It can be an alternative to a cheque. You have to buy a money order by paying cash. So, there are no probabilities of it getting bounced.
Two people or groups can use this method of payment in exchange for a deal. You can also recover your cash if your money order is stolen by showing its receipt.
Complete information regarding Money orders is present in this article. You can obtain a money order from several places. All the questions about money orders are pen down.
Money order on a Sunday
Money Orders are a definite type of payment. It is considered a safer means for money transactions.
Unfortunately, you cannot purchase a money order on a Sunday. But there are some places where you can get a money order on a Sunday.
Places to buy Money Orders on a Sunday
If you want to purchase a Money Order on a Sunday, you can visit the following places:
Walmart7-ElevenCVSRite Aid
Money Order working method
A money order works like a check, but it is paid in advance.
You need to buy a money order. Write the recipients’ names on the money order with your name. When the recipient gets the money order, they can cash it by taking it to the bank, ATM, or location written on the money order.
Money Order charges from these places
Here is how maximum money orders you can buy from these stores and their fees.
Walmart charges an $0. 88 US Dollar/ Money Order allowance. You can buy a money order for up to $1,000 US Dollars. 7-Eleven charges a fee of $0. 65 US Dollar/ Money Order. You can buy a money order for up to $500 US Dollars. CVS charges a $1. 25 US Dollars/ Money Order fee. You can purchase a $500 US dollar money order. Rite Aid charges a fee of $0. 99 US Dollar/ Money Order. You can buy a $500 US dollar money order.
Are Money Orders secure?
Yes, Money Orders are safer means of money transaction for the following reasons:
You can track your money order. You can even cancel it anytime if lost or sent to the wrong person. And no one except the recipient can cash the money order.
What if a Money Order bounces?
No, a money order can never bounce because it is prepaid. Even though a money order works like a cheque, it cannot rebound like a cheque.
There is a risk of money order bouncing only if the linked account does not have enough money.
Money Order Charges
The fee varies from $1 US Dollars to $5 US Dollars depending on the purchase.
Banks charge $5 US Dollars. US post offices charge $1. 45 US Dollars for a purchase of $500 US Dollars and $1. 95 US Dollars for purchases of $500. 01 – $1000 US Dollars. Walmart charges up to $1 US Dollar.
Process of Cashing a Money Order
Here is a guide to cash in the Money Order:
Take your money order to your bank or convenience store. Sign the behind of that money order. Sign the money order at the counter and not prior. Prove your identity. Receive your payment.
Withdraw a Money Order
You can also withdraw a Money order. You need to submit a cancellation request along with the fee. You will have to visit the required place for this.
For Money order cancellation, you can go to a different place without any worry. It is cooperative if you go to the same area. You can also visit any post office dealing with the Money order.
Money Order cancellation procedure
To cancel your Money Order, you must have a specific reason. The cancellation process comprises of few steps following is a step-by-step guide:
Contact the LanderGive detailsAdd receipt copySubmit a cancellation requestPay cancellation fee
Rewards of using a Money Order
Here are the rewards of using a money order:
You can trace your money order. No one can cash a money order except the recipient. No chances of getting bounced. The lost money order can recover. Safer means of allocating money.
Drawbacks of Money Order
Here are how sometimes money orders can be disadvantageous:
They have a limit to purchase. You need to pay the allowance separately for each money order. You have to be in person.
Conclusion
Money Orders are secured means of money transactions.
You can track a money order if your money order is misplaced.
Places that sell money orders are usually unavailable on a Sunday. But there are places like Walmart which sell money orders on a Sunday.
One good thing about a money order is that only the recipient can cash the money order.
You can also cancel a money order whenever you want. If you think there is something fishy.
Another good thing about money orders is that they can never bounce because they are prepaid.
