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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 had a check from my empoyer. The check was for 3 cents, but they took out 1cent for social security and 2 cents for Federal income , net check was for 0

t navalaney (Posted 01.24.08 4:17 PM ) Report Abuse

These larger companies actually count on you not cashing them. If they send out 5000 of these checks, and half of them are tossed out by the recipient, they just kept $875.00 that they showed they paid out out to their customers, and usually it's even on a bigger scale than just the 5000.

Jeff (Posted 01.24.08 4:44 PM ) Report Abuse

Most companies I have worked for would write off $1 or less if an account short paid a bill, and it was an account that did business on a irregular basis. I would think that a company owing a customer $1 or less would adopt the same practice, and write off the small amount, considering what it cost in labor to write the check and the cost of postage.

mary (Posted 01.24.08 4:59 PM ) Report Abuse

I'm curious, why not a check cashing store? Did you need the dime that badly? =)

Josh (Posted 01.24.08 5:04 PM ) Report Abuse

Years ago I read that it's actually against federal law to write a check for under $1.00.  All these tales of checks for pennies make me wonder.  My former employer typically did not pursue shortages in monthly customer account payments of under $20 in the 1980s, as researching the issue and processing the paperwork to bill the customer the small amount still owed wasn't worth it.  Issuing a check for 35 cents to balance the books, especially today, is pretty ridiculous.

Ed K (Posted 01.24.08 5:29 PM ) Report Abuse

My credit card company once informed me that I had a balance of $0.69.  When I called to inquire about the balance, I was informed that even though I paid my balance in full, there was an intrest charge frm the previous month when I paid less than the full amount or whatever song and dance they gave me.  I tried to have it removed to no avail.  So, I wrote them a check for $0.94 cents and made them refund me a quarter.  I stopped using the card just to make sure that the balance would remain always in my favor.  It took a while, but they did in fact cut me a check for $0.25.  And yes, I cashed it.

Slackard (Posted 01.24.08 6:54 PM ) Report Abuse

Of course you should cash the check.   Why let big corporation america get the .35 cents?

angel (Posted 01.24.08 7:54 PM ) Report Abuse

guess what i received a o.35 cents too i was ashamed of taking it to the bank even though i am a teller and bank with the same bank i work with but reading u made me laugh out loud

carrie (Posted 01.24.08 10:32 PM ) Report Abuse

as a bank teller for 2+ years I have definetly seen my share of small checks

i also have had the .02, .05, .08, etc checks, what the companies dont realize is with all the fancy anti-fraud features on the checks, they are really losing money in the end

zuzana (Posted 01.24.08 11:07 PM ) Report Abuse

Our organization sent out a statement with a zero balance owed amount on it.  The person sent in a check and actually wrote it out for zero dollars and no cents.  Dan

Dan (Posted 01.24.08 11:20 PM ) Report Abuse

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