UPS makes paltry restitution after losing family’s $800K inheritance

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A Canadian man is out $846,000 after United Parcel Service (UPS) lost his inheritance check and TD Canada Trust, the bank holding the money, refuses to reimburse him, according to a CBC report.

Ten months after the cashier’s check Lorette Taylor sent to her brother Louis Paul Herbert never arrived, UPS has sent a letter of apology and offered only to refund the $32 it cost to ship the check. TD refuses to release the funds that were supposedly bank-guaranteed and has caused the family “unbelievable frustration” as they attempt to recover Herbert’s money.

After their father’s death, Herbert told reporters that he went to his local UPS store near Cornwall, Ontario to pick up the package containing his share of the inheritance. His sister had mailed the money in the form of a bank draft, but it 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 told CBC News. “I came back in the evening. Nothing shows up … and I’m wondering, ‘What’s happened to my inheritance?’”

A bank draft is similar to a certified check, but the money is taken from a customer’s account immediately and held by the bank until the draft is cashed. According to Taylor, TD told her in February that this would be the safest method of sending such a large amount of money.

“Never in my wildest imagination did I think something like this would happen,” said Taylor after she was assured by TD that the money could be replaced if the draft was lost.

“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, noting, “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.”

The company responded to their mistake by apologizing and giving Taylor a refund of the $32 it cost her to mail the lost package.

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

Now, 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, according to a report in the New York Post.

Taylor signed the agreement with misgivings, but then the bank demanded that she let TD put a lien against her house in case the lost check was cashed by someone else, which she refused.

“If the bank really wants indemnity, then UPS should sign it,” she said, noting that the money was never released.

The bank responded to reporters’ questions with a general statement, explaining that “before we can agree to a replacement or reimbursement, we need appropriate security to be in place.”

Herbert, 61, noted that his inheritance remains in possession of the bank. “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.”

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