Raj Prashad
Nearly 10 months after losing an $846,000 inheritance, one family has only been awarded a measly $32 in compensation.
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According to a report from CBC, Lorette Taylor and her husband were attempting to acquire money from her father’s will to disperse to her sister and brother. Apparently guaranteed a bank draft would be replaced if lost or stolen, it was sent from their lawyer’s office through UPS nearly 300 miles away to her brother, which still hasn’t arrived.
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UPS has offered a $32 refund of the shipping costs and an apology letter.
“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,” UPS spokeswoman Nirali Raval said, per the report.
The bank, TD Canada Trust, has reportedly offered to refund the money only if Taylor signs an agreement to pay back the bank if someone cashes the lost draft, which unfortunately has no expiration date.
She did, and according to her, the bank never “paid anyone a dime.”
According to the report, the bank demanded putting a lien on Taylor’s home to add further protections on the bank if someone cashed the missing draft.
She refused.
The bank has responded with the following:
“Bank drafts do not expire, and once the draft is issued, the funds are guaranteed for payment. They should be treated as though they are cash,” spokeswoman Cheryl Ficker wrote, per the report. “In situations where a bank draft is lost or stolen, before we can agree to a replacement or reimbursement we need appropriate security to be in place. Examples of security requirements could include an Indemnity Agreement signed by the parties involved and a surety bond or GIC held for a period of three years.”
With credit cards apparently maxed out and no source of income, the brother, Louis Paul Herbert, notes he would be retired and set financially if the money ever arrives.
