How Do Money Orders Work?
No. However, depending upon the state of purchase, if you do not use or cash the money order within one to three years of the purchase date.can
If you don't have a checking account or don't want to send a personal check to somebody, you can purchase a money order at many banks, the post office or inside some supermarkets. Money orders are secured checks; you pay for the check upfront, plus a fee and the recipient cashes the money order at his bank. Money orders don't necessarily expire, but banks may follow the same rules for cashing them as for cashing checks. Always consult with your bank in order to determine if any specific expiration rules apply to your money order. There are no federal laws limiting the amount of time a money order is good for. However, the company that issues the money order may impose limits on how long the money order can be used. For example, Fidelity Express charges a service fee if a customer cashes a money order that is more than two years old.
Money orders are a prepaid note, similar to a check, that can be made out and used to pay bills or send money securely in the mail. You can buy a money order for a set value from the post office, banks, credit unions, retail stores, and other establishments. When you buy a money order you pay the face value of the money order and usually a small fee. This makes a money order more secure than a check on both ends. In this article, we cover the ins and outs of the standard expiration rules for all of the major money order providers, including banks, Western Union, MoneyGram, and of course, the good old U. Post Office.
A money order is a safe and convenient way to pay bills or send money to someone else. You buy a money order from a place that sells them, turning over your cash for a small, printed document that looks a bit like a bank check. The amount of the money order appears on the face, as does the issuer. When you add a payee's name to the money order, that payee can then deposit it and, if needed, credit you with the payment. Money orders are safer than cash, but they don't last forever — after several years, they may no longer be redeemable. Sending cash through the mail is dangerous, but not everybody has a checking account or a bank account available for automatic withdrawals. One alternative is to pay your bills with a money order.
A money order is a small piece of paper similar to a check that allows the person named to receive a specified amount of cash. Money orders are widely available, cheap, and they offer a more secure way to make a big purchase than paying with cash. Money orders are inexpensive depending on where you buy them. Ironically, banks may actually be your worst bet because fees are all over the map. The U. Photo: Random Retail.
The only constant in life is change. What if it goes missing or gets stolen? To do so, either fill out a form or take the money order back to the place you originally bought it. Bring identification and any information you have about the money order ideally, you have a receipt to start the process. Read on for more details about the process. You can often do this in person, but you can also mail in a form with Western Union, you can send the form by fax or email, which helps to ensure faster processing.
Explore other articles on this topic. However, depending upon the state of purchase, if you do not use or cash the money order within one to three years of the purchase date, a non-refundable service charge will be deducted from the principal amount. The service charge conditions are described on the back of the money order. If the money order meets those conditions, a non-refundable service charge will be deducted from the amount shown on the money order. The money order should not be presented for payment deposited or cashed , as it will be returned unpaid.
Do money orders have an expiration date?
Money orders are a secure payment method. They are convenient, affordable, and widely accepted. -