Posted by Mike Smith :: August 4, 2008 @ 6:40 am

As we’ve often noted here on the Lending Club blog, consumers, particularly those of the frugal mindset, delight in getting a great deal. In the quest to get everything for the best possible price, or the maximum possible value, there occasionally comes a time when our ethics also come into play.

The question of the day is: When does a steal of a deal become just plain stealing?

As an example of an unbelievable deal, I remember being a young boy and finding a shrink-wrapped case of baseball cards marked with the price for the individual packs contained within. I unassumingly brought the case to the register and gladly paid $2.99 for the case, rather than $2.99 for each of the 30 packs within. This was clearly a mistake on the part of the store, but begs the question of whether I should have rejoiced in capitalizing on the store’s error or felt guilty for knowingly getting an unfairly low price.

I’d like to think that I’d act differently now that I’m an adult. I came up with the following scenarios to try to define the grey area between finding a great deal and acting unethically. What would you do in each case?

1. You notice that a cashier giving you change for a $5 purchase gives you back $1 too much.
2. You notice that a cashier giving you change for a $5 purchase gives you back $100 too much.
3. After getting an unbelievable deal (the unethical type), would you return to the store to try for a repeat performance? Assume that your intent was to sell the second purchase on eBay for a substantial profit.
4. After finding a Canadian quarter in your coin jar, you try to pass it off with US coins for a small purchase.
5. An automated register takes 10% off of your most expensive item 5 times, instead of 10% off of your total purchase of 5 items. Assume you are using a coupon for 10% off your entire purchase.
6. Your saving account shows a $0.50 error in your bank’s favor.
7. Your saving account shows a $0.50 error in your favor.
8. You present a coupon that you know has expired.

One final thought to consider is whether your answers would change if you were shopping at your local Mom and Pop store, versus a big box retailer. In other words, is it wrong to do something to a local business but OK if it’s a (thoughtless, greedy, etc.) corporation?

Defining ethical behavior for a large group of people is often difficult. One’s personal situation and individual morals make “ethical” a highly subjective word. Even though there may not be correct answers to each of the preceding questions, evaluating each one will help you better define your own ethical boundaries.