No kidding. Can we say stupid???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.
From what I gather the draft never expires. If it’s not located it continues to be a liability.If no one has cashed the draft then wouldn't the money still be in the bank?
So the bank just gets to keep the money?From what I gather the draft never expires. If it’s not located it continues to be a liability.
Idk. I don’t know much about banks or money for that matter.So the bank just gets to keep the money?
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.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 read the entire article. Is there something I’m missing?Isn't it fun when someone doesn't bother to read the article being discussed?
Read the article.If no one has cashed the draft then wouldn't the money still be in the bank?
Holy ####### hell. So true.Isn't it fun when someone doesn't bother to read the article being discussed?
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.
Am I correct in thinking that the money just stays in limbo?Read the article.
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.Am I correct in thinking that the money just stays in limbo?
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.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?
Yes. Wire transfer.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.
What I don’t understand is....Yes. Wire transfer.
Does it really take that long to sort out?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.
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.Does it really take that long to sort out?
No I haven’t. The last time I sent a package was probably about 15 years ago and that was US postal.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.
Seems simple to just void the check. WTH?From what I gather the draft never expires. If it’s not located it continues to be a liability.
Probably older people making decisions. They like stuff printed and in their hands.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.
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.No I haven’t. The last time I sent a package was probably about 15 years ago and that was US postal.
Isn’t this the plot of a Hanks movie?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 ?
Didn't you sell t-shirts online or something? Did you fax them to customers or what?No I haven’t. The last time I sent a package was probably about 15 years ago and that was US postal.
I never sold any.Didn't you sell t-shirts online or something? Did you fax them to customers or what?
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.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 ?
No i has no marketingProbably because of your no-shipping policy.
Don't interbank transfers work in the US?
Don't interbank transfers work in the US?
1) This happened in Canada, not the US.Don't interbank transfers work in the US?
Are you guys living in the 12th century?
So the bank is living in the 12th century. Gotcha1) 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.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.
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.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.
Wait - this is in Canada?1) This happened in Canada, not the US.
And a partridge in a pear tree.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.
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.It seems like I have had cashier's checks reissued before. They should be able to void the old one. Not understanding the issue here. Must be a Canadian thing.
Registered mail through the P.O. is the only way to go if you want the physical check.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.