Money orders are a safer means of money transactions. These are safe because you can track the money order. This article contains information about money orders in detail. Places you can find money orders near you.
A money order is a definite type of settlement and are prepaid.
It can be an alternative to a cheque. You have to buy it by paying cash. So, there are no probabilities of it getting bounced.
Two people or groups can use this way of payment in exchange for a deal. You can also recover your cash if your order is stolen by showing its receipt.
Places to purchase-
Following are the places :
- Nearest Bank
- Rite Aid
- US Postal Office
- 7-Eleven
- Walmart
- Kmart
- CVS
List showing The limit and fee by different places
The following list shows the limit and the fee charged by different places:
| Places | Money Order limit | Fee (in US Dollars) |
| Bank | No limit | $5 |
| Rite Aid | $500 | $0.99 |
| US Postal Office | $500 – $1000 | $1.45 – $1.95 |
| 7-Eleven | $500 | $0.65 |
| Walmart | $1000 | $1 |
| Kmart | $500 | $1.50 |
| CVS | $500 | $1.25 |
Working method
It works like a check, except that it is prepaid.
- Select the amount you want to send.
- You need to buy a money order.
- Write the recipients’ names on it with your name.
- When the recipient gets the money order, they can cash it by taking it to the bank, ATM, or location written on the it.
The procedure of Cashing
Here is a guide to cashing it:
- Take your money order to your desired location, such as a bank or convenience store.
- Sign the backside of it.
- Sign in at the counter and not earlier.
- Prove your ID
- Receive payment
It might take a few days for the payment to be available if they transfer money to your bank account.
Areas-
Following are the places to cash it :
- The nearest branch of your bank.
- Cashing stores
- Retailer stores (grocery stores, pharmacies, and convenience stores)
Are Money Orders secure?
Yes, they are safer means of money transaction for the following reasons:
- You can track your money order.
- You can even cancel it anytime if lost or sent to the wrong person.
- And no one except the recipient can cash it.
Track your Money Order
Yes, you can track it using the receipt you get while purchasing it. It will help you if your order gets pinched.
Can a Money Order bounce?
No, it can never bounce because it is prepaid. Even though a money order works like a cheque, it cannot rebound like a cheque.
There is a risk of it bouncing only if the linked account does not have enough money.
Cancel a Money Order if needed
To cancel your it, you must have a specific reason. The cancellation process comprises of few steps following is a step-by-step guide:
- Contact the Lander
- Give details
- Add receipt copy
- Submit a cancellation request
- Pay cancellation fee
Money Order Refund time
Once you have submitted the request to cancel the It, it might take 30 to 60 days. But the time varies depending upon the situation.
Some issuers offer a refund, while others provide a replacement. In both ways, you will get your money.
You will receive a document showing who cashed the Money order if you cannot cancel it. It will help you get back your money using the law.
Rewards of using a Money Order
Here are the rewards
- You can trace your money order.
- No one can cash it except the recipient.
- No chances of getting bounced.
- The lost money order can recover.
- Safer means of allocating money.
Drawbacks of Money Order
Here are how sometimes money orders can be disadvantageous:
- They have a limit to purchase.
- You need to pay the allowance separately for each money order.
- You have to be in person.
Conclusion
It is a definite type of settlement. Money orders are prepaid.
It can be an alternative to a cheque. You have to buy it by paying cash. So, there are no probabilities of it getting bounced.
Places from where you can get it are Nearest Bank, Rite Aid, US Postal Office, 7-Eleven, Walmart, Kmart, and CVS.
Different places have different limits for money orders along with the fee. Such as,
- Rite Aid charges $0.99 US Dollars for a $500 US Dollars.
- Walmart charges $1 US Dollars for a $1000 US Dollars .
- CVS charges $1.25 US Dollars for $500 US Dollars.
- 7-Eleven charges $0.65 US Dollars for a $500 US Dollars .
- Kmart charges $1.50 US Dollars for a $500 US Dollars .
- US Postal office charges $1.45 – $1.95 US Dollars for $500 to $1000 US Dollars money orders.
- The bank charges $5 US Dollars .
It works like a check, except that it is prepaid. You need to buy it. Write the recipients’ names on it with your name. When the recipient gets the money order, they can cash it.
Places to cash your order are, the nearest branch of your bank, Cashing stores, and Retailers such as grocery stores, pharmacies, and convenience stores.
Money Orders are safer means of cash transaction because you can track it and cancel it anytime if lost or sent to the wrong person, and no one except the recipient can cash it
Money orders cannot bounce because they are prepaid.
There are numerous rewards linked with money orders. On the other hand, a few disadvantages are also present.
