Bank Of America Cuts Me A 1¢ Check I Don’t Want Or Need

bankofamericaBank of America…scrupulously honest? Hmm. Reader Dave closed his money market account that dated back to the Countrywide era, transferring all of the funds to a local bank. (Yay!) Well, he thought he had transferred all of the funds. Did the company zombify his account years later, charging him maintenance fees on a one-cent balance? No. something unexpected happened.

They cut him a check. He explains:

For the final transfer/account closure I waited until a day or two after my monthly interest had been posted. I did an electronic transfer of the remaining funds (~$8,400) less the $3.00 transfer fee to leave the account with a zero balance. Done!! Or, so I thought. Apparently enough interest accrued in that 2-3 days to generate a final “interest” check.

Attached is a scan of my final interest check. A “Cashiers Check” no less in the amount of 1 cent!!!!!! And B of A spent 38.4 cents (plus printing/handling) just to mail it. “I’ll take things that make your head explode for $1,000 Alex.”

CRAZY! Certainly they are probably doing what they are supposed to do/legally required to do. I just can’t imagine what I will do with such a check.

Perhaps after all the lawsuits this is how B of A shows it’s integrity and honesty. Sad thing is, I won’t cash or deposit the check… So, B of A will have to account for this for a year or so and then can report this penny (and many others) as income.

Now, I’m off to dream of the awesome things I can do with this windfall!

I suggest a generous donation to your local take-a-penny, leave-a-penny tray.