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

[sbonomo]

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. 

This....Also, if i were the receiving party i would be all over the bank for not delivering the draft via courier or armored truck service.  The family never took possession of the draft so that are not at fault.  That bank should be punished accordingly for withholding funds.  This would never happen in the US Banking system. 

 

[RokNRole]

Registered mail through the P.O. is the only way to go if you want the physical check.

Is there any possibility of the PO losing registered mail?

 

[Juxtatarot]

This....Also, if i were the receiving party i would be all over the bank for not delivering the draft via courier or armored truck service.  The family never took possession of the draft so that are not at fault.  That bank should be punished accordingly for withholding funds.  This would never happen in the US Banking system. 

The check was sent by either the sister or her lawyer (the article's language is awkward).  Why in the world should the bank have to pay for an armored truck to deliver it?  That's ridiculous.

 

[sbonomo]

The check was sent by the lawyer of the payee's sister who presumably was handling the estate of the father.  Why in the world should the bank have to pay for an armored truck to deliver it?  That's ridiculous.

For liability (It is called cheap insurance).  We do it all the time, it is not as expensive as you would think.  Thanks for playing though. 

 

[Juxtatarot]

For liability (It is called cheap insurance).  We do it all the time, it is not as expensive as you would think.  Thanks for playing though. 

Your bank does that for free for its customers?  300+ miles by armored car?

 

[Sand]

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.

This makes lots of sense.  But we are talking Canada here...

Heck, the hoops I had to go through to get a wire transfer done (an order of magnitude less money) for a house purchase was insane.  Any money movement this size is going to see a lot of eyes on it at high levels at the bank.

 

[KCitons]

Is there any possibility of the PO losing registered mail?

Technically yes. But with registered mail, it is signed over at every phase of the process. A letter could still get lost. But, whoever was the last person to have possession of the letter would be held responsible. No chance of mis-delivery, because the person has to sign. 

I'm not sure if registered is processed via a machine. (no chance of damage or being stuck in a machine) A human accepts and catalogs, it is placed in a special bag, cataloged throughout the travel process. So losing one would be difficult, but not impossible. It is the USPS. 

 

[jon_mx]

Us FBG brohans are much wiser than this because we all know how to take that to the bank.

 

[jon_mx]

Don't Cashier's expire after 90 days, at least the guarantee part?  I guess this one doesn't, but many do.   

 

[sbonomo]

Your bank does that for free for its customers?  300+ miles by armored car?

I don't live in po-dunk nowhere so I can't say that we have ever sent anything 300 miles but, yes armored truck services are used all time through third parties.  We also use wires, ACH, hand delivered courier services, etc.  I had not read the article so it seems as though his lawyer was an idiot.  Probably not much recourse against him due to limited ability to cover the costs (this is just speculation of course).  

 

[culdeus]

Your bank does that for free for its customers?  300+ miles by armored car?

This is not unusual at all. High net worth clients get banking concierge which is basically like having a casino host. Whatever you want you get. 

 

[PIK95]

Is there any possibility of the PO losing registered mail?

No.

 

[PIK95]

Technically yes. But with registered mail, it is signed over at every phase of the process. A letter could still get lost. But, whoever was the last person to have possession of the letter would be held responsible. No chance of mis-delivery, because the person has to sign. 

I'm not sure if registered is processed via a machine. (no chance of damage or being stuck in a machine) A human accepts and catalogs, it is placed in a special bag, cataloged throughout the travel process. So losing one would be difficult, but not impossible. It is the USPS. 

It was my job for years.  It's pretty impossible.  It's hand carried every step of the way.  Workers automatically get fired if anything goes weird.  Lots of gold gets moved this way.

 

[Hilts]

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

I had not read the article 

 

[Bob Sacamano]

No i has no marketing

Really?  'Cause your cat memes were apparently all over the internet.

 

[RokNRole]

Really?  'Cause your cat memes were apparently all over the internet.

I haven’t made any cat memes

 

[Jules Winnfield]

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. 

They mailed it so he wouldn’t have to drive 270 miles. 

Seriously. Not drive 270 miles for $800k+?

WTF

 

[culdeus]

They mailed it so he wouldn’t have to drive 270 miles. 

Seriously. Not drive 270 miles for $800k+?

WTF

Was he too cheap to pay the wire fee?  

 

[sbonomo]

Was he too cheap to pay the wire fee?  

Honestly - UPS overnight $10-$12 or wire $25 tops?????

 

[-OZ-]

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.

This part is especially   why the hell wouldn't she agree to not cash a check she had replaced?

Your bank does that for free for its customers?  300+ miles by armored car?

We're FBGs bro. 

Actually we'd run it, carrying a sword.

 

[RokNRole]

They mailed it so he wouldn’t have to drive 270 miles. 

Seriously. Not drive 270 miles for $800k+?

WTF

I’d walk it for 800k

 

[bradyfan]

So stupid.

 

[Da Guru]

10 years ago my wife inherited 125K from her rich aunt.  We had no idea how the money was coming or how much it was going to be. We were told that the aunt had left her niece some funds that would be arriving shortly.  We get a check in the mail in a regular envelope from her aunts checking account and a regular check in my wife's name.  When we went to deposit it our Comerica Bank who knows us personally they said Whoa....we need to make sure this all above board.   The check cleared in a few days but the executor was an idiot.

Cant see any bank cashing a 825K check for anyone without doing their research.

 

[DallasDMac]

This part is especially   why the hell wouldn't she agree to not cash a check she had replaced?

I don't think it is her they are worried about, but rather an unscrupulous third party. i.e. A fraudster that gets hold of the initial check.

 

[-OZ-]

I don't think it is her they are worried about, but rather an unscrupulous third party. i.e. A fraudster that gets hold of the initial check.

Understood. But the story says she wouldn't sign it?

 

[brun]

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.

The way I read this is that she signed the agreement, but TD subsequently demanded a lien on her house.

Seems like a short drive for such an amount of money. While I imagine myself doing things differently than they did, I wonder if that's influenced by reading the story.

Would the bank's or UPS' insurance cover this kind of thing? If not, could the recipient buy insurance for their liability if the check got successfully cashed? No matter how much insurance cost him, the guy would get a significant sum.

 

[jon_mx]

The way I read this is that she signed the agreement, but TD subsequently demanded a lien on her house.

Seems like a short drive for such an amount of money. While I imagine myself doing things differently than they did, I wonder if that's influenced by reading the story.

Would the bank's or UPS' insurance cover this kind of thing? If not, could the recipient buy insurance for their liability if the check got successfully cashed? No matter how much insurance cost him, the guy would get a significant sum.

What would they pay?  The funds are technically still in the bank.  All they lost was a piece of paper which gave them access.  The guy claims the bank is the one who recommended this method and told him it would be replaced if lost.  The bank is the liable party, IMHO and should release the money without a lien on the house.  

 

[The Duff Man]

The bank backed down and released the funds. 

Dumb story all around.