To be safe, cash or deposit the money order as quickly as possible. Doing so reduces the chances of problems, like somebody canceling the money order. The two key risks you face when getting paid with a money order are:. Some money orders are fake, and con artists regularly use them for online scams.
For up-to-date forms and the fastest service, contact your money order issuer immediately, and get forms directly from them. Money orders typically do not have an expiration date. However, some institutions may charge a fee for cashing money orders more than a few years old. If you have an outstanding money order that you don't want to be cashed, be sure to cancel it.
If you're unsure whether a money order has been cashed, you can contact the issuing institution to track it. MoneyGram, Western Union, USPS, and local banks all have different procedures for tracking lost money orders , and each will require a fee for the service. If you make a mistake when issuing a money order, you probably can't change the existing order. You'll have to cancel it and issue a new one. Money Gram.
Western Union. United States Postal Service. Federal Trade Commission. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. You can use apps like Venmo and PayPal to send money with one swipe, and many banks, like Chase, use Zelle to transfer money directly from your checking account.
You can write a personal check, too, for zero fees and more protection, should the check get lost or stolen. You can buy a money order for a small fee at convenience stores, money order businesses, big-box stores, and at some credit unions and banks. There are drawbacks to using money orders such as a limited amount of money on each order, fees, and a 30 day or more waiting period for a refund on a canceled money order.
Unfortunately, if you make a mistake, it is hard to correct. For example, if you write out the wrong payee name or misspell it, you will have to ask for a refund, which could take 30 days, according to Western Union. If someone finds a blank money order with a specified amount on it, in theory, they could fill it out and cash it. If you find a blank money order with no cash value listed, you cannot cash it.
Anyone can cash a money order, assuming it is made out to them and they have valid identification. United States Postal Office. Accessed Sept. Western Union. Checking Accounts. Personal Finance. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile.
Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights.
Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Your Practice. Popular Courses. Table of Contents Expand. What They Cost. What Information You Need. How to Fill out a Money Order. How to Deliver a Money Order.
Mistakes to Avoid. Advantages and Disadvantages of Money Orders. How to Cancel or Replace a Money Order. Alternatives to Money Orders. The Bottom Line. Frequently Asked Questions. Key Takeaways Money orders are easy to buy and cash, and about as simple to fill out as writing a check. Fees vary widely, so check in advance. Avoid using a credit card. Once you fill in the recipient's name, the money order is safe from misuse.
If you're paying a bill, include an account or invoice number to ensure the payment is credited correctly.
It can take up to 30 days or more for a refund if you cancel your money order. Money orders are helpful for people without checking accounts. What if the money order was cashed?
Show More. Can you cancel a money order? A savings account is a place where you can store money securely while earning interest. Learn More. LendingClub High-Yield Savings. APY 0. Discover Bank Online Savings. Cash management accounts are typically offered by non-bank financial institutions. Wealthfront Cash Account. CDs certificate of deposit are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts. Capital One CD. APY 1.
Chime Spending Account. One Spend. Citi Priority Checking. LendingClub Rewards Checking. Money market accounts pay rates similar to savings accounts and have some checking features.
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