![]() How Do You Deposit a Money Order?ĭepositing a money order at your bank is just like depositing a check. But call the individual office first to make sure it’s able to cash money orders and doesn’t charge a fee. For instance, there’s no fee to cash a postal money order at the post office. In most cases, you can also avoid fees by taking your money order to the issuer. As long as you have an account, you pay no fees for this service. The easiest way to avoid fees when you cash money orders is to take them to your bank or credit union. Where Can You Cash a Money Order for Free? Still have more questions about money orders? Check out our list of common questions and answers. For money orders of $1,000 to $5,000, the fee is $8. It costs $4 for a money order of up to $1,000. And some places have a tiered price structure.įor instance, Walmart’s usual fee for redeeming a MoneyGram money order is the same as its fee for check cashing. At others, it’s a percentage of the total amount. At some places, this is a flat fee of a few dollars. Most places that cash money orders charge a redemption fee, including banks where you’re not a customer. Some pharmacies, such as CVS and Rite Aid, have Western Union or MoneyGram counters. For instance, you can cash Western Union and MoneyGram money orders at Walmart. A few other retail chains sell and cash money orders. However, individual stores that sell money orders don’t always have the ability to cash them. Some convenience store chains, such as 7-Eleven, offer money orders. If yours does, you can cash money orders from that issuer at the customer service counter. Large grocery stores sometimes offer Western Union or MoneyGram services for customers. But these stores often charge high fees for their services. A check cashing store is a business specifically for people without bank accounts to convert checks and money orders to cash. However, if it’s for a large amount, a small post office may not have enough cash on hand to pay it. In theory, if you have a USPS money order, you can cash it at any post office. Postal Service (USPS) is also a money order issuer. But not every office can cash money orders, so check ahead of time to avoid wasting a trip. For instance, you can cash Western Union money orders at Western Union offices. You can also cash a money order at the location that issued it. If you use a bank where you don’t have an account, you’ll pay a fee for the service. You may need to deposit most of it and receive only a portion up front. However, you can’t always receive the full amount in cash right away. Most banks and credit unions let their account holders cash money orders for free. There are many places to cash a money order, including: Make sure the cash is securely stashed away before you walk out of the store. Count the money before putting it in your wallet, and ask for a receipt if you didn’t get one. Get Your Cashįinally, the teller will take the money order and hand over your cash. For instance, if you present a $500 money order and pay a $5 fee, you’ll receive $495. In most cases, this fee can simply come out of the amount of cash you receive. Pay Any Applicable Feesĭepending on where you cash your money order, you might have to pay a fee for the service. Options include a driver’s license, a passport, or a military ID. To make sure your identification is accepted, use a government-issued photo ID. When you submit your money order, you must also present an acceptable form of identification to prove you’re the intended recipient. If you endorse it ahead of time and then lose it, whoever picks it up could try to cash or deposit it themselves. Don’t do this until you’re at the location and have determined that it will accept your money order. Walk up to the desk and sign your name on the back of the money order. Some options include convenience stores, grocery stores, and post offices. If you don’t have a bank account, or if your bank is closed when you go to cash the money order, there are many other places to do it. If you have an account at a bank or credit union, you can redeem your money order there for no charge. You can walk into your chosen location with your money order and walk out with cash in a matter of minutes. Turning a money order into cash is a simple process. You have more choices about where to do it, so you can choose the place and time that’s most convenient for you. This means it’s actually safer for you than a personal check because there’s no risk it will bounce.Īs for cashing it, that’s even easier than cashing a personal check. Instead of drawing it on their own account, the payer purchases it with cash. A money order is just like a check, but it’s prepaid. The answers are yes, it is, and no, it won’t. Is this a safe form of payment? And is it going to be a big hassle to turn it into cash? You find a buyer who agrees to the price and wants to pay with a money order. ![]() Suppose you’ve decided to sell your old couch on Craigslist.
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