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quick question, please educate me on money orders.

I have not dealt with money orders much but when someone ask for a PMO I assume that means they want a Postal money order from the post office right? Why isn't a money order from Kroger or Walmart good enough?

Comments

  • drwstr123drwstr123 Posts: 7,026 ✭✭✭✭✭
    PMOs may be cashed at any US Post Office eliminating the visit to a bank.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    and, I suspect that counterfeiting them is a more serious offense.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    Here's what I know about money orders. I don't use them to pay for things, and I do not accept them for payment. 😉
  • MrHalfDimeMrHalfDime Posts: 3,440 ✭✭✭✭
    If you are purchasing a money order, make sure you don't try to use a USPS postal money order for a purchase outside of the United States. You can purchase a foreign money order at the USPS which is good in many countries, but not all. Check with the post office to be sure.
    They that can give up essential Liberty to obtain a little temporary safety deserve neither Liberty nor safety. Benjamin Franklin
  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭
    When you deposit a counterfeit MO into your bank, your bank will take away the funds.

    When you cash a USPS MO at the Post Office window, they check the serial number against a lost/stolen list and then give you the money and you walk away anomalously.
  • savoyspecialsavoyspecial Posts: 7,267 ✭✭✭✭
    I think Broadstruck might be able to offer you an opinion


    I once sent him an off-brand MO and got removed from his Christmas Card list that year image

    www.brunkauctions.com

  • lkeigwinlkeigwin Posts: 16,885 ✭✭✭✭✭
    My local PO refuses to cash PMO's unless they are small amounts. Anything over a few hundred dollars is more than they can manage, I'm told.
    Lance.
  • ianrussellianrussell Posts: 2,450 ✭✭✭✭✭
    I think privately issued money orders can be canceled, like Western Union for example.

    - Ian
    Ian Russell
    Owner/Founder GreatCollections
    GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    USPS money orders are the post office's way of allowing people to safely move cash through the mail for a very small fee. Each postal money order can be for up to $1,000. Purchases of $3000 or more in MO's at the same location requires postal forms to be filled out.

    As a seller postal money orders are my preferred payment method. Good as cash. Cash them the day I receive them, ship while I'm there at the post office. If they're bogus or stolen USPS lets me know right away before I ship. I would not accept non-USPS money orders for payment.

    Ability to cash them depends on the size of the branch and best to do so a few days before the first of the month when the PO is taking in a lot of cash from those paying bills with the MO's. End of day works best.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • LoveMyLibertyLoveMyLiberty Posts: 1,784 ✭✭✭
    This is what I think "I know" about money orders.

    Many businesses will issue money orders, but will accept
    checks, or other means of payment when one purchases it.
    When you go to deposit this type of MO the funds may not
    be there later if the check was cancelled, or a bad credit card
    was used to purchase it.

    When you obtain a U.S. Postal Money Order they require you
    to buy it with U.S. money. The transaction is recorded in a log
    and you get a receipt.
    When that money order is taken to any U.S. Post Office they can
    varify that good payment has been made & the Post office has
    the money to clear their ledger.


    What Derry said,,,he's eloquent & he types faster!

    Some post offices, like my little rural one, may not always have
    the cash on hand, but will make arangements to have it there
    at a later date. Or they may direct you to another post office that
    does have sufficient funds to pay out. I've had no problems up to
    about a $1,000, or so.

    Personally, I will never accept a money order other than a U.S. Postal
    Money Order because you know it's good. Ones from other sources
    may be counterfeited, or the funds are not there to pay you.
    My Type Set

    R.I.P. Bear image
  • bosco5041bosco5041 Posts: 1,303
    Thanks for all of your replies, they clear up my confusion about them somewhat. For the record, I was talking about transactions on the BST and for relatively small amounts such as $500 or $600 or less.
  • bosco5041bosco5041 Posts: 1,303
    Also , the reason I am asking is because I shop at Kroger every few days and I could pick one up there if I made a coin purchase but I would have to drive across town to the post office to get one there.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <i>When you deposit a counterfeit MO into your bank, your bank will take away the funds.

    When you cash a USPS MO at the Post Office window, they check the serial number against a lost/stolen list and then give you the money and you walk away anomalously. >>



    You can check them online yourself. It would be wise to have the buyer send you the S/N before sending the actual MO.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <i>I think privately issued money orders can be canceled, like Western Union for example.

    - Ian >>



    Also the wait to receive a claim for loss takes months and costs more than for PMOs.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <i>USPS money orders are the post office's way of allowing people to safely move cash through the mail for a very small fee. Each postal money order can be for up to $1,000. Purchases of $3000 or more in MO's at the same location requires postal forms to be filled out.

    As a seller postal money orders are my preferred payment method. Good as cash. Cash them the day I receive them, ship while I'm there at the post office. If they're bogus or stolen USPS lets me know right away before I ship. I would not accept non-USPS money orders for payment.

    Ability to cash them depends on the size of the branch and best to do so a few days before the first of the month when the PO is taking in a lot of cash from those paying bills with the MO's. End of day works best. >>



    Or just notify them in advance that you will be presenting a large one for redemption.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭
    AFAIK they don't ask for an ID or a name when you buy one. Basically you can send $$$ anonymously or fictitiously since I think without a name or S/N it would be very time consuming and difficult to find a particular MO among the millions they transact weekly. Also you can pay another party with a blank MO and they are good forever as long as the USPS stays in business. I know of at least one person who stashed cash in the form of blank MOs.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <i>This is what I think "I know" about money orders.

    Many businesses will issue money orders, but will accept
    checks, or other means of payment when one purchases it.
    When you go to deposit this type of MO the funds may not
    be there later if the check was cancelled, or a bad credit card
    was used to purchase it.

    When you obtain a U.S. Postal Money Order they require you
    to buy it with U.S. money. The transaction is recorded in a log
    and you get a receipt.
    When that money order is taken to any U.S. Post Office they can
    varify that good payment has been made & the Post office has
    the money to clear their ledger.


    What Derry said,,,he's eloquent & he types faster!

    Some post offices, like my little rural one, may not always have
    the cash on hand, but will make arangements to have it there
    at a later date. Or they may direct you to another post office that
    does have sufficient funds to pay out. I've had no problems up to
    about a $1,000, or so.

    Personally, I will never accept a money order other than a U.S. Postal
    Money Order because you know it's good. Ones from other sources
    may be counterfeited, or the funds are not there to pay you. >>



    Unless they were doing it after I left, I've never seen them log it on or in anything.
  • coindeucecoindeuce Posts: 13,471 ✭✭✭✭✭


    << <i>

    << <i>I think privately issued money orders can be canceled, like Western Union for example.

    - Ian >>



    Also the wait to receive a claim for loss takes months and costs more than for PMOs. >>



    Ian, I've never found any merchant that would sell a commercial money order for anything other than cash tendered. So I refute your claim that they can be cancelled. All of the commercial money order vendors (i.e. MoneyGram, Western Union) also provide toll free numbers for verifying the authenticity of their instruments. I once actually had a MoneyGram stolen from me. The CS agent at their toll free number was extremely helpful in providing the information on where the instrument was presented for payment ( a nearby branch of BOA) and the name of the individual who had endorsed the instrument. I was able to physically track that person down and recover my $400 under threat of prosecution for filing a false instrument, which in NYS is a felony.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.americanlegacycoins.com

  • Cougar1978Cougar1978 Posts: 7,542 ✭✭✭✭✭
    ON money orders if USPS Mo (preferred) do not ship until cashed at Post Office (to verify authenticity). If not USPS will not ship until clear bank. I will call bank and verify it has cleared before shipment. If personal check, will not ship until has cleared bank. No exceptions.

    At shows I take cash only or trade in like bullion gold coins at melt or certified coins at bluesheet.

    So Cali Area - Coins & Currency
  • SamByrdSamByrd Posts: 3,130 ✭✭✭✭


    << <i>USPS money orders are the post office's way of allowing people to safely move cash through the mail for a very small fee. Each postal money order can be for up to $1,000. Purchases of $3000 or more in MO's at the same location requires postal forms to be filled out.

    As a seller postal money orders are my preferred payment method. Good as cash. Cash them the day I receive them, ship while I'm there at the post office. If they're bogus or stolen USPS lets me know right away before I ship. I would not accept non-USPS money orders for payment.

    Ability to cash them depends on the size of the branch and best to do so a few days before the first of the month when the PO is taking in a lot of cash from those paying bills with the MO's. End of day works best. >>



    image
    Postal money orders are bullet proof if you cash them at the Post Office prior to shipment.
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    Recent banking efforts to eliminate the use of cash will most likely result in the USPS ending its money order program. After all, it is an ideal way to keep transactions involving small amounts of cash under the radar. My prediction is that it will go away.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • coindeucecoindeuce Posts: 13,471 ✭✭✭✭✭
    image As long as the USPS can generate revenue from the sale of money orders, they won't give up on them without a fight.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.americanlegacycoins.com



  • << <i>USPS money orders are the post office's way of allowing people to safely move cash through the mail for a very small fee. Each postal money order can be for up to $1,000. Purchases of $3000 or more in MO's at the same location requires postal forms to be filled out.

    As a seller postal money orders are my preferred payment method. Good as cash. Cash them the day I receive them, ship while I'm there at the post office. If they're bogus or stolen USPS lets me know right away before I ship. I would not accept non-USPS money orders for payment.

    Ability to cash them depends on the size of the branch and best to do so a few days before the first of the month when the PO is taking in a lot of cash from those paying bills with the MO's. End of day works best. >>


    ########
    Yup.
    USPS money orders are as good as gold.
    Usually the first time I buy from a member here I offer that option, as it implies credibility. I paid CASH for that thing, and they can just as easily receive same upon receipt.
    USPS has several services which serve our community well. Check'm out. Beats heck out of these insecure wannbees.
    ######
    Many, many perfect transactions with other members. Ask please.


  • << <i>Recent banking efforts to eliminate the use of cash will most likely result in the USPS ending its money order program. After all, it is an ideal way to keep transactions involving small amounts of cash under the radar. My prediction is that it will go away. >>



    With all due respect, I disagree DerryB.
    I don't think that "THEY" really want to interfere with honest and legitimate transactions.
    "THEY" want to identify, isolate, and act upon those transactions which seem to have an aura (or odor) or ILLlegitimacey upon them. They don't care if you and I and others here transact $!0 billion dollars worth of numismatic transactions, but they DO want to have knowledge of even small ( perhaps just a thousand or two) of transaction which fund terrible/terrorist/unspeakable atrocities.
    ----
    I wish that it wasn't so, but I do accept that the current reality is such that they MUST look at all of us. And determine that you and I are collectors, etc., and that we have legitimate reasons to be sending each other 2 or 3 or 5 thousand dollars. Otherwise wouldn't we suffer from massive economic constipation?
    ---
    So in toto, I believe USPS money orders will not only continue, but actually flourish. They are open, above board, and each time one is in the P.O., one is being photographed., What could be better for the kind of trust which we ROUTINELY engage in here?
    I'm for it .
    John
    Many, many perfect transactions with other members. Ask please.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Last time I had a transaction the buyer sent me a USPS MO for $200. Upon receipt I cashed them at my local branch and then shipped out the merchandise. Easy as pie.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭


    << <i>Recent banking efforts to eliminate the use of cash will most likely result in the USPS ending its money order program. After all, it is an ideal way to keep transactions involving small amounts of cash under the radar. My prediction is that it will go away. >>



    I will (no surprise) disagree with that prediction.

    "They" do not care, IMO, about a million people keeping $300 each "under the radar" nearly as much as they care about the 300 people each keeping $1 million "under the radar", and the latter is who "they" spend their limited time and resources "going after." Everyone reading this will be long gone before postal money orders are.

    Liberty: Parent of Science & Industry

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭
    Ah, I see that RGJohn beat me to the punch as a voice of reason.

    Liberty: Parent of Science & Industry

  • hchcoinhchcoin Posts: 4,825 ✭✭✭✭✭


    << <i>They are open, above board, and each time one is in the P.O., one is being photographed. >>



    I would be amazed if my local post office had a camera in it. I live in the middle of nowhere and the post office operates like it is 1909. It is located in the back of the town gas station/bait shop and is the size of a large closet. It is a one person operation. When the postal employee has to go the bathroom, the store owner has to take over for her. It is like stepping back in time. I love it.

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