What can brown do for you?

[samhexum]

Brown left this Canadian family in the red.

 

The United Parcel Service lost a Canadian man’s $846,000 inheritance, and bank TD Canada Trust is refusing to refund the missing money 10 months later, according to a CBC report.

 

UPS has only offered $32 and an apology letter — and TD hasn’t paid out a dime for the supposedly bank-guaranteed lost dough — leading to “many a night of lost sleep, and gnashing of teeth and anger. Frustration, unbelievable frustration,” for Lorette Taylor and her brother Louis Paul Herbert, according to Taylor.

 

After their father died, Herbert he went to his local UPS store near Cornwall, Ontario, where he was expecting a package from sister Taylor containing his share of their inheritance in the form of a bank draft, but it never came.

 

“I’m waiting at the UPS store, around 3 p.m. because that’s when they said the guys came in, nothing shows up” Herbert told CBC News. “I came back in the evening. Nothing shows up… and I’m wondering ‘What’s happened to my inheritance?'”

 

Taylor sent the money through UPS from her lawyer in Georgetown, Ont., about 270 miles away, so Herbert wouldn’t have to drive to pick up the hefty sum.

 

“I should have just driven,” Hebert said. “It’s something I kick myself in the rear over every day.”

 

Taylor obtained the bank draft — which is like a certified check, but the money is taken from a customer’s account immediately and held by the bank until the draft is cashed — in February, after TD told her it was the safest way to send the large sum.

 

“They said a bank draft was more appropriate,” for that amount of money, Taylor said. “Never in my wildest imagination did I think something like this would happen.”

 

The bank assured the Taylor and her husband the money could be replaced if the draft was lost.

 

The company, whose slogan once asked “What can brown do for you?” was able to track the dough to a parcel distribution center north of Toronto, but said the trail goes cold after that.

 

“While UPS’ service is excellent in our industry, we are unfortunately not perfect. Occasionally, the loss of a package does occur,” spokeswoman Nirali Raval told CBC, declining to answer specific questions.

 

“Our records indicate that our team followed UPS protocol and an exhaustive search for this package was completed by our Operations and Security teams. Unfortunately, we were unable to locate the package,” she continued.

 

The company refunded the $32 it cost Taylor to mail the lost parcel and sent an apology letter.

 

“That’s nice of them to say, but it doesn’t solve my problems,” Herbert said.

 

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 anyways, 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.

 

“If the bank really wants indemnity, then UPS should sign it,” she said.

 

TD did not answer CBC’s questions but sent a general statement explaining that “before we can agree to a replacement or reimbursement, we need appropriate security to be in place.”

 

Herbert, 61, said he’s maxed-out his credit cards and needs the money to survive.

 

“TD has the money. The money is actually sitting in an account with TD. Nothing has been stolen. It’s there. That’s my inheritance,” he said, adding that if he had the cash, “I would have been retired.”

[+ BenjaminNicholas]

Why again wasn't this sent signature required?

Edited December 14, 2017 by Benjamin_Nicholas

[marylander1940]

Brown left this Canadian family in the red.

 

The United Parcel Service lost a Canadian man’s $846,000 inheritance, and bank TD Canada Trust is refusing to refund the missing money 10 months later, according to a CBC report.

 

UPS has only offered $32 and an apology letter — and TD hasn’t paid out a dime for the supposedly bank-guaranteed lost dough — leading to “many a night of lost sleep, and gnashing of teeth and anger. Frustration, unbelievable frustration,” for Lorette Taylor and her brother Louis Paul Herbert, according to Taylor.

 

After their father died, Herbert he went to his local UPS store near Cornwall, Ontario, where he was expecting a package from sister Taylor containing his share of their inheritance in the form of a bank draft, but it never came.

 

“I’m waiting at the UPS store, around 3 p.m. because that’s when they said the guys came in, nothing shows up” Herbert told CBC News. “I came back in the evening. Nothing shows up… and I’m wondering ‘What’s happened to my inheritance?'”

 

Taylor sent the money through UPS from her lawyer in Georgetown, Ont., about 270 miles away, so Herbert wouldn’t have to drive to pick up the hefty sum.

 

“I should have just driven,” Hebert said. “It’s something I kick myself in the rear over every day.”

 

Taylor obtained the bank draft — which is like a certified check, but the money is taken from a customer’s account immediately and held by the bank until the draft is cashed — in February, after TD told her it was the safest way to send the large sum.

 

“They said a bank draft was more appropriate,” for that amount of money, Taylor said. “Never in my wildest imagination did I think something like this would happen.”

 

The bank assured the Taylor and her husband the money could be replaced if the draft was lost.

 

The company, whose slogan once asked “What can brown do for you?” was able to track the dough to a parcel distribution center north of Toronto, but said the trail goes cold after that.

 

“While UPS’ service is excellent in our industry, we are unfortunately not perfect. Occasionally, the loss of a package does occur,” spokeswoman Nirali Raval told CBC, declining to answer specific questions.

 

“Our records indicate that our team followed UPS protocol and an exhaustive search for this package was completed by our Operations and Security teams. Unfortunately, we were unable to locate the package,” she continued.

 

The company refunded the $32 it cost Taylor to mail the lost parcel and sent an apology letter.

 

“That’s nice of them to say, but it doesn’t solve my problems,” Herbert said.

 

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 anyways, 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.

 

“If the bank really wants indemnity, then UPS should sign it,” she said.

 

TD did not answer CBC’s questions but sent a general statement explaining that “before we can agree to a replacement or reimbursement, we need appropriate security to be in place.”

 

Herbert, 61, said he’s maxed-out his credit cards and needs the money to survive.

 

“TD has the money. The money is actually sitting in an account with TD. Nothing has been stolen. It’s there. That’s my inheritance,” he said, adding that if he had the cash, “I would have been retired.”

 

 

Many of these products are similar in nature and often depend on the issuing bank.

 

Cashier's Check Are checks signed and guaranteed by the bank. This means the funds are coming from the bank instead of your account -- which usually means they immediately take the money from your account. This is usually the most secure of the options and usually doesn't have many restrictions.

 

Certified Check Are checks signed by the customer, certified by the bank that you have enough funds and that your signature is genuine. Usually, but not always - the bank will set aside the funds.

 

Bank Draft Similar to a certified check but the bank will set aside the funds until the bank draft is used. Generally used in transactions involving larger sums.

 

Money order It's a payment order similar to a certified check; however, it needs to be prepaid. Also money orders may have maximum face values allowed.

 

I'm surprised about all this issue, @samhexum thanks for sharing this story.

[+ Keith30309]

There’s something very weird about this story.

The instrument hasn’t been presented for payment and the notion that the payor is unable to void it seems very weird. If this were the case then it is the equivalent of shipping gold bullion.

(Also, everyone involved should have insisted on a wire transfer and there’s no mention of an attorney being retained - an obvious first step.)

 

I suspect there is more to this story.

[Bearofdistinction]

Why again wasn't this sent signature required?

 

Why Wasn't it sent REGISTERED/INSURED/POSTAL and in the alternative

 

for nearly 900K I would hire a limo to take me or a bonded courier to bring it to me

 

You Send Candy/Underwear/and Slings via UPS ==

 

And the Bank - telling the sister to send a Draft -- Why didn't the Attorney's Bank just wire transfer the money from the Escrow account to the beneficiary!

 

That is who you sue -- The Lawyer for malpractice and stupidity!

[+ azdr0710]

I suspect there is more to this story.

 

hell, yeah.....there're usually three sides to every story!!

[alageorge]

As a retired lawyer nearing 70, I must say this is the most ridiculous attempt to transfer funds I've ever heard of. UPS??? Really? Why not an interbank electronic transfer of funds?

[rvwnsd]

Many of these products are similar in nature and often depend on the issuing bank....

True, to a point.

 

...Cashier's Check Are checks signed and guaranteed by the bank. This means the funds are coming from the bank instead of your account -- which usually means they immediately take the money from your account. This is usually the most secure of the options and usually doesn't have many restrictions...

The customer purchases the cashier's check and is immediately charged for it via a charge to the account. There's no "usually" about it. I would not call it the most secure, as it can get lost and the purchaser has no way to know whether it has been negotiated unless they contact the bank and the bank researches the item. It does guarantee immediate or near-immediate availability up to a dollar threshold that varies by institution in which it is deposited. They are also widely counterfeited.

 

...Certified Check Are checks signed by the customer, certified by the bank that you have enough funds and that your signature is genuine. Usually, but not always - the bank will set aside the funds...

There are two ways these work. 1) The bank puts a hold on the account in the amount of the certified check and 2) the bank debits the amount from the customer's account, posts them to a special account controlled by the bank, and places a MICR-encoded sticker with the bank's account number on top of the customer's account number. These are no longer widely used, as banks prefer to issue cashier's checks.

 

...Bank Draft Similar to a certified check but the bank will set aside the funds until the bank draft is used. Generally used in transactions involving larger sums...

In the US, it refers to an instrument that is drawn on the bank's account held at a different bank. These are typically not used in conjunction with retail accounts. A bank's trust department might use them, however. In other countries, "Bank Draft" refers to a cashier's check.

 

... Money order It's a payment order similar to a certified check; however, it needs to be prepaid. Also money orders may have maximum face values allowed....

They are actually similar to cashier's checks, the distinction being the payee is typically filled in by the purchaser. Banks are phasing out money orders, but grocery and convenience stores still sell them in droves. They are also widely counterfeited.

...I'm surprised about all this issue, @samhexum thanks for sharing this story.

I'll preface this by saying I don't think @samhexum made this up, but I don't believe the story is 100% accurate. If the bank were to re-issue the check, the original would have a stop-payment issued against it. Were it to be negotiated, the check would be returned. Requiring an affidavit in conjunction with a stop payment is not uncommon. My guess is the affidavit specifies that the payee becomes liable for the money if they negotiate the check and/or indemnifies the bank if the purchaser is placing a stop payment in bad faith.

 

 

Why Wasn't it sent REGISTERED/INSURED/POSTAL and in the alternative

for nearly 900K I would hire a limo to take me or a bonded courier to bring it to me

 

You Send Candy/Underwear/and Slings via UPS ==

 

And the Bank - telling the sister to send a Draft -- Why didn't the Attorney's Bank just wire transfer the money from the Escrow account to the beneficiary!

 

That is who you sue -- The Lawyer for malpractice and stupidity!

What I think happened is the bank suggested a wire transfer and the sister balked at the fee, so they offered a cashier's check as an alternative.

 

As a retired lawyer nearing 70, I must say this is the most ridiculous attempt to transfer funds I've ever heard of. UPS??? Really? Why not an interbank electronic transfer of funds?

I agree with you. In the US, a sum this large would be sent via FedWire, i.e. a wire transfer. It reaches the destination bank almost immediately upon being sent, unless there is an intermediary bank involved in which case a few hours might be tacked on. The funds are also immediately available. ACH is typically not used because 1) the fastest they can be sent is next-day, 2) they can be returned by the issuing bank, and 3) the account has to be set up to send ACH's, which typically does not occur with estate accounts. Most countries (Canada included) have the equivalent of FedWire, so there is no reason a wire could not have been sent.

 

They need to sign the affidavit, pick up the check, and immediately deposit it into their own account or have a wire sent.

[samhexum]

A Canadian family whose $846,000 inheritance was lost by UPS will finally get the cash back from their bank, 10 months after their ordeal started, the CBC reported.

 

“It’s clear to us we didn’t get this right along the way and that there was more we could have done to come to a resolution faster,” said TD Canada Trust bank spokeswoman Cheryl Ficker.

 

The bank had originally refused to repay the family, and United Parcel Service had offered a meager $32 shipping fee refund and an apology.

 

But the bank had a change of heart, hours after reports of Lorette Taylor and her brother Louis Paul Herbert’s troubles were published last week.

 

“It was a total surprise,” Taylor said. “Never in my wildest imagination did I think something like this would happen.”

 

After their father died in February, Taylor was tasked with finalizing the details of his will and distributing the inheritances to her sister and brother.

 

Taylor had obtained the bank draft — which is like a certified check, but the money is taken from a customer’s account immediately and held by the bank until the draft is cashed — after TD told her it was the safest way to send the large sum.

 

Herbert, 61, said he went to his local UPS store near Cornwall, Ontario, where he was expecting the bank draft — but it never came. With mounting credit card debts and no source of income, Herbert said, he desperately needed the money to survive.

 

What followed was a 10-month battle among the family, the bank and UPS that caused “unbelievable frustration,” Taylor said.

 

TD had refused to refund the money unless Taylor signed an agreement to pay back the bank if someone cashed the lost draft, which does not expire like regular checks.

 

By last Thursday afternoon, TD and the family reached an agreement — in the form of an indemnity contract that expires in February 2019.

 

“It looks like the matter will be settled,” Taylor said.

[gallahadesquire]

Why again wasn't this sent signature required?

 

DHL, which no longer does domestic USA deliveries (I believe), twice send cremains to my house, and just left them: Once in 1997 (my sister) and again in 2005 (my Mother's urn). Neither was sent Signature Required.

[samhexum]

[+ azdr0710]

DHL, which no longer does domestic USA deliveries (I believe), twice send cremains to my house, and just left them: Once in 1997 (my sister) and again in 2005 (my Mother's urn). Neither was sent Signature Required.

 

is it possible this was the crematorium's fault for not requesting "signature required" when it shipped the cremains?.....

[+ Avalon]

 

Too bad UPS can't pay them enough to buy long pants.

[gallahadesquire]

is it possible this was the crematorium's fault for not requesting "signature required" when it shipped the cremains?.....

It was so much longer after she died that I'm pretty sure my stepfather or stepsister arranged the shipment.

 

Reminds me, I have to go an dust her.

[samhexum]

I switched from Verizon to Spectrum 2 weeks ago. I dropped my return box off at a UPS store 2:45PM yesterday afternoon. At 2:30AM I got an email... Thank You for returning your equipment. It has been logged in and processed.

[Gvtire]

Many of these products are similar in nature and often depend on the issuing bank.

 

Cashier's Check Are checks signed and guaranteed by the bank. This means the funds are coming from the bank instead of your account -- which usually means they immediately take the money from your account. This is usually the most secure of the options and usually doesn't have many restrictions.

 

Certified Check Are checks signed by the customer, certified by the bank that you have enough funds and that your signature is genuine. Usually, but not always - the bank will set aside the funds.

 

Bank Draft Similar to a certified check but the bank will set aside the funds until the bank draft is used. Generally used in transactions involving larger sums.

 

Money order It's a payment order similar to a certified check; however, it needs to be prepaid. Also money orders may have maximum face values allowed.

 

I'm surprised about all this issue, @samhexum thanks for sharing this story.

Or a Wire Transfer

[samhexum]

A UPS store in Madison, Mississippi, is being sued for its workers’ role in a Ponzi scheme that cost investors about $100 million.

 

The Clarion Ledger reports New Orleans attorney Alysson Mills filed the lawsuit last week. The lawsuit says the store’s employees were complicit in a timber scheme in which about 300 investors were promised high interest rates. In reality, new money was used to pay old investors.

 

The lawsuit says workers notarized fake timber deeds and attested that grantors-landowners appeared before them, even though “no grant-landowner ever personally appeared.”

 

Scheme leader Arthur Lamar Adams is serving a 17-year sentence for wire fraud. Another Mississippi man charged in the scheme, William McHenry, has pleaded not guilty to similar charges.

 

The store said it had no comment.

[NYTomcat]

And here I thought this might be about hot delivery men in brown shorts truly making delivery and having a package just for me. How depressing