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#4611574 - 12/22/17 06:41 PM My old insurance company sent a check for 12 cents
Carmudgeon Offline


Registered: 04/26/05
Posts: 539
Loc: 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.

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#4611581 - 12/22/17 06:48 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
PandaBear Offline


Registered: 08/05/02
Posts: 14220
Loc: Silicon Valley
It would cost them way more than 12c + stamp if a class action lawyer try to sue them.
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#4611604 - 12/22/17 07:15 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Panzerman Offline


Registered: 12/16/06
Posts: 4203
Loc: 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.
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#4611608 - 12/22/17 07:19 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Oldtom Offline


Registered: 07/05/14
Posts: 329
Loc: Cecil County 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.

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#4611611 - 12/22/17 07:22 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Uphill_Both_Ways Offline


Registered: 11/06/17
Posts: 64
Loc: 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.


Edited by Uphill_Both_Ways (12/22/17 07:29 PM)
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#4611628 - 12/22/17 07:42 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
ecotourist Offline


Registered: 07/09/08
Posts: 1067
Loc: 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.
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#4611640 - 12/22/17 07:51 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
simple_gifts Offline


Registered: 07/26/04
Posts: 11949
Loc: 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.
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#4611650 - 12/22/17 08:14 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
E150GT Offline


Registered: 03/11/12
Posts: 1109
Loc: 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.
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#4611689 - 12/22/17 09:16 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Ducked Online   content


Registered: 10/25/12
Posts: 4388
Loc: 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


Edited by Ducked (12/22/17 09:19 PM)

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#4611715 - 12/22/17 10:00 PM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Jimkobb Offline


Registered: 09/14/13
Posts: 541
Loc: indiana
Be careful , don`t spend it all in one place. :-)
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#4611789 - 12/23/17 04:17 AM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Vern_in_IL Offline


Registered: 06/25/14
Posts: 1889
Loc: IL
Put it into savings, compound intrest.;
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#4611928 - 12/23/17 08:28 AM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
Bud Offline


Registered: 06/04/02
Posts: 1723
Loc: Texas
Pretty common with insurance companies. Aetna has sent several checks to my Doctor for 6 or 9 cents in the last year. Crazy.
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#4612128 - 12/23/17 11:17 AM Re: My old insurance company sent a check for 12 cents [Re: Carmudgeon]
opus1 Offline


Registered: 12/13/04
Posts: 2499
Loc: 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.
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#4612453 - 12/23/17 06:51 PM Re: My old insurance company sent a check for 12 cents [Re: Jimkobb]
Tony10s Offline


Registered: 05/06/14
Posts: 1129
Loc: Virginia, USA
Originally Posted By: Jimkobb
Be careful , don`t spend it all in one place. :-)

LOL

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