide suitable identification and address verification. Please see Points to note for Power of Attorney set up for a list of acceptable documents.

5. How long does it take to register a Power of Attorney with HSBC?

Typically, this will take four working days. It will be longer if we require additional information from you.

6. How will I know when the Power of Attorney is registered with HSBC?

An SMS (for customer with valid mobile phone record with us) or confirmation letter (for customer with valid correspondence address but no valid mobile phone record with us) will be sent to the Customer (Donor). This does not apply to the setup of Enduring Power of Attorney.

7. What happens if the Donor becomes mentally incapable?

The Power of Attorney/Letter of delegation will be revoked (cancelled) upon Donor’s mental incapacity.

There is one type of Power of Attorney – Enduring Power of Attorney that will remain valid if the Donor becomes mentally incapable. Please see our Types of Power of Attorney page for further information. 

8. Can I appoint more than one Attorney?

Yes. If you appoint more than one Attorney, you must specify whether they are to act 'jointly' (ie together at all times) or 'jointly and severally' (ie together at all times or individually at all times).  If you do not specify, we will require all Attorneys to act ‘jointly’. 

9. What happens if I appoint a Solicitor or a firm as an Attorney?

The same process applies as if an individual has been appointed.

10. What happens if the Donor passes away?

The power is revoked (cancelled) and the Attorney’s authority is cancelled.

11. What if the Power of Attorney is executed overseas?

We only accept a foreign Power of Attorney if:

(a) the Attorney provides a legal opinion from a lawyer practising in the place where the Power of Attorney is executed, confirming that the Power of Attorney is validly executed and grants the necessary power to the Attorney for the relevant transactions in accordance with the relevant overseas law; and

(b) the Power of Attorney has been certified in accordance with one of the procedures described below:
Certification Requirement

If the Power of Attorney is executed in…

Certification requirements

Apostille Convention countries

If the Power of Attorney is executed in an Apostille Convention country the Power of Attorney must be certified by a notary public or other officer recognised by the competent authority of that country, who will then issue and affix an apostille (ie a certificate) to the Power of Attorney.  The Attorney should present the Power of Attorney to us with an apostille attached to it.

To check if a country is a party to the Apostille Convention, please check the status table at (https://www.hcch.net/en/instruments/conventions/status-table/?cid=41). For further details regarding apostille, please visit the apostille section (https://www.hcch.net/en/instruments/conventions/specialised-sections/apostille) and read Q2 of “The ABCs of Apostille” available at this section.  

the PRC

The Donor and Attorney should (1) obtain a notarial certificate from the local PRC notarial office; and (2) pass that notarial certificate to the Ministry of Foreign Affairs of the PRC for a certification that the signature and/or seal of the local notarial office are/is true. For further details on legalisation in the PRC, please refer to Notarization and Legalization section on the website of the Ministry of Foreign Affairs of the PRC (http://cs.mfa.gov.cn/wgrlh/lsrz/lsrzjjs/)

any other country

The signature/seal should be certified by proper local authority of the country at which the Power of Attorney was executed.

The Chinese Embassy/Consulate in that country should then certify the local authority’s certificate.

(b) the Power of Attorney has been certified in accordance with one of the procedures described below:
Certification Requirement

If the Power of Attorney is executed in…

Apostille Convention countries

Certification requirements

If the Power of Attorney is executed in an Apostille Convention country the Power of Attorney must be certified by a notary public or other officer recognised by the competent authority of that country, who will then issue and affix an apostille (ie a certificate) to the Power of Attorney.  The Attorney should present the Power of Attorney to us with an apostille attached to it.

To check if a country is a party to the Apostille Convention, please check the status table at (https://www.hcch.net/en/instruments/conventions/status-table/?cid=41). For further details regarding apostille, please visit the apostille section (https://www.hcch.net/en/instruments/conventions/specialised-sections/apostille) and read Q2 of “The ABCs of Apostille” available at this section.  

If the Power of Attorney is executed in…

the PRC

Certification requirements

The Donor and Attorney should (1) obtain a notarial certificate from the local PRC notarial office; and (2) pass that notarial certificate to the Ministry of Foreign Affairs of the PRC for a certification that the signature and/or seal of the local notarial office are/is true. For further details on legalisation in the PRC, please refer to Notarization and Legalization section on the website of the Ministry of Foreign Affairs of the PRC (http://cs.mfa.gov.cn/wgrlh/lsrz/lsrzjjs/)

If the Power of Attorney is executed in…

any other country

Certification requirements

The signature/seal should be certified by proper local authority of the country at which the Power of Attorney was executed.

The Chinese Embassy/Consulate in that country should then certify the local authority’s certificate.

We do not accept or act upon an Enduring Power of Attorney made outside Hong Kong in accordance with foreign law. We only accept an Enduring Power of Attorney that is executed in Hong Kong and made in a specific form according to the Enduring Power of Attorney Ordinance (CAP. 501).

The donor or Attorney should seek local legal advice from their lawyers on the certification procedures.

12. What happens if the Power of Attorney document contains restrictions?

We need to comply with restrictions which are stated in the Power which may mean that your Attorney/s cannot access all of our services. It may take longer to register with us because we may need additional information.

13. What does 'jointly' and 'jointly and severally' mean?

'Jointly' means that all of the Attorneys must act together at all times. 'Jointly and severally' (sometimes referred to as 'jointly and individually') means that the Attorneys can either act individually at all times or together at all times.

14. Can an Attorney use telephone banking to access the Donor’s account?

Attorney(s) are not allowed to operate account holder’s account by Phone Banking.

15. Can an Attorney use internet/mobile banking to access the Donor’s account?

Attorney(s) are not allowed to operate account holder’s account by Personal Internet Banking and/or Mobile Banking