One smart way to make a guaranteed payment without exposing your private information is via Money Order.
With a money order, you can pay a bill without worrying about bounced checks and money getting trapped in emails. It is indeed a safe and secure form of payment; however. You need to know how it works to enjoy these benefits.
This publication contains a step-by-step guide on how to fill out a money order without stress. You will also discover the best places to buy a money order at a cheaper cost. Read on to get the most.
Table of contents
What Is Money order?
A money order, according to Wikipedia is a payment order for a pre-specified amount of money. As it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a check.
Where Can I buy a money order?
Money order documents can be obtained from financial institutions, credit unions, post offices, delis, and chain retail stores, like Walmart. Cvs also sell money orders.
How Much Can I Buy Money Order?
The price of the Money Order varies depending on the particular vendor. The United States Postal Service (USPS) charges $1.25 for money orders under $500 and $1.75 for money orders of $500.01 to $1,000. And the USPS charges $0.45 for military money orders (issued by military facilities) of any size.
How To Fill Out a Money Order- Step-by-Step Guide
Completing the money order form is easy but can be risky is you fail to do
#1. Fill the Recipient’s Name
Carefully write the name of the person or business you are sending the money to in the field labeled “Pay to the orders of”. Ensure you have the correct spellings of the names because you cannot make any alterations once the order is processed. Errors in this field may lead to problems cashing out.
#2. Provide your Address in the Purchaser’s field
Fill in your current mailing address. This will help the recipient contact you if the need arises. Use your full legal name and your current mailing address in this section.
#3. Sign The Money Order
The front of the money order has a field labeled “Purchaser’s signature”. Your signature indicates that the money order is official.
#4. Additional Information
This may include your account number and other transaction details that will help you to recognize and track your payment.
#5. Pay For The Money Order
You can purchase a money order with a debit card, a traveller’s check, or cash. Some stores may allow you to pay for money orders with your credit card.
Once the payment is done, you will receive a receipt that contains your tracking information to help you know when your money has been cashed.
Ensure you store the receipts and other documents in good condition. This will help you recover your money order in case it’s stolen or lost.
Benefits and Drawbacks Money Orders
Benefits
Drawbacks
- Money Order is limited to $1,000 or even less and, therefore, not a good option for larger purchases.
- Not convenient like checks
- Fees can add up
- Money orders can be faked easily and used by online scammers.
Alternatives To Money order
Money Orders are a popular, inexpensive payment method that has been around for years. Recently, competitors like Zelle and Venmo have emerged.
Reference
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