diff --git a/dlls/ole32/storage32.c b/dlls/ole32/storage32.c
index 8512667bc50..08084e41ad7 100644
--- a/dlls/ole32/storage32.c
+++ b/dlls/ole32/storage32.c
@@ -342,13 +342,16 @@ HRESULT WINAPI StorageBaseImpl_OpenStream(
   }
 
   /*
-   * Check that we're compatible with the parent's storage mode
+   * Check that we're compatible with the parent's storage mode, but
+   * only if we are not in transacted mode
    */
   parent_grfMode = STGM_ACCESS_MODE( This->ancestorStorage->base.openFlags );
-  if ( STGM_ACCESS_MODE( grfMode ) > STGM_ACCESS_MODE( parent_grfMode ) )
-  {
-    res = STG_E_ACCESSDENIED;
-    goto end;
+  if(!(This->ancestorStorage->base.openFlags & STGM_TRANSACTED)) {
+    if ( STGM_ACCESS_MODE( grfMode ) > STGM_ACCESS_MODE( parent_grfMode ) )
+    {
+      res = STG_E_ACCESSDENIED;
+      goto end;
+    }
   }
 
   /*
@@ -472,13 +475,16 @@ HRESULT WINAPI StorageBaseImpl_OpenStorage(
   }
 
   /*
-   * Check that we're compatible with the parent's storage mode
+   * Check that we're compatible with the parent's storage mode,
+   * but only if we are not transacted
    */
   parent_grfMode = STGM_ACCESS_MODE( This->ancestorStorage->base.openFlags );
-  if ( STGM_ACCESS_MODE( grfMode ) > STGM_ACCESS_MODE( parent_grfMode ) )
-  {
-    res = STG_E_ACCESSDENIED;
-    goto end;
+  if(!(This->ancestorStorage->base.openFlags & STGM_TRANSACTED)) {
+    if ( STGM_ACCESS_MODE( grfMode ) > STGM_ACCESS_MODE( parent_grfMode ) )
+    {
+      res = STG_E_ACCESSDENIED;
+      goto end;
+    }
   }
 
   /*
@@ -869,10 +875,13 @@ HRESULT WINAPI StorageBaseImpl_CreateStream(
 
   /*
    * Check that we're compatible with the parent's storage mode
+   * if not in transacted mode
    */
   parent_grfMode = STGM_ACCESS_MODE( This->ancestorStorage->base.openFlags );
-  if ( STGM_ACCESS_MODE( grfMode ) > STGM_ACCESS_MODE( parent_grfMode ) )
-    return STG_E_ACCESSDENIED;
+  if(!(parent_grfMode & STGM_TRANSACTED)) {
+    if ( STGM_ACCESS_MODE( grfMode ) > STGM_ACCESS_MODE( parent_grfMode ) )
+      return STG_E_ACCESSDENIED;
+  }
 
   /*
    * Initialize the out parameter
diff --git a/dlls/ole32/tests/storage32.c b/dlls/ole32/tests/storage32.c
index 07aaf11cc49..b4edf136cd8 100644
--- a/dlls/ole32/tests/storage32.c
+++ b/dlls/ole32/tests/storage32.c
@@ -608,6 +608,21 @@ static void test_storage_refcount(void)
     r = IStream_Release(stm);
     ok (r == 0, "stream not released\n");
 
+    /* test for grfMode open issue */
+
+    r = StgOpenStorage( filename, NULL, 0x00010020, NULL, 0, &stg);
+    ok(r==S_OK, "StgOpenStorage failed\n");
+    if(stg)
+    {
+        r = IStorage_OpenStream( stg, stmname, 0, STGM_SHARE_EXCLUSIVE|STGM_READWRITE, 0, &stm );
+        ok(r == S_OK, "OpenStream should succeed\n");
+
+        todo_wine {
+        r = IStorage_Release(stg);
+        ok(r == 0, "wrong ref count\n");
+        }
+    }
+
     DeleteFileW(filename);
 }