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How far would you go to cash a 35-cent check?

Posted Jan 23 2008, 08:56 AM by Karen Datko
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This post comes from partner blogger The Dough Roller.

Would you cash a 35-cent check? Two days ago I wouldn't have known the answer to that question. Now I do, and, I'm sorry to say, the answer for me is yes. Yesterday I spent 30 minutes traveling to my bank and back to cash a 35-cent check.

Here's the story and what I plan to do with my spoils.

Two weeks ago I received a letter from my health insurance carrier. Excited to be receiving an unexpected check, I tore into the envelope and retrieved a check written out to me for the grand sum of $0.35. I went to chuck the check into the trash bin, but some unknown and unseen force held me back.

Staring at the check, I laid it next to my computer, where it sat for two weeks, buried by the usual clutter that seems to follow me like grunge follows Pigpen of Charlie Brown fame.

Two days ago while I sifted through the grunge, the check resurfaced. Convinced it had taken on a life of its own, I started to tear it up, but again something held me back. So I relented and took the check to work with me yesterday.

My bank, Citibank, is just across the street from where I work, so at midday I set out on a 35-cent adventure.

As I neared the bank, though, something didn't look quite right. As I got closer I noticed a large chain wrapped around and through the bank's door handles and held together by a padlock. At first I thought, "Wow, the credit meltdown took out Citibank! This is worse than I thought." Looking around I soon realized, however, that all the shops were closed because the office building had just begun renovations.

Racking my brain to remember where the next closest Citibank branch was, I reversed course and headed back the other way for five blocks. Entering the Citibank branch, I marched up to the teller and triumphantly tendered my 35-cent check.

"I'd like to cash this check, please. I'd prefer quarters and dimes." The teller looked at the check and without missing a beat said, "Are you sure you're comfortable walking around with this much money?" Nice.

Now get this: I actually had to sign for the cash. She just smiled and said it was bank policy. Now I'm thinking the insurance company and the bank are owned by the same company. Anyway, with cash in hand, I left the financial institution with my head held high and change a-jiggling in my pocket.

So what am I going to do with my newfound wealth? I'm putting it toward my "Buying the B Share" goal. With that $0.35, I've already achieved .00875% of my goal. Giddy up.

Other articles of interest at The Dough Roller:

"A visual guide to lending money with Prosper's new portfolio plans"

"Interview with investing author Richard A. Ferri, CFA"

"Traditional IRAs and Roth IRAs: Here is what's new for 2008"

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Comments

 

I worked in a bank once where some mailed in a check from England.  The check was for 0.62 cents the stamp 0.63

Taylor (Posted 01.23.08 9:18 AM)

I received a check for a small amount also (less than $2.00) but my story does not end happily. I had purchased a cleaning product at my home improvement store, found that I was disappointed with the product, wrote a letter sharing my experience, and received a refund via corporate-issued check drawn on a Wachovia bank account but lacking a personalized signature. I had recently moved to another state and had a large deposit with my bank (proceeds from my home sale). I presented the check but the teller refused to honor the check because there was no signature. The idea that my large deposit could cover the small check (if indeed turned out to be bad) was not considered.

Julie Rains (Posted 01.23.08 12:23 PM)

I would keep this check until a few more came in. Then I would send them all to the bank in the same envelope, with a deposit slip.

funny about money (Posted 01.23.08 5:45 PM)

I would hope everyone would cash it.  I work in an industry where our files must balance to the penny.  Often times we receive refunds or there are situations that require us to send out refund checks for what seems to be a ridiculous amount.  What is ridiculous is the time and effort that I and my Company must put in to tracking and accounting work if the check is not cashed.  Help me out and cash those checks.

Heidi (Posted 01.24.08 8:58 AM)

I HAD A CK FROM GMAC WHERE I MADE MY LAST PAYMENT THEY SENT ME A CK FOR

2 CENTS YES 2 CENTS AND I CASHES IT  

ISABELLA WILLIAMS (Posted 01.24.08 9:40 AM)

Some companies are required by law to clear off a credit balance on the account within a specific time period.  I recently received a .35 cent check from AT&T Wireless for a credit balance after closing my account. If you were unhappy with the service your option would be to not cash the check.  This would create about $100. in bookkeeping expenses to the company until the check became stale dated 6 months down the road. I have seen some people attemt to alter these small checks raising the check from .35 cents to $35.00 or more.

Big Horn (Posted 01.24.08 9:42 AM)

Well your .35 to the good.  Just think if you had sign the back of the check, you would not have gotten the money honey.  Yes, we tellers do have you sign the back of the check not because we are owned by the same company - but because we like to do job correctly.   So you did good and followed the rules.....

Debbie (Posted 01.24.08 9:51 AM)

You are a braver woman then I.  I would have waited until I recieved another check or two.

Steph (Posted 01.24.08 10:15 AM)

i would have deposited it eventually, but i dont know if i would have made a special trip to cash it...

FEE (Posted 01.24.08 10:19 AM)

yeah, we handle medical billing at my office and accounts must balance to the penny......i think just today we issued at least 4 checks for less than one dollar due to errors in keying bills

Noah Fecks (Posted 01.24.08 10:46 AM)

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