A step by step guide on how to fill a money order
A money order is essentially important for persons who don’t have a checking account. Debit cards and credit cards have virtually replaced the older check system, even though some still keep it for memory sake,
people who don’t use checks but wants to make a secure payment or mail a huge sum of money can always use a money order, it is easy to fill but it’s very important that you fill it properly, when filled properly, it delivers funds to the intended person or business.
Below is a simple and succinct guide on how to fill a money order in five (5) steps:
1. Fill in the recipient
The first step in filling a money order is to designate a particular name to it, this is just like filling a check too. The name of the person, company, or organization that would receive the money should be written in either of the two (2) format; “Pay to” or “Pay to the order of”. The bank would confirm if the identity of the recipient matches with the one on the money order, and it is very important to fill this section so that it doesn’t fall into the wrong hands.
2. Your address should be written in the purchaser’s section
It’s very important to fill your own address in the purchaser’s section because you’re the purchaser, this is to allow the recipient to be able to contact you in case there are any questions or eventualities, the address should be written immediately after your name, it may or may not be compulsory, depending on the bank’s policy.
3. Add any other important information
It’s necessary to add any other imported information, these information may include your account number if you’re paying for a bill, “Conjugal bliss” if you’re sending a wedding card, or your house number if you’re paying your land tax.
4. Sign the money order
Your signature is as important as anything, as it’s what makes the money from valid. Append your signature at the front of the money order after filling it, while the recipient would append signature on the back of the money order.
5. Make sure you keep your receipt
It’s very important to keep your receipt for reference purposes, as it’s your prove of evidence of payment, especially when you’re paying a rent or other bills. It is also useful when you want to cancel a money order.
How to send your money order
Sending your money order isn’t that difficult, there are multiple options you can make use of, Western Union and MoneyGram are available in most grocery stores, convenience stores, gas stations, shopping malls, drugstores, and even post office. Banks and credit unions also offers the services for free, even though this is dependent on my type of account you operate.
Post office charges fees of about $1.20 for money orders of $500 or less, and a fee of $1.65 for money above $500 but not more than $1000, Western Union charges $0.99 while MoneyGram charges $0.70. The money has to come from a bank account as the issuing company would have to verify if the truly have money in your bank account. If paid with a credit card, an interest rate would be added.
How to cash your money order
Cashing a money order isn’t a difficult process, you just have to first identify the issuer of the money order, if it is Western Union, all you have to do is to visit a Western Union location to cash your money, and if it is sent by post, you can also visit the post office, as going to the issuer to cash your money order is usually free and if not free, it would be cost effective than going to a different location to cash out. There is also the possibility to directly deposit a money order into your bank account, verification process may take a few days as the bank has to verify the legitimacy of the money order.
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Image Credit: Everybuckcounts.com
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