this post was submitted on 22 Sep 2023
66 points (98.5% liked)
Canada
7200 readers
511 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
- Canada Politics
- General:
- By Province:
🍁 Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The problem is that it's a bank draft, not a cheque. The whole idea of a bank draft is that it's guaranteed by the bank, so it can't be unilaterally cancelled after it's been issued. It's why you only accept a bank draft when selling a used car; once you have the bank draft, the other party cannot cancel it. The funds have already been removed from their account and are being held in trust by the bank.
It's a sticky situation. TD doesn't want to be on the hook for $300K should the original draft be deposited, but they can't cancel their obligation to that bank draft unless it is surrendered to them.
Meanwhile, Canada Post doesn't insure mail to the tune of $300K. They would have needed to buy separate insurance ahead of mailing the draft.
I don't see how this can be resolved at this point, even with media attention. $300K of cash should not be sent in the mail without adequate insurance.
Essentially, how would this story be different if they were literally shipping a box of cash by registered mail? I think it's pretty clear that that's a very risky thing to do.
It was a certified cheque, not a bank draft. Granted, that poses much the same problem.
This is US law, maybe Canada has different rules, but:
https://www.sapling.com/8611754/do-void-certified-check
The CP admitting that they lost the check should suffice as evidence that the cheque has been "lost, destroyed or stolen".
Imagine a bank robbery and the robbers demand the tellers issue a bank draft / certified check to the robbers actual name.
At the end of the robbery the bank has, a serial number of the check, the payer name.
It would be silly to expect this bank to honor this bank draft / certified check. They simply wouldn't do it.
So the rest of the "we can't prevent double spend of this bank draft", is silly. They can verify the payee, pay the draft and cancel the original draft by serial number.