I drive horses around, and some of them are worth millions. It is important to have the shipper sign the Bill of Lading which specifically limits our liability to $5,000. UPS always asks for the value of the shipment as I recall.

I drive horses around, and some of them are worth millions. It is important to have the shipper sign the Bill of Lading which specifically limits our liability to $5,000. UPS always asks for the value of the shipment as I recall.

UPS gives you up to $100 worth of replacement if you do not declare and pay for more. You can insure your shipment for the full value buy you have to declare that value at the time you create the shipment and you will be charged extra. My company regularly makes shipments via UPS worth more than $100 and we never pay declare or pay for extra. That's simply because we make too many shipments and in the end it would cost more to pay the insurance than pay for the occasional damaged or lost package.

I am not exactly clear on the difference between a "bank draft" and other forms of transfer such as cashier check, or even a regular bank check.... so maybe that is where i am mis-guided.

 

The physical money is still "sitting" in the bank - why not pay the cancellation fee and create a new bank draft. It seems that should be possible. the check was issued by a bank for the purpose to be cashed at the same bank by the intended recipient. the bank voids the first check and issues a new one.

 

I understand the risk to the bank is if the old check turns up and someone tries to cash it, but it's made out to a specific person so I would expect significant security measures to ensure proper identification.

 

if the check finally gets delivered and the true recipient tries to cash it... then the bank should be able to electronically validate the authenticity of the check....i.e.... check number 123456 is a valid check for the amount of $800,000.

 

if there was no electronic way of validating the check... then it would be too easy to counterfeit. If all i need is a paper that "looks" like a real check..... I find it hard to believe that the bank does not have an electronic way to void the draft.

 

but the bigger question... why not just do electronic transfer?

 

obviously UPS is not to blame here.