crimethink
14th December 2017, 08:35 PM
http://www.cbc.ca/beta/news/canada/toronto/ups-td-canada-trust-bank-draft-1.4447384
UPS loses family's $846,000 inheritance
Bank draft goes missing and TD Canada Trust is in no rush to issue new one
In February — less than two weeks after UPS lost the bank draft — a TD [Toronto-Dominion -ct] branch representative emailed the Taylors to assure them, "there is a process for cancelling the draft."
But two days later, the bank said they would only get their money if they signed an indemnity agreement. Essentially, the bank wanted to hold Lorette — the executor of her father's estate — liable for life if the draft was cashed illegally.
"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."
But with no other option, she did.
Then, she says, TD Canada Trust ignored the agreement.
"They never paid anyone a dime," she said.
In fact the bank came back with even more demands. It wanted to put a lien on the Taylors' home or force the family to buy GICs in the full amount of the bank draft. The lien or GICs would have to be in place for at least three years.
The Taylors say all of the onus to protect the bank would have been put on them; 40-year customers of the bank.
Lorette refused.
"If the bank really wants indemnity," she says, "then UPS should sign it."
TD Canada Trust declined to answer specific questions from CBC News. But in an email spokeswoman Cheryl Ficker wrote: "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.
"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," she added.
UPS loses family's $846,000 inheritance
Bank draft goes missing and TD Canada Trust is in no rush to issue new one
In February — less than two weeks after UPS lost the bank draft — a TD [Toronto-Dominion -ct] branch representative emailed the Taylors to assure them, "there is a process for cancelling the draft."
But two days later, the bank said they would only get their money if they signed an indemnity agreement. Essentially, the bank wanted to hold Lorette — the executor of her father's estate — liable for life if the draft was cashed illegally.
"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."
But with no other option, she did.
Then, she says, TD Canada Trust ignored the agreement.
"They never paid anyone a dime," she said.
In fact the bank came back with even more demands. It wanted to put a lien on the Taylors' home or force the family to buy GICs in the full amount of the bank draft. The lien or GICs would have to be in place for at least three years.
The Taylors say all of the onus to protect the bank would have been put on them; 40-year customers of the bank.
Lorette refused.
"If the bank really wants indemnity," she says, "then UPS should sign it."
TD Canada Trust declined to answer specific questions from CBC News. But in an email spokeswoman Cheryl Ficker wrote: "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.
"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," she added.