Comments on: Is it bad that we wrote a check for $10?

By: OdysseusToday

OdysseusToday — Thu, 22 Jul 2010 02:51:05 +0000

I believe the smallest check I have written was for about $1.50. When you got to have that hit of juicy fruit there is no other options!

By: J. Money

J. Money — Wed, 21 Jul 2010 20:59:42 +0000

Good deduction!

By: Greg McFarlane

Greg McFarlane — Wed, 21 Jul 2010 06:42:18 +0000

A 42¢ stamp to mail a $10 check? Sounds like a self-imposed 4.2% service fee to me.

By: mbhunter

mbhunter — Wed, 21 Jul 2010 03:46:38 +0000

I’d have to get a few $10 checks for one of those :)

By: Khaleef @ KNS Financial

Khaleef @ KNS Financial — Tue, 20 Jul 2010 20:29:49 +0000

@ J. Money – Yeah, the money comes out whenever you schedule it. For instance, if I need to pay you $10, I can have a check mailed to you by 7/26 and that’s the date the money will be deducted from my account. Even if you don’t cash it until September!

This is how I can get around someone who isn’t motivated to cash my checks. I actually pay my rent and give offerings in church by doing this. I have the checks delivered on payday, so I won’t see all of that “extra” money in my account after I’m paid.

By: J. Money

J. Money — Tue, 20 Jul 2010 19:59:51 +0000

Well truth be told I don’t balance or deduct/clear anything ;) I just log into my Checking account every day and make sure the balance is always $100 and up (which it should be if I’m budgeting/tracking correctly). That extra $100 is for times when I mess up or people take forever to cash their checks from me! haha…

By: MomsManyProjects

MomsManyProjects — Tue, 20 Jul 2010 18:57:20 +0000

I have checks, but I rarely (if ever) use them anymore. I don’t carry them around with me either…that’s what a debit card is for!

As for receiving checks, I don’t mind at all! I love receiving unexpected checks in the mail! The last one I received was for $0.23, which seems like an awful waste to me. They spent more on the stamp than the check! I’ll deposit it, but it’ll be a while…I’m not spending more on gas for the trip to the bank than what the check is worth. I’ll wait until I receive another expected check before depositing it!

Also, I was wondering why you should be concerned with going over on your account if the person you sent the check to waits a long time to cash it? If you deduct what you’ve spent right away, then it’s in the account…you can clear it later when it’s been cashed. I never wait until bills/payments have been cashed before taking them out of my account register…that’s just asking for an overdraft!

By: J. Money

J. Money — Tue, 20 Jul 2010 17:34:12 +0000

@Ace – Shoooooot…I’d have taken a check for $0.75 as a kid!
@myfinancialobjectives – Rare breed = AWESOME breed too ;)
@Yana – Haha yeah, I like your creativity indeed :) I’ll agree that some bill collectors can be extremely sketch!!! I plan on never having to find out personally too :)
@Donna Freedman and mbhunter – I’ll tell you what. If any of you can find one of these for me I’ll give you $10 for it :)
@Adrian @ PIN – It’s true, money is money.
@eemusings – They’ll be extinct one day :)
@nyx – Believe me, it’s not my preference.
@Khaleef @ KNS Financial – Hmmm…does that actually “take out” the money from your account though as if it’s already gone? Or do you still have to wait for it to clear to not see it anymore? Cuz if it’s the latter, it’s the same thing :)

By: Khaleef @ KNS Financial

Khaleef @ KNS Financial — Tue, 20 Jul 2010 15:21:50 +0000

I actually go a step further. I will set up the person as a vendor with my bank’s online billpay service, and have the bank mail them a check for whatever small amount it is. This way the money is automatically deducted from my bank account on whatever day I schedule the check to arrive – so they can let it sit around if they want, but at least I won’t have to keep remembering that little check is still out there!

By: nyx

nyx — Tue, 20 Jul 2010 10:53:13 +0000

Yes, come into the 21st century. lol. =)

Just kidding. Its up to you, I don’t write checks, I see them as a hassle, I just stick to cash and plastic.