B.C. Executor in Limbo as $108,000 Inheritance Draft Vanishes in Mail
When John Tocher passed away from blood cancer, his family anticipated the emotional and administrative challenges of settling his estate. However, they never expected to be plunged into a financial nightmare that has left his daughter incapacitated with stress. Months later, a bank draft worth $108,316.51, intended to transfer his life savings to his daughter, remains lost, sparking a contentious dispute with Toronto-Dominion Bank.
A Fateful Recommendation Leads to Financial Chaos
On December 8, Trevor Tocher, the executor of his father's estate, followed advice from a TD Bank teller at a Chilliwack branch. He sent a bank draft for the substantial sum to his older sister in southwestern Ontario via Canada Post registered mail with tracking. Despite these precautions, the draft never arrived at its destination.
Canada Post subsequently informed Tocher that the registered letter was officially lost, search efforts had ceased, and only the mailing costs would be refunded. This left the family in a precarious position, with the funds inaccessible and no clear resolution in sight.
Human Toll of the Missing Inheritance
The delay has exacted a severe emotional and physical toll on Tocher's 65-year-old sister, who lives alone on an old age pension and works part-time to make ends meet. The stress of the situation has caused her to call in sick from work and spend days confined to her bed.
"Receiving this money would allow her to live a much better life," Tocher emphasized, highlighting the transformative impact the inheritance was supposed to have on her financial stability and well-being.
Bank's Stance and Executor's Dilemma
While Tocher has requested that TD Bank reissue the bank draft and cancel the lost one, the bank maintains that this is not feasible without the purchaser assuming full liability. Mick Ramos, a spokesperson for TD Bank, explained in a statement that bank drafts function similarly to cash and generally cannot be cancelled once delivered.
"If the draft is lost before it's delivered, the purchaser can replace the lost draft in some cases, subject to our procedures, upon signing an indemnity agreement," Ramos stated. "In most cases, a bank draft can't be cancelled once it's been delivered to the recipient."
Ramos added that the bank is reviewing the matter and expressed regret over the situation, but the procedural hurdles remain.
Unending Liability and Family Frustration
To release the funds to his sister, TD Bank required Tocher to secure $108,316.51 of his own assets, potentially through Guaranteed Investment Certificates or a lien on his home. This safeguard is intended to cover the bank if the lost draft is later found and fraudulently cashed.
Tocher now deeply regrets signing the indemnity agreement, as it lacks an expiration date and could extend liability to his heirs indefinitely. "I feel like I've been treated like a criminal who stole something, when all I did was what I was told," he lamented. "It's sickening."
He also expressed disbelief at the bank's processes, questioning why, in an era of advanced technology, there is no mechanism to flag a draft as lost or stolen to prevent its misuse.
Historical Precedent and Lingering Questions
This case echoes a previous high-profile incident in 2020, where TD Bank resolved a dispute over a lost $165,000 bank draft in Ottawa. After media attention, the bank returned the funds to an estate account, albeit with a shorter, two-year liability agreement.
Tocher pointedly asked, "TD has had previous experiences with lost bank drafts sent by registered mail and courier. Why would they still recommend sending drafts this way?" This raises concerns about the bank's protocols and customer guidance regarding secure methods for transferring large sums.
The ongoing battle underscores the vulnerabilities in using bank drafts for estate distributions and the profound personal and financial consequences when such instruments go astray. As the Tocher family awaits a resolution, their experience serves as a cautionary tale for executors and beneficiaries navigating the complexities of inheritance transfers.
