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The information on this site does not modify any insurance policy terms in any way. When filled out properly, these paper documents allow you to securely send or receive payments, providing an alternative to cash, checks or credit cards.
The requirements to fill out a money order vary by institution, whether its Western Union or the United States Postal Service.
Some issuers limit your payment options, too. Here are the steps to follow when you fill it out:. Spell everything correctly, making sure your writing is legible and in ink. There may be a second address field where you can fill in the address of the person or business you are paying or sending money to. A memo line allows you to note what the money order is designated for.
You can use cash or a debit card to buy money orders at the post office, Walmart and Western Union. You specify who will receive the money order , and both you and that person must sign it for it to be valid, which cuts down on theft. You also prepay for a money order , at a location such as a U. Have everything you need: Be prepared with cash or a debit card, the name of the payee and the amount you want to send. Paying with a credit card might be possible, but will usually cost extra.
For step-by-step instructions, check out NerdWallet's guide on how to fill out a money order. Be careful to ensure that everything is accurate because you won't be able to change the information afterward. Keep the receipt: The receipt will be a carbon copy of the money order or a paper slip recording the information entered on the money order.
Track your money order: Your receipt will also have a tracking number that you can use to verify that the money order got to the intended recipient. If any problems arise, contact the place where you bought the money order to get help. You'll get a better deal at Walmart or a money transfer agent, and you'll typically pay more at a bank. Money transfer agents convenience stores, supermarkets, etc. Depends on the provider. Postal Service. Banks and credit unions. Depends on the financial institution.
In the market for a provider? Here are our best ways to send money. Bank of America. Must be purchased in a branch. Wells Fargo. Ally Bank. Citizens Bank. TD Bank. Note that many banks will only sell money orders to accountholders. Some outlets allow you to buy a money order with a credit card, but others don't, including Walmart and the U.
In those cases, you'll have to use a debit card or cash to buy a money order. Even if the provider you choose does let you pay with a credit card, it'll be much cheaper not to. That interest rate might be greater than the rate you'll pay on a normal purchase.
If the issuer issues a monthly service charge for each month past the deadline, the money order might not be worth anything after a certain period of time.
The Uniform Commercial Code says that banks do not have to cash checks that are more than six months old unless the check is certified. Thus, banks have the discretion to refuse to cash a money order that is more than six months old, even if the issuer does not put any expiration date on the money order at the time of issue. If someone contacts you saying he found an old money order and wants to give you a percentage of it in exchange for cashing it, do not agree to do so.
This is a variation of an advanced-fee scam, which the scammer offers you "free" money and then continually asks you to pay fees or other costs prior to receiving your money. In addition, some scammers ask you to cash a money order for a larger sum of money than the scammer owes you and keep the difference. You cannot pay with a credit card. Fill out the money order at the counter with a retail associate. Pay the dollar value of the money order plus the issuing fee.
Keep your receipt to track the money order. Money Order Fees Fees are based on the money order dollar amount. If you hold the money order up to the light you should see: Watermarks of Ben Franklin on the left side repeat top to bottom circle 1 on image.
Check the Dollar Amounts If the dollar amount is discolored, it may have been erased, indicating fraud circle 3 on image. Make sure the dollar amount is imprinted twice circle 4 on image.
See if the dollar value is too large. Suspect a Fake? If you suspect fraud, call the U. Postal Inspection Service at How to Cash Domestic Money Orders Domestic money orders never expire and they do not accrue interest.
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