One Cent Cashier's Check! My wife closed out a bank account at Chase Bank. The other day she received the cashier's check below from Chase. My wife deposited the check at another bank.

bpulv Loc: Buena Park, CA

My wife closed out a bank account at Chase Bank. The other day she received the cashier's check below from Chase. My wife deposited the check at another bank. I wonder how much the "real cost" was for the two institutions to process the refund (mailing fees both for the letter stating that she would receive a refund under separate cover and the check itself, computer transaction time, interbank fees, etc.)?

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PixelStan77 Loc: Vermont/Chicago

bpulv wrote:

My wife closed out a bank account at Chase Bank. The other day she received the cashier's check below from Chase. My wife deposited the check at another bank. I wonder how much the "real cost" was for the two institutions to process the refund (mailing fees both for the letter stating that she would receive a refund under separate cover and the check itself, computer transaction time, interbank fees, etc.)?

Got to keep the books balanced. Agree, crazy

boberic Loc: Quiet Corner, Connecticut. Ex long Islander

The congress just sent a subpoena for the redactions.

bpulv Loc: Buena Park, CA

boberic wrote:

The congress just sent a subpoena for the redactions.

Yes, but Trump is fighting it tooth and nail!

paulrph1 Loc: Washington, Utah

bpulv wrote:

Yes, but Trump is fighting it tooth and nail!

Insanity rules. But which one.

sb Loc: Florida's East Coast

I got a bill for 11 cents once from a college library for an overdue book fine. They mailed it to me. I was going to mail them back a partial payment to see how low they would go in sending a bill.

jerryc41 Loc: Catskill Mts of NY

Well, I guess they had to balance the books. I've seen situations where they would not send a refund for less than a certain amount.

On the other hand, I received a check from a class action suit - for two cents!

bigalw Loc: Essex - UK

I once, some years ago, received a cheque for about £0.20p (interest from another account, I can’t remember exactly) but the bank would not accept it as it was less than £1.00???

jaymatt Loc: Alexandria, Indiana

Since just about everything is electronic nowadays, I’m guessing that it cost them just about nothing to do this.

burkphoto Loc: High Point, NC

jaymatt wrote:

Since just about everything is electronic nowadays, I’m guessing that it cost them just about nothing to do this.

If they mail a check, it costs them several dollars in overhead, labor, postage, envelope, etc. to handle the entire transaction. But they have accounting principles they must follow. Companies want to be precise in their accounting to keep the auditors and GuvCo happy. They would rather refund $.02 at a $5.00 to $10.00 cost than argue with that customer — or an auditor — about $.02.

StanMac Loc: Tennessee

paulrph1 wrote:

Insanity rules. But which one.

I don’t think there’s any question about that.

Stan

CaptainBobBrown

I once had a mortgage equity account that had a balance of $.31 and I couldn't get it closed because between the time I'd send in the final withdrawal order and the time they'd process the account would accumulate a little interest so the balance never matched my withdrawal order. I talked to them on the phone several times and last I knew they were still crediting the account with interest. I've also had similar problem with a no-longer used interest earning checking account at BofA. They still send monthly online statements telling me I've got no money in the account but they can't seem to close it.

Paladin48 Loc: Orlando

sb wrote:

I got a bill for 11 cents once from a college library for an overdue book fine. They mailed it to me. I was going to mail them back a partial payment to see how low they would go in sending a bill.

Vince68 Loc: Wappingers Falls, NY

bpulv wrote:

My wife closed out a bank account at Chase Bank. The other day she received the cashier's check below from Chase. My wife deposited the check at another bank. I wonder how much the "real cost" was for the two institutions to process the refund (mailing fees both for the letter stating that she would receive a refund under separate cover and the check itself, computer transaction time, interbank fees, etc.)?

Almost the same issue here. I made the last payment on my car, paying what the bank said was the final payment amount. Today when I got the mail, there was a bank check for 0.13¢. Just postage alone on mailing the check out cost more than the value of it.

Guess thats why they have all the fees they have and charge us for, to recoup expenses like this.

bpulv Loc: Buena Park, CA

burkphoto wrote:

If they mail a check, it costs them several dollars in overhead, labor, postage, envelope, etc. to handle the entire transaction. But they have accounting principles they must follow. Companies want to be precise in their accounting to keep the auditors and GuvCo happy. They would rather refund $.02 at a $5.00 to $10.00 cost than argue with that customer — or an auditor — about $.02.

Bill, reality takes the fun out of this!