Retiree out $300K after Canada Post loses inheritance cheque sent by registered mail
CBC
Louis Kavaratzis says his retirement plans are ruined after Canada Post misplaced a piece of registered mail that contained a certified cheque for $301,560 — money left for him in his late father's will.
His brother, George Kavaratzis, sent the cheque from their father's estate through registered mail from Campbellford, Ont., to Louis in Ayer's Cliff, Que., on July 25.
But the cheque has seemingly vanished and the brothers have spent every day since trying to track it down with Canada Post, and to get TD Bank to stop or otherwise flag it and issue a new one. However, they say neither institution has offered much help.
"It was going to greatly benefit my retirement. I wanted to invest it," Louis, 57, said of his lost inheritance. "My dreams are dashed of that ever happening."
"The emotional upheaval that is just eating away at me on a minute-by-minute basis; you can't stop thinking about it."
After CBC Toronto contacted TD this week, it offered to issue a new cheque with the condition George sign an indemnity agreement, which means he would be held liable for the money if the original cheque is ever found and cashed by someone else.
George says he declined, and instead offered to sign an agreement that says he'd be liable for $150,000. He says he isn't comfortable with the risk of having to repay the full amount. He also says he's done nothing wrong so shouldn't be the one on the hook.
"For the rest of my life I'm going to be looking over my shoulder; Is this the year they're going to cash it?" he said.
Canada Post didn't answer a list of questions from CBC News, but apologized to the brothers in a statement for the "unfortunate and frustrating delivery experience."
Spokesperson Janick Cormier said the Crown corporation still hasn't been able to find the envelope.
"We understand the concerns they raised with respect to how this important delivery was handled and we are investigating," Cormier said in an email.
"When this issue was first raised, we conducted a thorough search of our facilities and we continue to monitor our operations for the item."
Canada Post has not offered the brothers any compensation.
George chose to send the cheque through registered mail because it provides confirmation Canada Post received the item and proof of delivery by requiring a signature by the recipient.