![]() Slower payment: Unlike cash or a payment from your debit or credit card, a money order can take a few days to get to the recipient if you mail it.While money orders are more secure than some other options for money transfers, they also have disadvantages: Can easily be tracked: Your money order receipt has a tracking number you can use to check whether the order has been cashed.However, the issuer might eventually charge a service fee. Doesn’t expire: A money order generally doesn’t have an expiration date, so if the recipient forgets to cash it for a while, you won’t need to send a replacement.And your recipient doesn’t need a bank account to cash the money order. Doesn’t require a bank account: Because you can pay for a money order with cash, you don’t need to belong to a bank or credit union to send one.A safer alternative to checks: Personal checks have your name, account number and bank routing number on them, making them relatively insecure if you lose one or your checkbook gets stolen.Here are some of the benefits of using money orders. Here’s a look at the pros and cons of money orders: Pros of a Money Order They aren’t the ideal solution for everyone, though. Money orders provide an easy and secure way to send money and pay for services. If the money order is lost or stolen, the receipt helps you cancel it. Always take this receipt, as it has your tracking number for the money order and gives you proof of purchase. No matter where you get a money order, the teller or cashier will offer you a receipt. You won’t sign the back, as that’s meant for the recipient. This makes the money order official, allowing the recipient to cash it. You’ll sign the front of the money order. If you’re paying debt, you’ll write the account number associated with that creditor. Toward the bottom of the money order, you may see a section labeled “Memo,” “Account Number” or “Payment for.” You won’t write your bank account number on the memo line, but rather your account number or order number associated with the business you’re paying.įor example, if you’re paying a utility bill, you’ll write your account number for that utility company. #3 Write Your Account or Order Number in the Memo Field Again, all information needs to be correct. If there’s a separate line for the recipient’s address, fill that out as well. Right under the “Pay to” section is the purchaser’s address field. #2 Write Your Address in the Purchaser Section Make sure you spell everything correctly. ![]() In the “Pay to” or “Pay to the Order of” section, fill out the full name of the person or business the money is going to. If this is wrong, that person can’t cash the money order. One of the most important parts of the money order is the name of the person you’re sending the payment to. When you first ask for a money order, the teller fills in the payment amount you’re requesting. A money order looks similar to a personal check though you’ll need to fill in additional information such as your address and the account number associated with the business you’re paying.
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