postal money order question

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Posted By: tom mcconnell

i have sent many postal money orders out over the years and have recieved just as many .when i have sold an item i have allways sent items out right away when i recieved a postal mo and never waited for it to clear and when i send out mo the people i have sent them out to have always sent items pronto .but lately had 2 people say the bank said they needed 5 days for they to clear has something changed ?

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Posted By: Matt

it's possible to forge money orders; perhaps the recipients aren't well evrsed in what an authentic oney order loks like so they wait until the money is actually in their account?

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Posted By: jwondowski

The post office will cash them immediately

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Posted By: tom mcconnell

i always thought posatal mo were just like cash i didnt know people actuly forged us postal mos

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Posted By: Steve Murray

If I remember correctly you can put a stop payment in on Money Orders without having to post a bond as you would if it was a certified or cahier's check.

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Posted By: tom mcconnell

so what is the best one to send so theres no waiting ?

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Posted By: Matt

paypal?

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Posted By: Jimmy

Counterfeits have been a problem the last few years and some banks have stated this to their customers. The problem that was happening, is more people were willing to do online banking so there was less money orders coming into the banks causing the banks to limit there procedures of checking them giving counterfeit thieves an opening not to get caught. The banks have finally placed new procedures on how to handle money orders and it depends how large the amount is. This really depends on the bank and how trained their staff is and if it needs five days to clear or if they can make a decision that day they will.

but yes as stated above "The post office will cash them immediately"

Jimmy

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Posted By: Keith

As to being able to put a stop on a postal money order, I don't think you can do this. I mailed a postal money order a couple years back to pay for an item, and it never arrived, having got lost in the mail. I went to the post office, and they told me, that I had to wait a certain amount of time (I believe somewhere between 30 and 60 days) from when it was purchased to fill out a form to be able to get your money back. The post office would then research to make sure the MO wasn't cashed, and I got my money back in check form about a month later. The other important thing, was that the post office required both the Top stub from the money order, and the original post office receipt for when you purchased it to do this. Lose either and I am pretty sure you would be SOL.

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Posted By: Tom Boblitt

Orders.......that's why they're green..........
No hassle and if you're shipping something, cash it to use for shipping it....

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Posted By: Frank Wakefield

Tom is right, but you have to get the sellers to cash the MO at the PO, not the bank.

The Post Office will cash it upon presentment. Sounds like some banks are falling back on some "funds available" definition in their demand deposit agreement.

I like getting a USPS money order, 'cause I can take it to the post office and use it for the shipping, just like Tom said.

If you repeat purchases with the '5 day wait' guys, ask them to present the MO for payment at the Post Office, where they can get cash immediately.

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Posted By: JC

My bank here in the US won't even cash an International Postal Money Order (US dollars) and won't accept it for deposit either. One of those MUST be cashed at your local post office.
Regarding a USPS Postal Money Order, my bank will place an 11 business day hold on them. So it is always best to just cash all of them at your local post office.

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Posted By: davidcycleback

Money orders are forged so it's plausible that a bank might be careful with them. Though I would think most to all banks are well versed in how to identify fakes.

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Posted By: Addie_Joss

Bank money orders take a few days to clear but there should be no reason a postal money order would need to.