Fantasy Football - Footballguys Forums
Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.
UPS loses mans bank draft for nearly $1 million family inheritance. (1 Viewer)
- Thread starter RokNRole
- Start date
CurlyNight
Footballguy
From what I gather the draft never expires. If it’s not located it continues to be a liability.
Mile High
Footballguy
Idk. I don’t know much about banks or money for that matter.
Can anyone in the industry explain this to us?
Niles Standish
Footballguy
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.
mr roboto
Footballguy
mr roboto
Footballguy
fruity pebbles
Footballguy
dude was only 270 miles away. You can’t make the 4 hour drive for 800 grand?
mr roboto
Footballguy
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?
Last edited by a moderator:
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.
mr roboto
Footballguy
MikeIke
Footballguy
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.
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
[icon]
Insoxicated
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.
tommyboy
Footballguy
tommyboy
Footballguy
Probably older people making decisions. They like stuff printed and in their hands.
Could have easily done electronic funds transfer instead.
[icon]
Insoxicated
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 ?
Josie Maran
Footballguy
-OZ-
Footballguy
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.
Josie Maran
Footballguy
Last edited by a moderator:
msommer
Footballguy
msommer
Footballguy
GroveDiesel
Footballguy
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.
msommer
Footballguy
Juxtatarot
Footballguy
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.
CletiusMaximus
Footballguy
Agreed. A thief is not going to cash this at a 7Eleven. Any bank with the means to honor this check is going to do some diligence on id. It’s still a strange story, which I did not read.
ChiefD
Footballguy
Wait - this is in Canada?
Well, if you factor in the conversion rate, that check is actually only worth:
a beer
two turtlenecks
three french toast
four pounds of backbacon
five golden touques
six packs of two-four
seven packs of smokes
eight comic books
and a dozen donuts.
gianmarco
Footballguy
Johnny Rock
Footballguy
Can Ajit Pai right this wrong?
Juxtatarot
Footballguy
The only way I can think of that you can "void" a check is by physically writing or stamping the word "VOID" on the check. That can't be done if it's lost. Of course, there are other things that can be done to issue a replacement but there is risk there to the bank. They want her to sign an agreement that she won't cash the original check if it is found but she refuses.
PIK95
Footballguy
Registered mail through the P.O. is the only way to go if you want the physical check.
