How To Fill Out A Money Order Step-by-step

How To Fill Out A Money Order Step-by-step – A money order is a safe alternative to cash or a personal check, usually issued by a government or banking institution, that works similarly to a check. A money order can be cashed or deposited into a bank account.

Money orders are easy to accept and convert to cash and are often used by people without access to a standard checking account. It is an acceptable form of payment for debts, both personal and business, and can be purchased for a small service fee from most institutions. Money orders were first issued by American Express in 1882 and later became popular as traveler’s checks.

How To Fill Out A Money Order Step-by-step

If you purchase a money order, you must fill in the recipient’s name on the form and the amount to be received. Most money orders have a maximum limit of $1,000. Therefore, you will need to purchase multiple orders if you need more than that amount. Be sure to fill out the money order carefully; it’s a one time purchase and you should keep good records.

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The financial institution or authorized entity that issues the bill to the payee will have the name of the payee or entity, the name of the issuer, and the cashable amount. This dollar value does not include any fees charged. Factor in all costs when purchasing a money order. A bank or credit union will usually charge more than a store to issue a money order.

When you pay a money order, it comes with a receipt that includes the serial number of the money order. You should keep this information until you are sure that the money order has cleared. Without a receipt, tracking money orders can be difficult or even impossible.

A money order is harder to track than a check, so keep your receipt until you are sure the order has been received and cashed.

You can buy money orders at any bank or credit union, as well as most grocery stores, convenience stores, and any store that offers check cashing or money services such as MoneyGram or Western Union. The US Postal Service also offers money orders.

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To order one, you only need to bring enough money to pay for the money order, either in cash or with a debit card.

For transactions above $3,000, you may be asked to present your ID and fill out a special form. This information is used to prevent money laundering.

Although there is an additional fee for withdrawing money from the order, the fee is generally only a small fraction of the value of the order. For example, the US Postal Service charges $1.75 for money orders up to $500, and $2.40 for orders from $500.01 to $1,000. Fees are lower for money orders issued at military postal facilities.

Money orders from commercial institutions may have different prices, but the cost will be the same. However, international money orders may incur higher fees.

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A cashier’s check is similar to a money order, as both are sometimes used to make payments in situations where cash or a personal check is impractical. It also can’t be bought with credit—you have to use cash.

But unlike a money order, a cashier’s check is simply a check written by a financial institution against its own assets. It is considered more reliable than personal checks because there is no chance of bounced checks.

For this reason, cashier’s checks are often used for large purchases, such as for a home or vehicle. While banks may hold personal checks for large amounts of money, funds issued by cashier’s checks must be available the next business day.

Instead, money orders are usually used for smaller transfers, such as for rent or mortgage payments. Many agencies, such as the US Postal Service, cap money orders at $1,000.

How To Fill Out A Money Order

In addition to checks and money orders, other ways to send guaranteed funds to individuals or businesses include traveler’s checks, wire transfers, bank drafts, and cashier’s checks. But money orders are often used to make payments in situations where the party to be paid is not set up to receive the money.

In some cases, personal checks, debit cards, credit cards, or online payment applications may also be accepted for payment. However, money orders are quite different from this alternative. Unlike card or electronic payments, money order acceptors do not need special technology to accept money orders. And, unlike checks, money orders cannot bounce.

When you buy a money order, you will need to include information about the purchaser (you) and the recipient. Write the intended recipient’s name in the “Payment to Order” field, and your full legal name and address in the appropriate field. Enter the amount to be transferred. Some money orders may not ask for your address. Finally, enter the date of the money order, and keep the receipt.

You can cash a money order at the same place that issues a money order, such as a bank, credit union, post office, check-cashing store, or even some convenience and grocery stores. You must validate, or sign, the order and verify your identity. There may be a small fee for cashing a money order, which you can skip by depositing the money order into a bank account.

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Money orders do not expire, but depending on the situation and the issuer, they may charge an additional service fee if you cash more than a year after being issued. These terms will be explained on the back of your money order. However, domestic money orders from the US Postal Service will not expire or lose value.

A money order allows the recipient to receive cash payments directly from a bank or other financial institution. For this reason, money orders are a popular way to make small and medium-sized payments in situations where cash or personal checks are not practical. Unlike cash, lost money orders can be replaced (with a given receipt), and they cannot bounce due to insufficient funds.

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Written by René Bennett Written by René BennettArrow Senior Banking Writer René Bennett is a writer for , reporting on banking and personal finance products. Rene Bennett

Edited by Karen Bennett Edited by Karen BennettArrow Right Consumer banking reporter Karen Bennett is a consumer banking reporter at. He uses his financial writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen Bennett

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