Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
UPS Lost a Man's Nearly $700,000 Inheritance—And Offered $32 as Compensation
Old 12-15-2017, 06:26 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 9,685
UPS Lost a Man's Nearly $700,000 Inheritance—And Offered $32 as Compensation

The poor guy.

Brings back negative flashbacks of when I FIRE'd and had the balance of 401K check from Fidelity floating around in the mail for deposit to Vanguard. Luckily, my check wasn't lost.

Quote:
Lorette Taylor’s father had died and left his children a large chunk of cash, which Taylor, as executor, had to divide between herself and two siblings. When she tried to do so in February, her bank—TD Canada Trust—said it was best to send her brother and sister bank drafts (similar to personal checks, but considered more secure as they are guaranteed by the bank instead of by the person issuing them).


One of the drafts, in the order of 846,650 Canadian dollars ($664,850), was destined for her brother, Louis Paul Hebert, who hired UPS to ship it to his local store, 270 miles away from the family lawyer. The package never arrived.
UPS Lost Man's $700,000 Inheritance and Offered Him $32 | Fortune
__________________

__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-15-2017, 06:46 AM   #2
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 3,329
For many years I wasn't really concerned with lost (USPS) mail since it never happen to me, but that has changed recently. Just this year, I've had several pieces of mail "that I know of" that have been lost in transit. I have no idea what else may have been lost that I wasn't expecting! This year I've also had "local" mail delayed by almost 2 weeks from the postmark dates. I'm not sure if it's a problem with the overall US mail system or something wrong locally with my little rural post office. I know a local problem is I get others peoples mail in my PO Box several times a year so I'm sure my mail ends up in others mail boxes occasionally. I always drop misdirected mail back in outgoing mail but I'm not sure everyone does.
__________________

Car-Guy is offline   Reply With Quote
Old 12-15-2017, 06:50 AM   #3
Recycles dryer sheets
 
Join Date: Nov 2015
Posts: 497
More fake news. This story doesnt add up. The bank didnt send the guy bills of money. They sent him a check. Big deal if a check got lost...happens all the time. Bank needs to put a stop payment/cancel and send another one. This is a non story...actually its great clickbait. Nuff said
ponyboy is offline   Reply With Quote
Old 12-15-2017, 06:57 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 5,099
Quote:
Originally Posted by ponyboy View Post
More fake news. This story doesnt add up. The bank didnt send the guy bills of money. They sent him a check. Big deal if a check got lost...happens all the time. Bank needs to put a stop payment/cancel and send another one. This is a non story...actually its great clickbait. Nuff said
I agree. The only thing which could matter is if you are near the deadline for doing a trustee-to-trustee rollover of a 401k to an IRA, and missing it triggers a tax liability/penalty. When I ERed in late 2008, I received a check for the part of the 401k I was doing a trustee-to-trustee rollover. It was made out to the new trustee, as I knew I'd be making a visit to their office (Fido) to deal with that and the taxable proceeds from the 401k. The check arrived on time, so I had no problems.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 12-15-2017, 06:58 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 8,300
Year ago I had a 5 figure check from a brokerage lost in the mail, or so I thought. Turns out it wasn't lost, the stamp meter at the brokerage mail room missed it's mark and it was returned to them, and they sat on it for a month. I got them to mail me another one in the meantime, but eventually the second one showed up. I think I still have it. It was the brokerage that serviced the company ESPP program. Eventually we had a second option to use Schwab and I jumped at it.
RunningBum is offline   Reply With Quote
Old 12-15-2017, 07:19 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
Quote:
Originally Posted by ponyboy View Post
More fake news. This story doesnt add up. The bank didnt send the guy bills of money. They sent him a check. Big deal if a check got lost...happens all the time. Bank needs to put a stop payment/cancel and send another one. This is a non story...actually its great clickbait. Nuff said
No. Actually it was a bank draft (quite clear in the quote) These are guaranteed funds and should be treated like cash. The bank was willing to replace the draft but wanted an indemnity backed by security. This was an issue for the people who sent the draft. Once they went to the media it was settled in short order. So it was a “real story” and certainly not click bait. This happened in Canada so had nothing to do with 401k’s or IRA’s. Nuff said?
Danmar is offline   Reply With Quote
Old 12-15-2017, 07:24 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 1,462
In these situations, it's always best simply to pay the wire transfer fee.
ncbill is online now   Reply With Quote
Old 12-15-2017, 07:29 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
Quote:
Originally Posted by ncbill View Post
In these situations, it's always best simply to pay the wire transfer fee.
Yes. Agree.
Danmar is offline   Reply With Quote
Old 12-15-2017, 07:50 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 22,736
+1 on a transfer, but you don't always have that choice... when I rolled over my former employer's 401k to a Vanguard IRA the only option was for them to send me a check (made out to Vanguard Fiduciary Trust Company FBO pb4uski) and for me to then forward it on to Vanguard. I made photocopies and mailed it to them with tracking but would ahve much preferred them being able to do a wire transfer.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 12-15-2017, 08:10 AM   #10
Full time employment: Posting here.
 
Join Date: Jun 2014
Posts: 808
The title sounds about right for UPS, we won't ever be using them again. We sent something marked fragile, packaged to the hilt, across country, it got to the location, just a mile away from destination, worker thought he "heard" something broken so sent it all the way back across country, ensuring it absolutely WAS broken. If they had delivered it, it would have been minor damage, but by traveling back damaged, it was destroyed. We had insurance on it, but because they returned it, they said they didn't have to pay the insurance because they didn't pack it.

Anyway, not sure if I was sending a check to a sibling that large that I wouldn't just deliver it in person... seems like the thing to do .
karen1972 is offline   Reply With Quote
Old 12-15-2017, 08:25 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
Quote:
Originally Posted by karen1972 View Post

Anyway, not sure if I was sending a check to a sibling that large that I wouldn't just deliver it in person... seems like the thing to do .
The sibling lived about 250 miles away but was quoted as saying “I wish I just went and got it”. Indeed.
Danmar is offline   Reply With Quote
Old 12-15-2017, 08:37 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,212
I have dealings in Canada.

While TD Canada Trust is nice and they have treated me well, they have some weird rules and behaviors sometimes.

Last summer I spend over an hour in the bank with 3 employees of TD trying to wire some money to a big name brokerage, they couldn't manage to do it. I finally left.

They will only allow you wire money in person, which I guess is there safety mechanism since they once wired a persons money to strangers (it was in the news).
Sunset is offline   Reply With Quote
Old 12-15-2017, 08:46 AM   #13
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,526
Quote:
Originally Posted by ponyboy View Post
More fake news. This story doesnt add up. The bank didnt send the guy bills of money. They sent him a check. Big deal if a check got lost...happens all the time. Bank needs to put a stop payment/cancel and send another one. This is a non story...actually its great clickbait. Nuff said
+1

Banks can place "Stop-Payment" orders on individual checks.

The individual may need to wait 180 days to get the funds, but they should eventually be available.

If the bank were not to cooperate, this is what the courts are there for.

edit: The headline may actually be true. UPS is not responsible for loosing the check and a $32 reimbursement sounds reasonable if additional insurance was not purchased. Again the bank is where the individual is made whole.

-gauss

p.s. This all assumes similar banking laws in Canada compared to the US. If they were different in this regard, I would expect people would not use the CA banking system.
gauss is online now   Reply With Quote
Old 12-15-2017, 08:48 AM   #14
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,526
Quote:
Originally Posted by Sunset View Post
I have dealings in Canada.

While TD Canada Trust is nice and they have treated me well, they have some weird rules and behaviors sometimes.

Last summer I spend over an hour in the bank with 3 employees of TD trying to wire some money to a big name brokerage, they couldn't manage to do it. I finally left.

They will only allow you wire money in person, which I guess is there safety mechanism since they once wired a persons money to strangers (it was in the news).
Sure - this may be a business decision to not offer this particiualr service.

This, however, is not on the same level as "the money just disappears and the bank gets to keep it".

-gauss
gauss is online now   Reply With Quote
Old 12-15-2017, 09:03 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,732
Quote:
Originally Posted by pb4uski View Post
+1 on a transfer, but you don't always have that choice... when I rolled over my former employer's 401k to a Vanguard IRA the only option was for them to send me a check (made out to Vanguard Fiduciary Trust Company FBO pb4uski) and for me to then forward it on to Vanguard. I made photocopies and mailed it to them with tracking but would ahve much preferred them being able to do a wire transfer.
Same here. Only this thread is making me even more nervous. The last couple of years, the 401k fund was not keeping up with Vanguard fund so I am in the process of rolling it over to Vanguard. The checks were mailed to me and I have mailed them on the Vanguard. Its still "in the mail". One of the most annoying things about moving money out of Voya (formerly part of Orange), the 401k manager, is that they always sit on any distribution check for almost a week before the send it. It disappears from the account immediately and shows up in my mail box about 10 days later.
Hermit is offline   Reply With Quote
Old 12-15-2017, 09:20 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 9,685
Quote:
Originally Posted by pb4uski View Post
+1 on a transfer, but you don't always have that choice... when I rolled over my former employer's 401k to a Vanguard IRA the only option was for them to send me a check (made out to Vanguard Fiduciary Trust Company FBO pb4uski) and for me to then forward it on to Vanguard. I made photocopies and mailed it to them with tracking but would ahve much preferred them being able to do a wire transfer.
+1. Yes, that was my flashback. I was sweating thinking about the time of a large large sum floating in the mail that was tempted to make a trip to Vanguard and deposit in person.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 12-15-2017, 09:40 AM   #17
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 2,365
I receive an email from USPS, UPS and Fedex whenever a package is on the way, so at least I know to anticipate it and can track it down if I never receive it.

I do agree this is a non-story though. I'm sure the guy was able to work with the bank to get the check reissued.
Ready is offline   Reply With Quote
Old 12-15-2017, 09:41 AM   #18
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 2,383
Quote:
Originally Posted by Hermit View Post
Same here. Only this thread is making me even more nervous. The last couple of years, the 401k fund was not keeping up with Vanguard fund so I am in the process of rolling it over to Vanguard. The checks were mailed to me and I have mailed them on the Vanguard. Its still "in the mail". One of the most annoying things about moving money out of Voya (formerly part of Orange), the 401k manager, is that they always sit on any distribution check for almost a week before the send it. It disappears from the account immediately and shows up in my mail box about 10 days later.


I transferred my Voya 401k to two USAA IRA accounts. It was all done electronically and quickly once the sale of the fund shares had settled. I’d never do a rollover by check. Too many things can go wrong.
Dash man is offline   Reply With Quote
Old 12-15-2017, 10:33 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
Quote:
Originally Posted by gauss View Post
+1

Banks can place "Stop-Payment" orders on individual checks.

The individual may need to wait 180 days to get the funds, but they should eventually be available.

If the bank were not to cooperate, this is what the courts are there for.

edit: The headline may actually be true. UPS is not responsible for loosing the check and a $32 reimbursement sounds reasonable if additional insurance was not purchased. Again the bank is where the individual is made whole.

-gauss

p.s. This all assumes similar banking laws in Canada compared to the US. If they were different in this regard, I would expect people would not use the CA banking system.
Much more difficult to stop payment on a bank draft. Banks will do it but generally require an indemnity and perhaps some form of security from the issuer. As a I said, this indemnity and security was the issue. It really wasn’t a story about UPS but rather the bank. Eventually, after the media got involved the bank apologized and they got their money back.
Danmar is offline   Reply With Quote
Old 12-15-2017, 10:41 AM   #20
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 1,548
Quote:
Originally Posted by ponyboy View Post
More fake news. This story doesnt add up. The bank didnt send the guy bills of money. They sent him a check. Big deal if a check got lost...happens all the time. Bank needs to put a stop payment/cancel and send another one. This is a non story...actually its great clickbait. Nuff said
+1000

No idiot would be dumb enough to not send it insured
__________________

gayl is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
And I thought that 750,000,000,000 was a big # !!! mickeyd Other topics 0 09-27-2008 01:44 PM
Don't forget to claim your part of the $10,000,000,000 refund mickeyd FIRE and Money 1 12-26-2006 12:58 PM
$20,000,000,000 in Taxes. mickeyd FIRE and Money 12 11-01-2006 04:49 PM
$423,000,000,000.00 Howard Other topics 25 02-08-2006 02:59 PM
$2,000,000,000,000- Happy 55th mickeyd Other topics 12 12-28-2004 08:19 AM

» Quick Links

 
All times are GMT -6. The time now is 06:35 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.