Wells Fargo and Company is a very well-known American multinational financial services company. It is known for providing almost all the services like banking, investments, mortgage products, and services, as well as consumer and commercial finances. Let’s know Does Wells Fargo Do Money Orders?
Does Wells Fargo Do Money Orders?
So, does Wells Fargo also do money orders?
Yes, in fact, Wells Fargo does allow their customers to purchase money orders, which is not at all a complicated process to go through. They charge up to $5 (five dollars) per money order.
Money orders up to $1000 (thousand dollars) each may be purchased from any Wells Fargo banking location.
| WELLS FARGO CHECKING ACCOUNT TYPE | MONEY ORDER FEE |
| Everyday checking | $5 (five dollars) |
| Clear Axis banking | $5 (five dollars) |
| Portfolio by Wells Fargo | $0 (zero dollars) |
Because money orders are not available to purchase online with Wells Fargo, the customers will have to go to the bank physically. Any branch wouldn’t be a problem.
Steps to purchase a money order from Wells Fargo:
Step 1:
- Visit your nearest or whichever you find comfortable Wells Fargo branch and take/ask for a money order of your preferred amount.
Step 2:
- Write the individual’s name (if the money order is for you or someone you know) or the business’s name (if the money order is for your or someone’s business) on the “Pay to the order of” line.
Step 3:
- Give your name and signature in the appropriately marked places.
Step 4:
- Mention your address.
Step 5:
- For the payment to reach the accurate bank account, mention the account numbers too, if you think it would be applicable.
Step 6:
- Get a receipt without fail and safeguard it until you receive the money and have cashed it.
Step 7:
- Pay the full requested money amount through your own account or in simple cash. Whichever option you see fit.
In these very easy seven steps, you can purchase a money order from your nearest Wells Fargo branch.
How to cash in a Wells Fargo money order?
- When you receive your money order, you may cash it at your regular bank or deposit it as you would do with a check. As per your convenience.
- Even though a few businesses like grocery stores or whatnot would also cash the checks, they will charge a fee to do so.
- Pro tip: do not sign on the back immediately if you do not wish to cash it out immediately. That way, if it falls in the wrong hands, they would not be able to cash out your money order.
- Carry an identification (your driver’s license or any one of your choice) while you go for receiving your cash.
- If you’re going to be depositing your money into a checking account or a savings account (whichever you’re comfortable with), the bank might make up to $200 (two hundred dollars) available at the moment, with the remaining money coming up once the money order clears.
NOTE:
- Having to wait for the money order to clear is very crucial, especially when the one sending you the money is unknown to you (say it’s a customer who has purchased something from you online).
- If the bank determines the money order to be fraudulent, they will take the money back away from you.
- But if you had already spent that specific amount, you could be overdrawn and might also be faced with additional charges/fees.
Money order fees specifics:
- Except for the $5 (five dollars) that are required to purchase a money order, there are no extra charges for depositing the money into your existing account or cashing in a money order.
- Purchasing the money order at the bank might seem more convenient but a few other options a less expensive too. For example, the U.S. Postal Sevices charges up to only about a maximum of $1.75 (one dollar and seventy-five cents) on money orders between $500 (five hundred dollars) to $1000 (thousand dollars).
Conclusion:
To round everything up, Wells Fargo allows their customers to purchase money orders up to $1000 with a fee of $5. If carefully followed all of the above-mentioned eight steps, with special attention to the note, you will have yourself a money order ready. Check up on the also above-mentioned specifications and purchase your money orders accordingly. Even though they offer a level of extra security, beware of fraudulent online scams. Keep your receipt unsigned and make sure the sender whose money you’re receiving is not a fraud.
Frequently asked questions:
- Do Wells Fargo money orders need to be signed?
Ans) Yes, they need to be signed at the appropriate field.
- What’s the biggest and the most important difference between a money order and a cashier’s check?
Ans) Both of these are forms of easy payment that can be used other than cash or personal checks. But also, a cashier’s check is issued by a bank and is available for higher dollar amounts which makes it a more viable option during certain situations. The cashier checks are also considered to be more secure but the fees are higher than that of a money order.
