Am I the only schmuck that didn't know the post office won't cash a money order in the morning and only cashes if they have enough on hand from the business during the day? I sure felt like it when I tried to cash one this morning. for not a really big sum of money I normally don't take money orders but got told that at two post offices this morning. I don't plan on taking a money order again if it's not worth the paper its printed on if the post office has a slow day/week/whatever.
- Thread starter BigPrince
- Start date
Can they verify it's legitimate on the spot or does it take a couple days to clear like a regular check?
Me too!
My post office rarely has any cash, as most people pay w/ plastic.
I just take the money orders to my bank instead.
My post office rarely has any cash, as most people pay w/ plastic.
I just take the money orders to my bank instead.
Some grocery stores will do it At the courtesy booth/customer service.
the PO should be able to verify if its legitimate or not....as for how long itll take to clear, that depends on your bank.
Clears like a regular check. Some banks will cash a USPS money order on the spot but I've literally deposited them via my bank's mobile app. They can check if it's valid just like a check but a money order is prepaid so the risk is low. The money order is the money.
Banks also have only a small amount of cash on hand. More than once I have been told "We will have to order it up, it will be here Thursday".... When the run on the banks happen, it will go quick.
How much were you trying to withdraw or what tiny bank? I've walked out with tens of thousands many times.
I deposited one via my banks app. Funds available immediately
There are some scams going around where they send you a Postal Money order and once you ship the item, they cancel it and claim it was lost / stolen and then it comes right back out of your bank account, with extra slap you in the face fees from your bank to make you feel extra pain.
What I would suggest if the Post Office doesn't have enough cash (and that is the way it has been for decades), is to simply use the money order to buy another money order, essentially paying for the new money order with the old money order. BEFORE you ship, then go deposit the money order in your bank account.
Then if they try to pull that scam, the money order shows cashed at the post office and that's that.
Alternately go to a really big, really busy post office at the end of the day, BUT be aware they still may not have all that much cash on hand, most folks these days pay via debit / credit card and such.
I guess I'll try it. Nothing against the sender at all - I don't have any reason to distrust other than I do not know the sender and I read these are used in scams regularly. Walking out with cash from the post office right before shipping seemed a good risk limiting approach until I learned they don't have cash.
that's the kind of result I am afraid of using these money orders. That's a nice work around. Will wait till toward the end of the day at my post office and try to cash it. If they don't have cash will do that and then deposit the new money order. Thanks!
That means really nothing actually.
All it means is the bank has allowed you use of the money on the assumption the check / money order is good and there is not going to be a stop on it.
You can be in for a very nasty surprise up to almost 60 days later and be out the check amount + extra.
With claims of fraud or double depositing (also a big scam going around with "mobile deposits") the bank can go back months later and take the money out of the account.
If some "buyer" is actually trying to scam you and knows all the tricks, it's really difficult to fully cover yourself without doing a bunch of extra manual work.
My bank "Navy Federal" will take them, but the USPS regularly will not take them.
They will let you buy another one with one. I personally wouldn't take one.
They will let you buy another one with one. I personally wouldn't take one.
Understood. But never had an issue once.
When you do distance selling for a living, you kind of get to find out all the latest scams as soon as somebody figures out a new one and shares it with all their buddies. It's not IF you will get scammed, but how often and how much will you get taken for. The entire financial system is stacked against sellers, so you have to be really on your toes to all the latest stuff in order to try to minimize your losses.
The lady that runs my PO is a shooter, a hunter, as well as a immigrant from England.
She is great to work with and extremely helpful. But they usually dont have money for larger MO's in the morning. I usually check with her, she will verify then and call me when they save up enough cash for me.
She is great to work with and extremely helpful. But they usually dont have money for larger MO's in the morning. I usually check with her, she will verify then and call me when they save up enough cash for me.
Most stuff I edeposit is guaranteed funds, cashiers checks etc. money orders are rare for me. Just so happened I was given one last week. I try to deal in cash as much as possible.
Some post offices will only allow a single cashier drawer for money order cashing. I have had to wait around for 15 minutes before waiting for someone who was standing there WITH THEIR DRAWER to get off "break".
I hate the post office with a passion.
I hate the post office with a passion.
I was surprised to find out that banks will charge a fee even if the check is from their own accounts. Don't recall if it was a % or flat fee, but very surprised. I was trying to just cash it, but luckily I had an account at the same back so just deposited it and hoped it wouldn't bounce... which is why I tried the straight cash approach first.
Recently ?
Same here, most have no problem.
My local post office is the same way. If they have sufficient cash in their till, they are happy to Cash the money order, otherwise, they don't have the money. They aren't a bank, and I understand that. The local office has been really cooperative and even gives me an estimate of when to come back and offers to hold as much back as possible so they can cash my money orders later.
One time I had two money orders totaling around $650.00, and the clerk told me she didn't have enough at the time, but if I came back around 2:30 PM she would work at holding enough back to cash them for me. I returned as instructed, and she cashed them for me, even though it only left her about $65 in her till.
One time I had two money orders totaling around $650.00, and the clerk told me she didn't have enough at the time, but if I came back around 2:30 PM she would work at holding enough back to cash them for me. I returned as instructed, and she cashed them for me, even though it only left her about $65 in her till.
At an overall level, it blows my mind this is common place and accepted that a business will take your money and give you a promissory note that they have no guarantee they can fulfill if you come back with that note. If they "aren't a bank" when you try to pull money, then why are they ok acting like a bank when taking your money. It's nuts to me but I guess the world can be nuts. It's not something I will deal with again after today hopefully.
You can even do it through the USAA app. Posts to your account immediately
And the thing is, it's not just you wanting to cash your MO... But what if they get a run of maybe 1000+ people wanting to cash theirs? That might be a bit of a problem for them....
The Post Office used to offer banking (1911-1967), money orders are just a poorly supported vestige of that. It's been argued that Postal Banking balanced out the burden that Congress imposes on the Post Office as it requires them to serve unprofitable communities in the back of beyond. It's also been argued that the Post Office is completely superfluous these days.
United States Postal Savings System - Wikipedia
I could do that but there's no guarantee it's safe from the scam tricks mentioned above or that it goes through. Same risk as taking a personal check that could bounce or payment stopped on.
PO money orders are a joke
Got it cashed ~3p. She started to say "I don't think I have that... oh yeah I do". Last time I do that.
Same at my post office. They do not have enough cash in the morning.
That is the great thing about having choices..if we don't like one place, we can take our business somewhere else.
I was told the same thing once. I just deposit them at my bank now.
Exactly what I plan to do.
You also can't deposit money orders using an on line banking app. They will not accept money orders, it's an automated response when you try.
USAA does just fine, you run it like a check deposit. I've done it several times.
- Nov 3, 2010
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Yeah this x1000% I sold some shit to someone, they paid in postal money order. It deposited, cleared, I sent the things with tracking info. Package showed delivered a few days later. Thought all was well.
A little over a month later I saw a debit from my account for those funds. Went to bank, they informed me the money order was canceled and funds withdrawn from account back to the post office.
I tried to get hold of the buyer.... guess what? No dice. So, the buyer got the things and the money.
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