How do money orders work?

Weather11am · January 26, 2007 11:29PM

Hi,

I have somebody paying with a money order for the first time and am wondering how they work. Are they safe? Do I cash them in at a bank? How long do they take to clear? Let me know.

Andy

Barndog · January 26, 2007 11:32PM

get a postal money order if you can, I like them best. Cash them or deposit them, they are quite safe.

Barndog · January 26, 2007 11:33PM

btw, postal money orders are pretty much "instantaneous" insofar as clearing is concerned

100proof1957 · January 26, 2007 11:41PM

postal is the way !

take it to the PO and cash it !

19Lyds · January 26, 2007 11:43PM

Go POSTAL! They are CHEEP. 99 cents up to $500

Steve · January 26, 2007 11:50PM

I believe the poster said he will be RECEIVING a money order from a buyer. It may be a postal money order or it may be a bank money order. In either case the amount has been taken from the buyer and the payment is the responsibility of either the postal service or the bank that issued the money order. It is very safe and you can cash it at either the post office if it is a postal money order or any bank if it is a bank money order. Either place should pay you in CASH with proper identification. Steve

MacCrimmon · January 27, 2007 12:11AM

If it's a U.S. Postal money order, you can check it here.

See the link to the left side for stolen blocks of money orders....check yours against that list before sending the merchandise.

Western Union probably has something similar.

planetsteve · January 27, 2007 12:21AM

Great information -- I'm curious too -- are there any other types of counterfeits worth talking about?

I wonder if anyone collects these MOs...

BAJJERFAN · January 27, 2007 12:28AM

If its anything other than a postal MO it could very well be stolen with no easy way to verify that; thats why a lot of sellers won't take money orders issued thru Walgreens or places like that.

How do money orders work?

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