Do I Sign The Back Of The Money Order
Primal Takeaways
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Most coin orders require the name of the recipient, your address, and your signature, with space for a memo or your account number if y'all're paying a neb
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Always keep the receipt in case at that place is an upshot or if your coin social club is lost or stolen
A coin order is a printed certificate that's written for a certain amount of money, much like a personal cheque. Dissimilar a check, yous need to buy a coin society — only sure places sell them — and you lot take to pay the amount of the coin order up front. So if yous want to send a $30 coin order, you demand to pay $30 upwards front and then pay the fee, which is unremarkably a couple of dollars.
Money orders are popular because they are cheap, uncomplicated to make full out, and yous don't need a bank account to get one.
In this commodity:
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Where to get a money gild
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How to make full out a coin guild
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When to use money orders
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Alternatives to coin orders
Where to become a money order
There are many places where you tin can get a money society:
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Banks or credit unions
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The post office (USPS)
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Western Marriage
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Big stores and pharmacies, including Walmart, Kmart, and CVS
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Convenience stores, including vii-Xi, Acme, Circumvolve M, Kwik Trip, ShopRite, Super Stop, and Speedway
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Grocery stores, including Kroger, Meijer, Publix, Safeway, Nutrient Lion, Giant Eagle, and Hy-Vee
Many of the money orders from the stores and companies above are provided by MoneyGram, or through a partnership with Western Union. The U.S. post has its own money club, which is so piece of cake to send through the mail service if necessary.
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How to make full out a money order
Money orders look similar to personal checks and filling them out is as well a similar process
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Fill up in the recipient'southward name
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Write your address on the "purchaser" line
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Add a memo or account number
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Sign the front of the coin order
Step 1: Fill in recipient's name
This is the name of the payee: the person or company receiving the payment. The line you write this on usually says Pay to or Pay to the social club of. Some money orders, like from the USPS, too accept space for the recipient'southward address.
Make sure you write the recipient's information conspicuously and spell everything correctly. You cannot make changes to the money order if you make a mistake.
Step 2: Write your address on the "purchaser" line
Next is usually a line that says Purchaser's address. You are the purchaser and so y'all should write your current mailing accost. Some coin orders may utilise the words From, Sender, Issuer, Remitter, or Drawer.
Putting your address allows the recipient (wherever they eolith the coin order) to contact you if they want to confirm that it'southward real or if at that place is an issue. Some money orders ask you to write (non sign) your proper name as well. USPS money orders have a line for your name above the lines for your accost. It's all-time to use your full legal proper noun.
Step three: Add a memo or business relationship number
Many money orders have an additional line that says Payment for, Account number or Memo. If you're paying a pecker, yous tin write your business relationship number on this line to aid the recipient know which business relationship to credit. Y'all can also leave a memo on this line, or but leave information technology blank if you don't demand it.
Footstep 4: Sign the front end of the money gild
The final line on the front of the money order is usually for your signature. This line may say Purchaser'south signature, or just Purchaser. In the case of MoneyGram, the signature line also says Signer, or Drawer.
Not all money orders crave your signature. For instance, it isn't necessary to sign a USPS money club.
The back of the money club has a line for the recipient's signature, so make sure you sign on the forepart, non on the back.
Keep the money order receipt
Depending where go the coin club, information technology will either have a detachable receipt or the seller volition only give you a divide receipt. Make sure to keep this as proof that you purchased the money order. You may need information technology if your money guild is lost or stolen and you demand to try and get a refund.
Yous can as well apply the receipt to track your money guild and come across if it has been deposited. To do this, yous will need the serial number, tracking number, or money club number written on the front and the exact amount of the coin order. Tracking a money order does price extra, though. You can expect to pay at to the lowest degree $5.
When to use money orders
Money orders are a simple manner to send payments, specially large payments where cash isn't an selection. Because you pay for a money guild upwards forepart, the recipient knows that it will not bounciness. That's why they're popular for payments like a credit carte du jour nib or the eolith for an apartment.
Information technology's also difficult for someone other than your intended recipient to deposit or cash a money club: they will need to provide the proper identification for a identify to accept a money club.
The other big advantage with a coin order is that you tin can send them even if you don't have a depository financial institution account. Equally long as you lot can beget the payment and the small fee, you tin can go one. Your recipient doesn't need a bank account either.
Here are another means to send money without a depository financial institution account.
Drawbacks of money orders
At that place are a couple of potential drawbacks to consider with money orders. Beginning is that they normally have a limit of $1,000 per twenty-four hour period. That means you may need to get multiple coin orders, over multiple days, for a large payment.
You will also need to pay a fee to get a money society. The fee varies only it's usually about $2, which is actually lower than the cost of nearly alternatives.
Continue in mind that you lot will need to pay for a money order upwards front end. That means when you go somewhere to get 1, you need to have either enough greenbacks, a credit card, debit card, or sometimes traveler's checks.
Alternatives to coin orders
The main alternatives to money orders are a cashier's cheque or other official bank check, such as a certified check. These all work similarly to a money order but instead of getting them from a third political party, you demand to get them from a banking company or credit union.
(Larn more about whether you should piece of work with a bank or credit union.)
You will need to provide the information for your recipient, and yous will demand to have enough to pay the corporeality of the check. Yous will pay the banking concern, which volition write the check in its own name. A cashier's checks will not bounciness because information technology is backed upwards past the depository financial institution itself. Cashier's checks usually have a fee of nigh $10 and you usually demand to accept an account with the bank already.
Cashier's checks are also an choice if you're sending money from one bank to some other.
Y'all may likewise desire to consider a wire transfer. Wire transfers are the fastest way to send funds and usually go though within a few hours. However, they besides accept a high fee of $xxx or more.
If you lot're only sending a small-scale amount of money, an ACH payment is a good idea. These are digital payments that also transfer very chop-chop. Many banks allow you to make ACH transfers and you lot can also apply services like PayPal, Venmo, or Zelle.
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Source: https://www.policygenius.com/banking/how-to-fill-out-a-money-order/
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