One Canadian man says he’s broke because one of the country’s largest banks has refused to refund a $850,000 bank draft that was lost by UPS during a routine delivery.
However, UPS, which claims it conducted an exhaustive search for the lost package but still turned up empty-handed, has at least offered to refund the $32 delivery fee.
“It was a total surprise,” said Lorette Taylor, the man whose fortune was lost.
“Never in my wildest imagination did I think something like this could happen."
Taylor’s brother, Louis Paul Herbert, said they were finalizing the details of her father’s will last February and ent to a local UPSstore near Cornwall, Ontario, where he was expecting a package from his sister containing his share of the inheritance in a bank draft. But, according to Newsweek, the package never arrived.
“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 said. “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 about 270 miles away in Georgetown, Ontario, so Herbert wouldn’t have to worry about picking up the money. She obtained the bank draft in February after she said the bank advised it as the safest way to send the money. We imagine the bank is probably rethinking that particular piece of advice.
TD guaranteed Taylor and her husband, John, that the money would be replaced if the draft was lost, she said.
“They said a bank draft was more appropriate” for that amount of money, Taylor said.
UPS has apologized for losing the package. But, at the same time, mistakes happen, it said.
“While UPS’s service is excellent in our industry, we are unfortunately not perfect. Occasionally, the loss of a package does occur,” spokeswoman Nirali Raval told CBC. “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."
According to Newsweek, the bank is refusing to refund the money unless Taylor signed an agreement to pay them back if someone cashes in the lost draft. She signed the agreement, but says the bank “never paid anyone a dime.” The bank also demanded she let TD put a lien against her house if the draft was cashed, but she refused.
“If the bank really wants indemnity, then UPS should sign it,” she said.
TD sent CBC a general statement that “before we can agree to a replacement or reimbursement, we need appropriate security to be in place."
Herbert said he has maxed out his credit cards and desperately needs the money.
“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.”