Post whatever is on your mind!!

[Laffs]

This is why you wire money, not mail it.

[Laffs]

UPS does suck, but this seems like more of a TD Bank problem. Why don't they just cancel the bank draft and issue a new one?

Because when a draft is issued the money is removed from the persons account and placed in a holding account within TD. So TD bears responsibility for that draft, if they were to reissue another and then both items were cashed, it would essentially cost TD the full value of the draft. Generally to refund a draft the original must be returned to the branch and be destroyed to prevent that situation from occurring.

Sounds to me like there is potentially a belief the original may attempt be cashed.

[92redragtop]

UPS does suck, but this seems like more of a TD Bank problem. Why don't they just cancel the bank draft and issue a new one?


yes, yes he should have.


something sounds fishy about this story

Very odd - any funds this large is typically wire transferred between accounts. Crazy to do it by mail with a cheque....to save a few bucks?

[RedSN]

Very crazy.
Ill advised by all parties: lawyer, bank, courier.
A little bit of due diligence also would not have hurt.

[Old Fart]

Wonder if they declared the value on the package??

[hsousa88]

Who mails almost a million dollars?

And its the millennials that are stupid...

[mavrrrick]

If I lived in Cornwall and there was a million (almost) dollars waiting for me in Burlington, I would definitely drive, bus or whatever to go get it.

[5.4MarkVIII]

Nothing like blaming the victims eh.

Ups picked it up.
Ups admits it was received at their depot and then not sent out. They can’t find it.

I call bullshit to making the victim bare the risk. Cancel the draft re issue the new one and if the old one turns up and someone attempts to cash it. Throw them in jail.

Seems simple to me. But the longer TD hold the cash the more Interest they make off it. Convenient for them.

[Laffs]

Nothing like blaming the victims eh.

Ups picked it up.
Ups admits it was revived at their depot and then not sent out. They can’t find it.

I call bullshit to making the victim bare the risk. Cancel they draft re issue the new one and if the old one turns up and someone attempts to cash it. Throw them in jail.

Seems simple to me. But the longer TD hold the cash the more I treat they make off it. Convenient for them.

It's not that simple when dealing with internal GL's and it being basically a cash instrument. Say someone does have it they go to an RBC or a Scotia, they cash it. There's no way for an employee of another FI to know that it's been flagged at TD as lost or stolen. So now that person has access to $850k, they wire it to another account or spend it all. By the time it goes through the first FI's clearing and reaches TD to even get flagged as lost or stolen the money is long gone.

[5.4MarkVIII]

But you can’t cash a draft without I’d no?