HSBC is a large international banking and financial services organization with more than 38 million customers around the globe. The organization, which specializes in global markets and commercial and private banking, operates in nearly 70 countries around the world. HSBC also offers traditional financial products including checking and savings accounts, lines of credit and credit cards. Adding a spouse to an account is much the same as establishing joint access at a traditional bank.
Adding a Spouse to an Established Account
Adding a spouse to an established account in the United States involves making a joint phone call to the bank's customer service line at (800) 975-4722 or applying online or in a physical bank branch. To be eligible to apply online, the spouse must be at least 18 years of age and have had a residential U.S. address for at least three years. Applicants must be able to provide a Social Security number, government-issued identification, address, phone number and email, as well as information about employment. While a spouse can be added to existing accounts in this manner, they cannot be added to certificates of deposit after the account has been established. Another way to establish an HSBC account between two spouses is to simultaneously apply for a joint account. This can be done online, by phone or in person.
Joint Account Access
Adding a spouse to your account typically includes issuing joint access to all of the amenities that account offers, as well as providing access to funds and lines of credit. When two people jointly own the account, they are each responsible for using the account in accordance with bank policies. This may include maintaining a minimum balance, paying on credit lines and credit cards as agreed upon and ensuring the account is not used for fraudulent purposes.
Benefits of Joint Accounts
When spouses share a bank account, it provides accountability for how joint funds are managed and allows expenses to be paid for from a shared pool of resources. Some spouses prefer a middle ground in which they maintain separate accounts that they grant one another access to. Others maintain separate accounts, plus a joint account for paying shared expenses or making investments. Joint accounts with survivorship clauses also provide a sense of comfort and security in that if one spouse dies, the other still has access to the jointly held funds.
Drawbacks of Shared Accounts
As with any type of marital financial management, disagreements can arise about money, with some of the most popular examples being how it is earned, saved, spent and invested. Joint accounts can be tricky if spouses have vastly different money management styles or approaches, or if one is riskier with investments or has debt or financial problems to contend with. Large multinational financial services companies like HSBC offer personalized banking assistance to help customers ensure they are selecting the products that are right for their unique situations.
- HSBC: Online Banking
- HSBC Checking Accounts
- HSBC: Frequently Asked Questions
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- CreditCards.com "Financial infidelity poll: 20% say a secret account is worse than an affair." Accessed January 27, 2020.
Lisa McQuerrey has been an award-winning writer and author for more than 25 years. She specializes in business, finance, workplace/career and education. Publications she’s written for include Southwest Exchange and InBusiness Las Vegas.