• Sat
  • Dec 27, 2014
  • Updated: 2:58pm

Beneficiaries of bank accounts

PUBLISHED : Tuesday, 15 June, 1999, 12:00am
UPDATED : Tuesday, 15 June, 1999, 12:00am
 

I am an account holder with HSBC and wanted to make a fixed deposit.


I told the teller that I wanted to nominate my wife as beneficiary of the account, in the event of my death. I was shocked to hear the teller refuse me and advise that I make a will.


There must be more than five million account holders in Hong Kong. If all of them were to make wills the lawyers would become rich very quickly.


When something can be done simply why make it complicated? Surely the bank must authorise a beneficiary if the account holder desires so? NAME AND ADDRESS SUPPLIED

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