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My old insurance company sent a check for 12 cents #4611574
12/22/17 06:41 PM
12/22/17 06:41 PM
Joined: Apr 2005
Posts: 588
Under the hood
Carmudgeon Offline OP
Carmudgeon  Offline OP
Joined: Apr 2005
Posts: 588
Under the hood
I've seen stories about this kind of thing, but never thought it would happen to me.

My former auto insurance company just sent me a check for 12 cents, out of the blue, and with no explanation.

It cost them 40 cents to mail the thing, on top of whatever it will cost to process it.

I understand it's probably a regulatory issue that requires them to do so, but it still makes little sense.

However, I am planning to cash it, given that in over a decade with them, with no claims, they suddenly jacked up not only mine, but a lot of similar policy holders' rates by 40-50%, and couldn't explain why. Those who contacted them to seek a better understanding were "re-evaluated" with the result still being premiums much higher than what they were before.

My first thought when I saw the envelope was that it might be a sales pitch to try to lure old customers back, or some stern notice about an unpaid balance. Instead, I can now go wild with my newfound bounty. Yee-ha.

Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611581
12/22/17 06:48 PM
12/22/17 06:48 PM
Joined: Aug 2002
Posts: 14,560
Silicon Valley
PandaBear Offline
PandaBear  Offline
Joined: Aug 2002
Posts: 14,560
Silicon Valley
It would cost them way more than 12c + stamp if a class action lawyer try to sue them.


"You keep asking questions PandaBear and you'll end up a vegetarian like my wife" - Camu Mahubah
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611604
12/22/17 07:15 PM
12/22/17 07:15 PM
Joined: Dec 2006
Posts: 4,220
Port Orange, Florida
Panzerman Offline
Panzerman  Offline
Joined: Dec 2006
Posts: 4,220
Port Orange, Florida
I got one better. I made a payment on a motorcycle once that was $151.38. I sent them a check for $151.36 by accident. They not only sent me a letter telling me my payment was late, which I called and said it was mailed two weeks ago with the check # to which they said the payment was insufficient and was literally .02 short.
They threatened to put the account in default if it was not made current which would trigger a higher interest rate and not be pretty on my credit.
This one payment this happened on for litterally two cents.
They were going to take a payment on the phone for .02.
I ended up just making the next months payment for $151.40. I then got two more letters in the mail warning me, after I made it current.
I talked to the bank manager and his argument was we had a agreement and not one penny less and you failed to meet the agreement. This was a credit union and I didn't waste anytime getting that loan paid and would never do bussiness with them again.
Really Two cents.



2006 Dodge Ram 2500 Hemi 4x4
2016 Dodge Challenger Scat Pack
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611608
12/22/17 07:19 PM
12/22/17 07:19 PM
Joined: Jul 2014
Posts: 374
Ceciltucky Maryland
Oldtom Offline
Oldtom  Offline
Joined: Jul 2014
Posts: 374
Ceciltucky Maryland
I bought my first home in 1982. I had nothing but problems with the mortgage company, and paid off a 30 year mortgage in 10 years, partly to be done with the incompetents. When I paid the mortgage off, I left 10 dollars in my mortgage account. The boobs at WSFS, sent me a monthly letter giving the account balance for the next 15 YEARS. They finally had someone call me and DEMAND that I close the account. I signed the closure form, figuring that I cost them enough.

Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611611
12/22/17 07:22 PM
12/22/17 07:22 PM
Joined: Nov 2017
Posts: 191
Winnipeg
Uphill_Both_Ways Offline
Uphill_Both_Ways  Offline
Joined: Nov 2017
Posts: 191
Winnipeg
Originally Posted By: Carmudgeon
However, I am planning to cash it, given that in over a decade with them, with no claims, they suddenly jacked up not only mine, but a lot of similar policy holders' rates by 40-50%, and couldn't explain why.

Don't cash it. Frame it and hang it on a wall. A 12-cent uncashed cheque would be a great any-insurance-company-but-them conversation starter leading to, perhaps, lost business. And leaving it uncashed might create some sweet headaches for them sitting on their books forever. (Send them a picture of it in the frame.)

Edit: Just saw the post by Oldtom that he posted while I was writing mine. It goes to my argument that you shouldn't cash the thing.

Last edited by Uphill_Both_Ways; 12/22/17 07:29 PM.

2008 Impala 3.5
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611628
12/22/17 07:42 PM
12/22/17 07:42 PM
Joined: Jul 2008
Posts: 1,111
British Columbia, Canada
ecotourist Offline
ecotourist  Offline
Joined: Jul 2008
Posts: 1,111
British Columbia, Canada
Several years ago I got a mysterious cheque from an insurance company for 15 cents. I kept it for years. I might still have it somewhere.

Not only did it probably cost them $5 (postage and handling) to send it to me, it probably cost them $20 in accounting fees to note and balance their bank account with that outstanding cheque for months, it then cost then another $10 to write the cheque off after a year or so.

I assume they actually owed me 15 cents for some reason but I wouldn't have been offended if they had subtracted it from a future amount owing or included it with their next real cheque.

In contrast the Canada Revenue Agency neither pays out nor requests payment of amounts under $2.


2000 BMW 528i 5MT
2007 Honda Accord EX-L 4Door V6 6MT
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611640
12/22/17 07:51 PM
12/22/17 07:51 PM
Joined: Jul 2004
Posts: 12,070
Middlesex County CT
simple_gifts Offline
simple_gifts  Offline
Joined: Jul 2004
Posts: 12,070
Middlesex County CT
Our elderly office manager ran paychecks incorrectly and they were all $0. (1990s) He put them in envelopes and walked around the shop and handed them out, promising the correct ones would be ready the next day; I took mine to the bank and cashed it. Teller didn't blink an eye.


2004 Prius; 102K; ASL
2007 Yaris 78K 0w-40 Castrol
2006 B2300;132K;ALM


Was driving an ox cart; Now on the USS Enterprise
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611650
12/22/17 08:14 PM
12/22/17 08:14 PM
Joined: Mar 2012
Posts: 1,366
San Antonio, TX
E150GT Offline
E150GT  Offline
Joined: Mar 2012
Posts: 1,366
San Antonio, TX
We have a check on the fridge for $0.05 and I have received a check from USAA for $0.02. I also recently got a visa gift card from T-Mobile for $2.06.


1984 Mercedes-Benz 300SD - 100k
1995 F150 XL 4.9 reg cab 5MT - 251k 5w30
2016 Mazda6 Touring 6MT - 57k 10w30
2006 Buick Lucerne CXL 3.8 31k 5w30
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611689
12/22/17 09:16 PM
12/22/17 09:16 PM
Joined: Oct 2012
Posts: 4,825
Taiwan
Ducked Offline
Ducked  Offline
Joined: Oct 2012
Posts: 4,825
Taiwan
Highways agency here just sent me a bill for freeway use.

I only ever use the toll motorways into the nearest town, because I wont pay the tolls.

My understanding (very difficult to get a consistent story out of any branch of the Highways or Driver Licensing departments here) is that you get 20k free, and my journey into town and back is close to that.

Usually I don't get charged, sometimes I do. Dunno why the variation. Sensing is automatic using numberplate recognition.

Anyway, the charge was 3 Taiwan Dollars (about 10 cents) but the bill is for 56 (1.87).

Quite irritating

Last edited by Ducked; 12/22/17 09:19 PM.
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611715
12/22/17 10:00 PM
12/22/17 10:00 PM
Joined: Sep 2013
Posts: 586
indiana
Jimkobb Offline
Jimkobb  Offline
Joined: Sep 2013
Posts: 586
indiana
Be careful , don`t spend it all in one place. :-)


green_bay_packers_logo_small[1]
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611789
12/23/17 04:17 AM
12/23/17 04:17 AM
Joined: Jun 2014
Posts: 2,003
IL
Vern_in_IL Offline
Vern_in_IL  Offline
Joined: Jun 2014
Posts: 2,003
IL
Put it into savings, compound intrest.;

Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4611928
12/23/17 08:28 AM
12/23/17 08:28 AM
Joined: Jun 2002
Posts: 1,932
Texas
Bud Offline
Bud  Offline
Joined: Jun 2002
Posts: 1,932
Texas
Pretty common with insurance companies. Aetna has sent several checks to my Doctor for 6 or 9 cents in the last year. Crazy.


2016 Honda Pilot EX-L with NAVI.....Mobil 1 0w20 AFE and Honda OEM Filter
Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon] #4612128
12/23/17 11:17 AM
12/23/17 11:17 AM
Joined: Dec 2004
Posts: 2,564
Chicago Area
opus1 Offline
opus1  Offline
Joined: Dec 2004
Posts: 2,564
Chicago Area
A former employer offered a stock-purchase plan which I used heavily. My department was outsourced so our employment was terminated about a month before the next dividend would be declared and later paid, and I had the account set up to reinvest the dividends. My plan was to wait for that process to occur and then cash out the account to use for my moving expenses. For whatever reason, my account was closed when the stock was ex-dividend and I received a check for the balance at that time. Then the dividend was paid and instead of sending me a check, they purchased a partial share and reopened the account, but since I'm not an employee the dividend now has to be paid to me and not reinvested. And I can't access the account otherwise.

Long story short, every quarter I get a check for $0.04, which I dutifully cash. If I don't cash it, it eventually gets turned over to the state of IL as unclaimed property and I have to jump through hoops to get that back because they get enough of my money as it is. It's been well over 20 years so I'm sure I cost them a bit of money over the years.


Current Fleet:

2010 Hyundai Sonata GLS
2009 Chevy Cobalt SS Sedan (yes,the turbo)
2002 Dodge Dakota SXT Club Cab
1994 Ford Ranger XLT (RIP, Dad)
Re: My old insurance company sent a check for 12 cents [Re: Jimkobb] #4612453
12/23/17 06:51 PM
12/23/17 06:51 PM
Joined: May 2014
Posts: 1,129
Virginia, USA
Tony10s Offline
Tony10s  Offline
Joined: May 2014
Posts: 1,129
Virginia, USA
Originally Posted By: Jimkobb
Be careful , don`t spend it all in one place. :-)

LOL


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