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RokNRole

UPS loses mans bank draft for nearly $1 million family inheritance.

80 posts in this topic

I’m sorry but who the #### waits for $800,000+ through the ####### mail?  I would fly to the city the bank was in and pick up the cashiers check in ####### person. 

Edited by mr roboto
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5 minutes ago, mr roboto said:

I’m sorry but who the #### waits for $800,000+ through the ####### mail?  I would fly to the city the bank was in and pick up the cashiers check in ####### person. 

No kidding. Can we say stupid???

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If no one has cashed the draft then wouldn't the money still be in the bank?

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1 minute ago, Mile High said:

If no one has cashed the draft then wouldn't the money still be in the bank?

From what I gather the draft never expires. If it’s not located it continues to be a liability.

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Just now, RokNRole said:

From what I gather the draft never expires. If it’s not located it continues to be a liability.

So the bank just gets to keep the money?

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1 minute ago, Mile High said:

So the bank just gets to keep the money?

Idk. I don’t know much about banks or money for that matter.

 

Can anyone in the industry explain this to us?

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Isn't it fun when someone doesn't bother to read the article being discussed?

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14 minutes ago, mr roboto said:

I’m sorry but who the #### waits for $800,000+ through the ####### mail?  I would fly to the city the bank was in and pick up the cashiers check in ####### person. 

I imagine if this is coming from a bank (didn't read article) that you could open an account with the bank over the phone and wire the money wherever you wanted it to go.

Just about any option would be better than sending it through ups.

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1 minute ago, Christo said:

Isn't it fun when someone doesn't bother to read the article being discussed?

I read the entire article. Is there something I’m missing?

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8 minutes ago, Mile High said:

If no one has cashed the draft then wouldn't the money still be in the bank?

Read the article.

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2 minutes ago, Christo said:

Isn't it fun when someone doesn't bother to read the article being discussed?

Holy ####### hell. So true. 

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According to the article the bank is willing to release the funds to the heir but since the bank draft never expires (and is lost) the bank wants a lien against their house. 

And TD is refusing to refund the money unless Taylor signs an agreement to pay back the bank if someone cashes the lost draft, which does not expire like regular checks.

“It also said that if something happened to me, for example, my children and my heirs and my spouse and my executor would have to pay this debt,” she said. “Well, I didn’t really want to sign this.”

She signed anyway, but the bank “never paid anyone a dime,” according to Taylor. Instead it demanded she let TD put a lien against her house in case the errant check was cashed, but she refused.

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4 minutes ago, mr roboto said:

Read the article.

Am I correct in thinking that the money just stays in limbo?

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27 minutes ago, RokNRole said:

Am I correct in thinking that the money just stays in limbo?

No. The money is still in the original account. The heir could receive the money as long as they are willing to let the bank (where the money is held) place a lien on their home in the event that the bank draft note is cashed by someone else. 

What I don’t get is...

1. Why is there some irrevocable instrument from a bank that, once printed and distributed, can’t be cancelled?

2. If there’s some good reason to have #1 above, why the hell did the bank advise this to be used then placed in the mail?

Edited by mr roboto
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5 minutes ago, mr roboto said:

No. The money is still in the original account. The heir could receive the money as long as they are willing to let the bank (where the money is held) place a lien on their home in the event that the bank draft note is cashed by someone else. 

What I don’t get is...

1. Why is there some irrevocable instrument from a bank that, once printed and distributed, can’t be cancelled?

2. If there’s some good reason to have #1 above, why the hell did the bank advise this to be used then placed in the mail?

I’d like to know the answer to those questions as well. I would assume there is a secure way to do this in this day and age.

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3 minutes ago, RokNRole said:

I’d like to know the answer to those questions as well. I would assume there is a secure way to do this in this day and age.

Yes. Wire transfer. 

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This is why you put everything in wheat pennies.  

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16 minutes ago, mr roboto said:

Yes. Wire transfer. 

What I don’t understand is....

 

How could someone else cash the check?

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My wife used to work for a UPS distribution center. I guarantee this package is sitting in a room somewhere, probably a manager's office. Not necessarily anything fraudulent, just a ripped Barcode or something that made it undeliverable. It might show up in another year or two. 

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16 minutes ago, MikeIke said:

My wife used to work for a UPS distribution center. I guarantee this package is sitting in a room somewhere, probably a manager's office. Not necessarily anything fraudulent, just a ripped Barcode or something that made it undeliverable. It might show up in another year or two. 

Does it really take that long to sort out?

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14 minutes ago, RokNRole said:

Does it really take that long to sort out?

You have apparently never been to a UPS Or fedex hub. Go sometime. Take the number of packages you think move through. Multiply it by two. Then five. 

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Just now, [icon] said:

You have apparently never been to a UPS Or fedex hub. Go sometime. Take the number of packages you think move through. Multiply it by two. Then five. 

No I haven’t. The last time I sent a package was probably about 15 years ago and that was US postal.

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1 hour ago, RokNRole said:

From what I gather the draft never expires. If it’s not located it continues to be a liability.

Seems simple to just void the check. WTH?

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1 hour ago, RokNRole said:

I’d like to know the answer to those questions as well. I would assume there is a secure way to do this in this day and age.

Probably older people making decisions. They like stuff printed and in their hands. 

Could have easily done electronic funds transfer instead.

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53 minutes ago, RokNRole said:

No I haven’t. The last time I sent a package was probably about 15 years ago and that was US postal.

No harm no foul. If you’re ever in Memphis PM me in advance. I’ll set up a FedEx hub tour during the sort. It will blow your mind. Then I’ll tell you UPS handles many many many more packages than fedex and your head will explode. 

Not justifying lost things. Just saying once you see the insane underbelly of these operations you’ll be shocked more things don’t turn up missing 😆

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1 hour ago, [icon] said:

No harm no foul. If you’re ever in Memphis PM me in advance. I’ll set up a FedEx hub tour during the sort. It will blow your mind. Then I’ll tell you UPS handles many many many more packages than fedex and your head will explode. 

Not justifying lost things. Just saying once you see the insane underbelly of these operations you’ll be shocked more things don’t turn up missing 😆

Isn’t this the plot of a Hanks movie?

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2 hours ago, RokNRole said:

No I haven’t. The last time I sent a package was probably about 15 years ago and that was US postal.

Didn't you sell t-shirts online or something?  Did you fax them to customers or what?

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22 minutes ago, Josie Maran said:

Didn't you sell t-shirts online or something?  Did you fax them to customers or what?

I never sold any.

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2 hours ago, [icon] said:

No harm no foul. If you’re ever in Memphis PM me in advance. I’ll set up a FedEx hub tour during the sort. It will blow your mind. Then I’ll tell you UPS handles many many many more packages than fedex and your head will explode. 

Not justifying lost things. Just saying once you see the insane underbelly of these operations you’ll be shocked more things don’t turn up missing 😆

I remember taking a tour of a USPS hub as a kid and being blown away.  I assume it's worse now with the number of packages probably increasing more than the number of letters has dropped, at least for bulk.

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28 minutes ago, RokNRole said:

I never sold any.

Probably because of your no-shipping policy.

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20 minutes ago, Josie Maran said:

Probably because of your no-shipping policy.

No i has no marketing

Edited by RokNRole

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18 minutes ago, msommer said:

Don't interbank transfers work in the US?

Are you guys living in the 12th century?

1) This happened in Canada, not the US.

2) The bank is the one that recommended the bank draft saying it was the safest way to do this transaction

3) None of this makes sense as a bank draft is absolutely able to be canceled. The money for a bank draft is segregated into a separate account marked soley for one person. The bank can cancel the initial draft, note it as stolen and issue a new one. The man would then use the second draft to collect the segregated money. The bank wouldn't actually release the funds for several days though. Once released, that's it. If someone showed up with the first canceled draft, the bank would not even have any funds to release as the segregated funds would already be gone. Further, they would have a note in the banking system noting the draft as stolen and know right away it wasn't legit.

It's either entirely made up, the family is lying about some aspect, or people at the bank are really really screwing up.

 

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8 minutes ago, GroveDiesel said:

1) This happened in Canada, not the US.

2) The bank is the one that recommended the bank draft saying it was the safest way to do this transaction

3) None of this makes sense as a bank draft is absolutely able to be canceled. The money for a bank draft is segregated into a separate account marked soley for one person. The bank can cancel the initial draft, note it as stolen and issue a new one. The man would then use the second draft to collect the segregated money. The bank wouldn't actually release the funds for several days though. Once released, that's it. If someone showed up with the first canceled draft, the bank would not even have any funds to release as the segregated funds would already be gone. Further, they would have a note in the banking system noting the draft as stolen and know right away it wasn't legit.

It's either entirely made up, the family is lying about some aspect, or people at the bank are really really screwing up.

 

So the bank is living in the 12th century. Gotcha

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33 minutes ago, GroveDiesel said:

1) This happened in Canada, not the US.

2) The bank is the one that recommended the bank draft saying it was the safest way to do this transaction

3) None of this makes sense as a bank draft is absolutely able to be canceled. The money for a bank draft is segregated into a separate account marked soley for one person. The bank can cancel the initial draft, note it as stolen and issue a new one. The man would then use the second draft to collect the segregated money. The bank wouldn't actually release the funds for several days though. Once released, that's it. If someone showed up with the first canceled draft, the bank would not even have any funds to release as the segregated funds would already be gone. Further, they would have a note in the banking system noting the draft as stolen and know right away it wasn't legit.

It's either entirely made up, the family is lying about some aspect, or people at the bank are really really screwing up.

 

Regarding 3, if this were an American Cashiers Check (it appears this is a Canadian equivalent) the original check would still be valid. If, for instance, the first check was later “cashed” by payee at another bank, it couldn’t be returned by issuing bank regardless of  a replacement being issued. 

What the article doesn’t discuss is if the original check is cashed with a fraudulent endorsement, the true payee isn’t responsible (in US anyway). The bank cashing the check would be. Accordingly, the payee should sign the agreement.

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