Bank of America is surely an American bank that operates actively in major parts and cities around the world. It is one of the most well-known banks in the country and around the world. The Bank of America Corporation is an American-based multinational investment bank that offers varieties of financial services to the public. The services offered by this American bank are unique as compared to its competitors in the market. Let’s see the Bank of America Money Order Fee in this article.
What is the Bank of America Money Order Fee?
Now, people not only from the country but, from different parts of the world have asked what is the order fee of Bank of America. The order fee depends on the bank that the customer selects. Mostly, the order fee of all commercial banks in the country is the same. The order fee is kept by the head department of commercial banks so that there is no confusion created. Now, the order fee of Bank of America is $5.
Yes, there are certain terms and conditions that one needs to go through. If the terms and conditions are not met then the order fee may go up or in some cases, the money order might not take place. Interestingly, money orders are not made available in all parts of the country by Bank of America. Unfortunately, we do not know the exact reason for doing so for customers in the country.
Money Order Charges
Money order charges or fees are not the same for every bank or every transaction amount. The money order charges highly depend on the amount at the bank or whether an individual is willing to sell. Normally, 10 percent is charged with the total amount of the money order that is being sold or sent.
Now, if the money order is done by the bank itself then the fee might be slightly lesser as compared to an individual doing it by himself. The lesser the money is sent the lesser will be the fee charged from the bank or the one who is doing all the work for the individual.
Now, if an individual wants to send $0.01 to $500 then the money order fee would be charged $1.65. The ongoing rate for amounts between this is that much only. If the money order fee is charged more than this then the individual can complain about the same to the concerned bank department.
People sending money orders above $500 to $1000 they will be charged a $2.20 fee. Overall, ten percent of the amount will be cut from the amount that the individual is sending. The money order fee for the service people is relatively lower as compared to other common people in the country.
In short, the money order charge or fee will highly depend on the transaction amount that is being done by the individual. The average bank charges are quite lower than one could even think of. Only ten percent of the total transaction amount is cut from the money order fee and nothing else is divided.
Bank of America Money Order
Unfortunately, Bank of America Corporation does not have any money order feature for its customers in the market. Yes, sometimes the bank does help customers with money orders but, they do not have this service specifically. Many banks in the country and around the world do have this service for the common people, on the other hand, many banks or financial institutions do not offer such services to customers in the market.
Now, there could be various reasons for not having this service for customers in the market. People who had dealt with such service from any financial institution felt that they have fallen into a fraud transaction. This is one of the major reasons why some financial institutions do not offer money order services to customers in the market.
For those who do not know what a money order is then, a money order is nothing but a paper document, it is much like a check. The check is written for a specific amount that will be transacted and it must be signed by the payer. But, it does not work exactly like a check works. In money order, money is a guaranteed method of payment, in some ways, it is more secure as compared to checks. Many times checks deposited in a bank get bounced but that would surely not be a case while money ordering.
Cheapest Place for Money Order
Unfortunately, Bank of America might not money order for customers but, other banks do so. Interestingly, other banks do them with a very low money order fee as compared to the average fee kept by the government. Banks are the only place where one could do their money order at a low money order fee.
On the other hand, banks are not always open so what is the other option here for the common people? Other such providers are working from their homes one could easily visit them and do the money order easily.
Conclusion
Bank of America is quite a good bank as compared to other commercial banks in the country. The services offered by this bank are unique as compared to its competitors. The customer service of this bank is quite good and they are highly responsive.
