Bank absurdity

Sunny

Sunny

SF VIP
Location
Maryland
One of my credit cards, which I rarely use, has had a "negative" balance of 6 cents for several months. In other words, I overpaid the bank by 6 cents. Yesterday I received a check in the mail for 6 cents from the bank! (How much does a postage stamp cost, again?) And today, I got an email from the bank telling me that the 6 cents has been refunded to me. So I took a picture of the check and did an electronic transfer into my regular bank account.

I never asked for it, or mentioned it in any way. I have to wonder, what kind of crazy money management is this?
 

Sounds like they were clearing their books. Neither you nor they really care about six cents, but they may have had numerous such accounts, each with a tiny balance that they have to track, and each generating a monthly statement.
 

I always round all my bills up the the next dollar when I pay them. Makes it easy for me to keep track of my bank balances and makes them deal with the pennies. They always give me a credit of whatever the cents are on the next bill.
 
Sunny said:
One of my credit cards, which I rarely use, has had a "negative" balance of 6 cents for several months. In other words, I overpaid the bank by 6 cents. Yesterday I received a check in the mail for 6 cents from the bank! (How much does a postage stamp cost, again?) And today, I got an email from the bank telling me that the 6 cents has been refunded to me. So I took a picture of the check and did an electronic transfer into my regular bank account.

I never asked for it, or mentioned it in any way. I have to wonder, what kind of crazy money management is this?
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We live in a very litigious society, they were making sure you didn't sue them if they took the .06 cents to clear the books. Hey, remember the old lady that sued because the coffee she put on her lap and spilled on her was too hot? People are crazy (and greedy).

So what are you going to buy with all that money?
 
They are probably obligated to do this, due to banking regulations. But it was funny.

PVC, I'm still trying to decide what to do with the money. Not easy to make a decision of this magnitude.
 
There is an old fashioned phrase called 'balancing the books' which banking regulations require to be exact, to the penny. The bank's books are kept by machines which do not have brains so therefore cannot draw on common sense to solve problems.

Personally - had it been me and being aware of the above - as soon as I learned of the imbalance, I would have used the card for a small purchase. When the bill arrived for that charge, it would have been for the amount of the purchase minus $.06. Pay that bill and the books are clean and will no longer be an expensive and unnecessary problem for the bank.
 
I own the Empire State Building. Yup. I really do. Well, I'm one of the owners. Well, I own stock in the corporation, which owns the ESB. Well, I own one share of stock, which owns the ESB. So, I probably really own a doorknob on the building. But I do get 'rent' checks. Every couple of months, a nice big fat 11 cents gets deposited right into my checking account.
 
Sunny said:
One of my credit cards, which I rarely use, has had a "negative" balance of 6 cents for several months. In other words, I overpaid the bank by 6 cents. Yesterday I received a check in the mail for 6 cents from the bank! (How much does a postage stamp cost, again?) And today, I got an email from the bank telling me that the 6 cents has been refunded to me. So I took a picture of the check and did an electronic transfer into my regular bank account.

I never asked for it, or mentioned it in any way. I have to wonder, what kind of crazy money management is this?
Click to expand...
I got a better one Sunny. A few years ago Vanguard sent me a check for one penny. I couldn't believe it. It was in the money market portion of my traditional IRA account. The account was still open so why not just leave it there? Ya have to wonder what kind of brains these representatives have. Like you...I certainly never request that penny.
 
You win this one, Diva! šŸ˜

Probably the answer is the one gennie gave. We are dealing with a computer, not a human with presumably some common sense.
 
OneEyedDiva said:
I got a better one Sunny. A few years ago Vanguard sent me a check for one penny. I couldn't believe it. It was in the money market portion of my traditional IRA account. The account was still open so why not just leave it there? Ya have to wonder what kind of brains these representatives have. Like you...I certainly never request that penny.
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I'm surprised to hear that about Vanguard. I have my IRA invested with them and I admire their efficiency and ease of use. I have no idea why they would do something stupid like that.
 
i got a bill one time from a credit card for 2 cents---i called them and asked if i should send cash or write a check--they said that they would waive it
 

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