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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 once went to cash a 0.35 check and when i was cashing the bank teller made a mistake and game me 0.40 cents. nice indeed

mike (Posted 01.30.08 3:34 AM ) Report Abuse

The opportunity cost of making a special trip for this is staggering. The author, however, had a story in mind, so technically it was a good decision for Karen. Notice how Karen refers to "midday" but doesn't clearly state she did this on her OWN time :)

Others suggested waiting until one had to go to the bank for something else, so most of the opportunity cost goes away. But going to the bank and standing in line isn't my idea of a good use of time. Especially with the widespread availability of online banking. Some banks actually allow customers to scan checks at home.

Economist (Posted 01.30.08 4:45 AM ) Report Abuse

they say that in the army the pay is mighty fine. they give you a hundred dollars, and take back 99.  Yea in 1977 I receiven and end of month settlement for, you guessed it. $1    I was told it cost the goverment about $6.50 to have this printed and processed.  And we wonder about the goverment????????

craig deshone (Posted 01.30.08 6:44 AM ) Report Abuse

I got a check from GMAC for 3 cents that I overpaid on the last payment. Then I get the loan agreement stamped paid in full and a couple of days later the title. Then 2 days later I get a letter that my payment was returned for insufficient funds. My check cleared the bank just fine and I don't know how they can claim I owe when I hava a cancled check and the title. No wonder these places have so much trouble when they can't keep track of an account any better than this. I mean it took 41 cents to mail this check and I don't know what it costs to cut this check and then turn around and tell me I owe them money when I have the title and a cancled check.

Cathy (Posted 01.30.08 8:05 AM ) Report Abuse

I love these checks cus they cost more than the postage used to send it, I usually hang them on the wall or include them with another check as payment towards a bill (just endorse it and write 'pay to (company) account #xxxxx"

lucky225 (Posted 02.01.08 7:25 PM ) Report Abuse

This information was very informative. I have often wondered why a company would mail a bill that it cost more for postage than the bill was. With this new knowledge Iwill try to resolve the issue in a timely manner, debit or credit to me I think it only common curtsey for the bookeeper that has to handle my account. When ever we can make life a little easier and less stressful for our fellow sisters and brethern in life, I feelthat God expects us to do so.

DebbieEllis (Posted 03.29.08 4:53 AM ) Report Abuse

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