Can i deposit postal money order

You may have to pay a fee to replace a lost or stolen money order, but that is far preferable to losing the full amount. If you are the recipient of a money order, you can generally deposit it into your bank account for free.

If you prefer to cash a money order, you may be able to do so at your bank or any institution that issues money orders. But you may have to pay a fee of up to a few dollars. For instance, the post office cashes USPS money orders for free. When you deposit or cash a money order, you will need to endorse it on the back in front of the counter agent.

Do not sign the money order before going to cash or deposit it. To start, they are not a convenient form of payment, since they must be purchased in person. Fees are another potential downside of money orders.

Finally, money orders are also commonly used in scams. These scams often involve a fraudster sending the victim a bogus money order for a large amount and asking for a portion of the money back. By the time the victim discovers that the money order is fraudulent, they may have already deposited the money into their checking account and sent money back to the scammer. Be leery of any money order sender who seems to be in a hurry for you to deposit the document.

Money orders may not be a go-to alternative when other payment options are available, but they are a more secure form of payment than cash. If you need to provide a guaranteed payment, a money order is a low-cost option widely available at many locations across the country.

Although money orders have some drawbacks, their usefulness as a secure payment method means they can be a savvy choice for transactions. Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing.

As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Select Region. United States. United Kingdom. This is a common scam of money order fraudsters. If ever in doubt about a money order, note the issuer the U. Postal Service, Western Union, and MoneyGram are the three biggest and research the specific security features it should include. You can also call the issuer to help determine if the money order is authentic.

If someone pays you with a money order, you have two options for converting it into funds. You can cash it in, literally receiving cash at a location that redeems money orders. Or you can deposit it in your bank account, like a check. Both involve caveats, though. Converting it to cash offers the quickest access, and if the money order is later determined to be counterfeit or fraudulent, you may personally escape that problem.

And while post office locations will cash money orders in theory, if your money order is large and the post office is in a small market, they might not have enough cash on hand to redeem it. Cashing it in could also involve a fee. Your best bet is to redeem a money order with the same provider that issued it.

So take a postal service money order to a post office, a Walmart money order to Walmart , and so forth. Just as with buying money orders, though, it will pay to call ahead to first verify that a location can honor your redemption, and ask if any fees will apply.

The alternative is to deposit the money order into your bank account, as you would a check. This offers the advantage of safely adding the payment to your bank balance , rather than walking away with a large sum of cash you may not physically want or need. Be forewarned, though, that depending on your bank, depositing a money order may not be as easy as depositing a check. And if your bank is an online-only institution, it may not accept money order deposits at all.

Whether you decide to turn your money order into cash or take it to your bank, be sure to bring a photo I. United States Postal Service. Western Union. Postal Service Office of Inspector General. Accessed May 17, Wells Fargo. Kroger Money Services. Don't see what you're looking for?

Browse related questions Should I enroll in direct deposit? I get my paycheck by direct deposit. When can I withdraw the funds? If you suspect fraud, call the U. Postal Inspection Service at How to Cash Domestic Money Orders Domestic money orders never expire and they do not accrue interest. Take a primary photo ID with the money order to any Post Office location. Sign the money order at the counter in front of a retail associate.

Check the Status of a Money Order You can check the status of a money order you've purchased from the U. Make sure you have the following information for the postal money order you want to check: Serial number Post Office number Dollar amount.

Money order loss or theft may take up to 30 days to confirm. Investigating a money order's lost or stolen status may take up to 60 days. Requesting a Refund Take your money order receipt to any Post Office location.

Talk to a retail associate at the counter to start a Money Order Inquiry. After starting the inquiry, you will be able to check the status of your money order and inquiry progress by visiting the Money Orders Application. Damaged Money Orders We'll replace money orders that are defective or damaged.