Would you cash a check for one cent?

[ultrarunner]

For me cash is a regular problem with property management...

Some tenants only pay in cash... especially the home I manage near campus... 5 students live there... I have no complaints other than the rent is all cash and in envelopes with each person's name...

This is 5 bedroom home near campus and it takes time to count $2300 especially when some of the bills are $1... and then at the bank... each time I have a new teller they have to get manager approval to accept cash... I kid you not.

Other tenants will pay part money order and part cash...

There have been times where move in will be all cash... I got a bad cashier's check once for 5k, first, last and rent... so now cash is good... but 5k in cash almost makes one a criminal today.

 

[turnkey4099]

I cashed a .01c once on the basis if I didn't they company would be sending me reminders for the rest of my life.

I asked the teller if they had a security person who could walk me to the car. Got a good laugh.

 

[Jstpssng]

As somebody else said, I will deposit it the next time I go to the bank. I also pick up pennies in the parking lot, so don't see the difference. Ido think that it's rather foolish though, if they wanted to give me a one cent discount they should have just allowed me to have the two machines on the same policy.

 

[ovrszd]

I received a check for 10 cents once as an overpayment from the phone company on an account I recently closed...

I endorsed and put pay to the order of the phone company and deducted the 10 cents with my check when I paid my next monthly statement...

Then I got a letter saying they do not accept third party checks... and I sent it back.

I then returned it saying please name the third party... as the only parties I am aware of is myself and you the phone company...

I did eventually see the credit...

Way back I was reading of a crafty accountant that had irregularities of less than $1 dollar credited to a special account in his name... he embezzled and got away with it for a very long time... those pennies added up to tens of thousands of dollars...

Yep, that's what I'd do with it.

 

[dstig1]

When I was in college I got a bill from the electric company at my former address saying they were sending me to collections for the unpaid balance. It was $1.10, and they had never sent me a bill saying it was owed after i moved out. I had a credit union account in that town that I was about to close out so didn't need the checks. I paid it with 55 checks for $0.02 each and a note saying you shouldn't threaten collections if you haven't ever billed for the amount to start with, as it might make someone angry. I was in college...I had time to write out 55 checks... I figured it cost them $10-20 for that 1.10...

 

[buckeyefarmer]

For me cash is a regular problem with property management...

Some tenants only pay in cash... especially the home I manage near campus... 5 students live there... I have no complaints other than the rent is all cash and in envelopes with each person's name...

This is 5 bedroom home near campus and it takes time to count $2300 especially when some of the bills are $1... and then at the bank... each time I have a new teller they have to get manager approval to accept cash... I kid you not.

Other tenants will pay part money order and part cash...

There have been times where move in will be all cash... I got a bad cashier's check once for 5k, first, last and rent... so now cash is good... but 5k in cash almost makes one a criminal today.

My son pays rent using venmo. His landlord says pay with paypal or venmo.

 

[ultrarunner]

Two have asked for online payment... but that would still leave the others.

At one time I was going to accept credit cards for a fee... but when I asked tenants not a one was interested.

Most simply send a check and are pretty good about it... if no check they will see me on the 5th at their door.

The college kids are really pretty good... they are self policing and now the longest two go back 6 years... the home furnishing is a catch all but they all seem to get along well...

One of the youngest from 6 years ago came to California after graduation from high school in Colorado... oldest of 6 kids... within 48 hours had a job waiting tables and tremendous work ethic for a 18 year old... maybe kids in Colorado from large families are more responsible?

PS... Waiting tables in SF pays pretty well with tips and she had several years of experience working at a hunting lodge and knows how to dress venison, clean fish, etc...

 

[oosik]

My thoughts - what company would consider the costs involved in issuing a check for 1 cent as being fiscally sound.

I visit my Dr 2x a year. My insurance pays most of the bill. There is always a bit ( $15 to $25) that falls into the "you may owe" category. I have NEVER received a bill from the Dr for this remainder. His answer to this - "it costs more to go thru the collection process" than that amount.

Besides - - its all figured into the "game" played in the medical business. What the provider will bill - what the insurance company will cover.

 

[Jstpssng]

^^^^
That was what prompted me to start the thread. I don't even know what a stamp costs; I haven't bought them in a while and all of mine are "forever" stamps. I've been told that Canada has even phased out the penny in their monetary system.
Slightly off topic but around here a lot of store have a "leave a penny, take a penny" at their cash registers. It amazes me how many dimes and quarters I see in those. I'm cheap; all of my change goes into a jar, several times per year I will roll it and drop it into my savings account. Or else I might buy something that I want; one year I went out and bought a small boat with the moneyand the next year picked up a small older outboard for it.

 

[oosik]

Jstpssng - some time bring your outboard motor. We'll put it on my 14' aluminum boat and troll for my monster bass.View attachment 586779 View off my front porch. Five acres - 80 feet deep.