Whats the difference between a check and a money order? Which would you rather accept for a coin pur

BigE · February 21, 2011 2:51PM

Heard lately of fake M/O making the rounds of sellers, and then while researching the Postal Service website today I noticed you can get duplicate postal M/O if yours are lost or stolen! A thief might get 2 for 1 M/O's! Maybe a check is easier/better than a M/O?? Can you verify when a M/O from 7/11, a Supermarket or the PO is good any easier than a check? What do you think? ----------BigE

vann · February 21, 2011 2:58PM

Postal money orders are probably the safest since you can cash them at the Post Office and they will make sure it's good before cashing them. On the other hand if it's for an amount over $1,000 you may not be able to cash them all at once or they may tell you to come back if they don't have the funds on hand.

MarkInDavis · February 21, 2011 3:06PM

A money order (or cashiers check or certified check), if not forged, will cash. A real nonforged check may not clear due to insufficient funds. Most of the time, you can call the issuer of a money order (cashiers check or certified check) to confirm its authenticity. I like to use my bank's version of a cashiers check called a "Personal Money Order" because I can get them for free. Anyone can call my local branch to confirm its validity.

BAJJERFAN · February 21, 2011 3:07PM

<< Postal money orders are probably the safest since you can cash them at the Post Office and they will make sure it's good before cashing them. On the other hand if it's for an amount over $1,000 you may not be able to cash them all at once or they may tell you to come back if they don't have the funds on hand. >>

The best thing is to give them a day or so notice that you will be presenting them for redemption so that they will have the funds on hand.

vann · February 21, 2011 3:16PM

<< A money order (or cashiers check or certified check), if not forged, will cash. A real nonforged check may not clear due to insufficient funds. Most of the time, you can call the issuer of a money order (cashiers check or certified check) to confirm its authenticity. I like to use my bank's version of a cashiers check called a "Personal Money Order" because I can get them for free. Anyone can call my local branch to confirm its validity. >>

Unless it's drawn on a a major bank, you may not be able to cash it if there is no local branch (you would have to deposit it at your bank). Some banks will also charge you a fee to cash a check/money order if you don't have an account. While you can call to see if a check is good, the sender can still stop payment and nothing beats having the cash in hand before you send out goods.

melvin289 · February 21, 2011 3:22PM

I have always preferred to pay by personal check and yes it does offend me that one might think my check is not good. But, the way things are today I don't blame the seller and don't mind waiting until my check clears to receive whatever I have purchased. It is only good business to see if my money is good before mailing off your hard earned items.

Ron

howards · February 21, 2011 5:49PM

Since money orders can be forged nowadays, I see little practical difference between money orders and personal checks. I accept either one for purchases. If I have any concerns about whether the money order/check is good, then I wait two full weeks before shipping.

My bank tells me that two weeks is more than enough time to discover a problem if there is going to be one.

I'd rather take a check/money order than PayPal!

llafoe · February 21, 2011 7:57PM

I accept checks and I always send their coin(s) the same day they send their check(s). In over 30 years, I've only received one bad check; for $3. I currently have 5 checks from forum members in the mail to me; as I have 5 packages of coins in the mail to them. We should receive the checks/coins today.

Every form of payment has their pros/cons. Why not use the one that has the least costs to both parties? When I receive a check, I take it to the bank and cash it the day I receive it in the mail. I receive payment the day they receive their coins. It's the fairest of all scenarios.

Steve27 · February 21, 2011 8:18PM

Back to the OPs original question, they're probably both considered to be negotiable instruments, but the MO has cash backing it up before it's issued. Thus, if you receive a MO, you can cash it immediately as opposed to a check which you have to wait to clear. I always prefer MOs to checks, but I have no problem taking either.

notwilight · February 21, 2011 8:23PM

Check. Nobody uses money orders for large purchases. --Jerry

llafoe · February 21, 2011 8:29PM

<< Back to the OPs original question, they're probably both considered to be negotiable instruments, but the MO has cash backing it up before it's issued. Thus, if you receive a MO, you can cash it immediately as opposed to a check which you have to wait to clear. I always prefer MOs to checks, but I have no problem taking either. >>

I think the OPs original "implied" question is: If checks AND money orders are easily faked? Why not just accept a check?

RYK · February 21, 2011 9:23PM

When I see a BST ad requiring a money order, I move along. If you do not accept my check, we do not do business. Coin purchases are simply not worth the extra hassle of me making an extra trip to the post office.

YMMV

llafoe · February 21, 2011 9:37PM

<< YMMV >>

Been reading your children's text messages again?

Edited to add: I might need to explain this since it will probably make most scratch their heads... We know to RYK that YMMV means "Your mileage may vary." but to our younger crowd, it means "You make me vomit." I keep forgetting my audience!

roadrunner · February 21, 2011 9:51PM

<< I have always preferred to pay by personal check and yes it does offend me that one might think my check is not good. But, the way things are today I don't blame the seller and don't mind waiting until my check clears to receive whatever I have purchased. It is only good business to see if my money is good before mailing off your hard earned items. Ron >>

But there is never a guarantee that the seller will ship you what you paid for. How do we know the seller is any good? What makes their "word" any better than yours as the buyer?
Just because they claim to have merchandise or ran an auction or ad doesn't make them any better than you.

Bad checks can come back to haunt you far longer than after they initially cleared. Banks can come back months after the fact and take that money back from you if there was something wrong with that original check. A good forgery or stolen account might not show up until a number of checks cleared and the rightful owner caught wind of it.

roadrunner

Broadstruck · February 21, 2011 9:55PM

<< 

<< YMMV >>

Been reading your children's text messages again?

Edited to add: I might need to explain this since it will probably make most scratch their heads... We know to RYK that YMMV means "Your mileage may vary." but to our younger crowd, it means "You make me vomit." I keep forgetting my audience!

>>

llafoe, Have you been double dating with ANACONDA

pf70collector · February 21, 2011 9:56PM

I prefer money orders. Checks can haunt you later on. I never had a problem with either one of them though. I have been lucky with honest people.

llafoe · February 21, 2011 9:57PM

<< 

<< 

<< YMMV >>

Been reading your children's text messages again?

Edited to add: I might need to explain this since it will probably make most scratch their heads... We know to RYK that YMMV means "Your mileage may vary." but to our younger crowd, it means "You make me vomit." I keep forgetting my audience!

>>

llafoe, Have you been double dating with ANACONDA

>>

NO!!!!! We've actually been on three dates!

llafoe · February 21, 2011 9:59PM

<< I prefer money orders. Checks can haunt you later on. I never had a problem with either one of them though. I have been lucky with honest people. >>

People with money aren't necessarily honest. Most are politicians or lawyers... or both!

derryb · February 21, 2011 10:11PM

Personal checks can be reversed even after they "clear."

Bad Postal Money Order List

pf70collector · February 21, 2011 10:19PM

All those missing money order forms? Are they stolen from Postal Employees? Hard to believe they are just lost but I guess it could be possible. It is a large operation. Probably about one missing order form per postal location.

RYK · February 21, 2011 10:30PM

I agree with RR. All of these PayPal gift or money order only BST ads say "I do not you, but you should trust me." For a comfortable transaction, there should be mutual trust.

Additionally, when the seller accepts the money order or PP gift, there is no recourse for the buyer if the seller fails to deliver.

notwilight · February 21, 2011 11:23PM

<< When I see a BST ad requiring a money order, I move along. If you do not accept my check, we do not do business. Coin purchases are simply not worth the extra hassle of me making an extra trip to the post office.

YMMV >>

I agree. I might ask if they'll take my check. But I won't stand in line for a money order. --jerry

derryb · February 21, 2011 11:34PM

<< 

<< When I see a BST ad requiring a money order, I move along. If you do not accept my check, we do not do business. Coin purchases are simply not worth the extra hassle of me making an extra trip to the post office.

YMMV >>

I agree. I might ask if they'll take my check. But I won't stand in line for a money order. --jerry >>

But it's OK for them to stand in line to mail you your purchase?

BAJJERFAN · February 21, 2011 11:38PM

<< All those missing money order forms? Are they stolen from Postal Employees? Hard to believe they are just lost but I guess it could be possible. It is a large operation. Probably about one missing order form per postal location. >>

I would guess that stolen money orders are a bigger problem than forged ones.

If one buys one and never cashes it, I wonder if it gets on the list. I know there are people who convert their excess cash into money orders.

llafoe · February 21, 2011 11:49PM

<< I know there are people who convert their excess cash into money orders. >>

I convert my excess cash into ex-wives!

RYK · February 22, 2011 12:00AM

<< 

<< 

<< When I see a BST ad requiring a money order, I move along. If you do not accept my check, we do not do business. Coin purchases are simply not worth the extra hassle of me making an extra trip to the post office.

YMMV >>

I agree. I might ask if they'll take my check. But I won't stand in line for a money order. --jerry >>

But it's OK for them to stand in line to mail you your purchase? >>

As it is okay for me to stand in line to pick it up, if required.

There is no argument, short of a ridiculous scenario like buying a $20,000 coin for a $200 money order, that is going to make me go to the post office and purchase a money order for a coin.

vann · February 22, 2011 1:11AM

<< I agree with RR. All of these PayPal gift or money order only BST ads say "I do not you, but you should trust me." For a comfortable transaction, there should be mutual trust.

Additionally, when the seller accepts the money order or PP gift, there is no recourse for the buyer if the seller fails to deliver. >>

In terms of buyer recourse in the event of non-delivery, paying by check would only give you the ability to stop payment if the seller is unable to cash it at a local branch vs depositing the check which would give you more time to stop payment. You can also stop payment on a money order before it's been cashed. On the other hand, using PayPal gift payments for goods or services is essentially fraud (of PayPal service fees) and a violation of their terms of service so it would probably invalidate any recourse for the person sending the money.

RobertS · February 22, 2011 1:44AM

I was told by my bank than nowadays even certified checks can be canceled by the purchaser.

Whats the difference between a check and a money order? Which would you rather accept for a coin pur

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