Buying From A Private Seller
Remember, youre not buying a $5 garden gnome at a yard sale. Were talking about paying for bigger itemslike electronics, collectors items or used carsfrom a private seller.
Since money orders protect your banking info, you can feel safe knowing the seller cant access your bank account or debit card info from the money order. Thats super important if youre buying from an online seller you dont know .
Set Up Automatic Transfers Into Chequing And Savings Accounts For A Spending Plan That Works
Setting up automatic transfers to transfer funds from where they’re deposited into your different chequing and savings accounts is the easiest way to manage your money properly. Have all of your income go into your fixed expenses account on payday, and set up automatic transfers to transfer the amount you need to save into your savings account, and the amount you have for spending into your spending account, each payday.
This way, you will know to leave the money for bills, leave the savings for the items or events they are intended for, and you will know exactly what you have available as spending money. Its that simple.
Couples And Money: End Money Fights With Your Spouse
Many couples enjoy this method because it ends the money fights. This method allows them to pay for the bills together, save together, but spend separately. As a couple, you can divide your spending money into two different accounts, one for you and one for your partner, and decide who is responsible for buying what.
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Budget Your Money Into Fixed Savings And Variable Expenses
Learning how to budget your money with fixed, savings, and variable expenses can be as simple or as difficult as you want it to be. Since we all love simplicity, grab your budget and 3 different coloured highlighters, and go through your budget line by line. Choose one colour for fixed expenses, one colour for savings expenses, and one colour for variable costs.
Not sure which costs are which? Learn the definitions and read through examples of fixed, savings, and variable expenses here.
Where Can I Get A Money Order
Luckily, you dont have to go out of your way to get a money order, because you can buy them at places where youre probably already running errands. As we said earlier, one of the most popular places to get them is at the post office. Many big-box retailers sell money orders, and so do most grocery stores, including Kroger, Publix and Safeway.
You can also get a money order from a financial agency, like your bank or a MoneyGram or Western Union. But again, youll likely pay the biggest fees at these locations. To save money, we suggest getting a money order at a grocery or retail store.
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Why Are Money Orders Still Used
Money orders serve an essential need in a world overrun by everything digital. There are several vital purposes that money orders serve. Specific circumstances might dictate that a money order is one of the only smart financial choices available.
Here are a few reasons why you might choose a money order over another form of payment:
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How To Cancel Or Replace A Money Order
If you need to cancel or replace a money order, immediately contact the entity that issued it to you, and they will ask you to fill out a cancellation request form. Always make sure to save your receipt and be prepared to show it. You will need to pay a fee for a canceled money order, as well. When you fill out a cancellation request, you may ask for a replacement money order or a cash refund.
According to Experian, it can take up to 30 days or more for a refund or replacement, so you will have to be prepared to wait. If the matter is urgent, you will have to purchase another money order.
Transactions Fee / Deposited Items Fee
Some business checking and savings accounts include a specified number of transactions and deposited items without a fee. Once transactions and deposited items exceed this number, a transactions fee or deposited items fee applies.
For all accounts other than analyzed accounts, the definition of Transactions refers to all checks deposited and all withdrawals or debits posted to your account, including paper and electronic, except debit card purchases and debit card payments.
For analyzed accounts, the definition of Transactions refers to withdrawals or debits posted to your account and checks deposited electronically. Deposits will incur a separate fee. Deposits are processed by a teller, ATM, or mailed to the Bank. Wells Fargo Business Debit or ATM card purchases and payments are not assessed a transaction fee by Wells Fargo and wont be counted as part of the transaction limit on Optimize Business Checking.
For some business accounts fees are $0.50 for each transaction/item over the number of transactions included with the account without a fee. The number of transactions included with the account without a fee varies by account type.
Refer to the Business Account Fee and Information Schedule for Optimize Business Checking and other analyzed account fees.
To learn more about this fee, see your Business Account Fee and Information Schedule and review your monthly statements under the Account transaction fees summary section.
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How To Transfer Money To Someone Else’s Bank Account: A Complete Guide
Youve got a few options if you need to send money to a bank account which is not held in your name. Youll be able to transfer money from bank to bank online, in your bank branch, or through a third party provider. You can also send a check or money order – although both of these options may be less convenient for your recipient.
This guide looks at how to send money to someone, covering all your options as well as some of the features and fees youll want to consider.
Because international payments can be much more expensive than domestic, well also briefly take a look at international transfer specialist Wise which can often offer better cost and convenience than regular service providers.
What Do I Do If I Lost A Money Order
If you no longer have the money order or you made a mistake on it, you may be able to cancel it and get a replacement or refund as long as the money order hasn’t been cashed.
Youll need to bring your receipt and the money order itself, if you have it, to the place where it was purchased. The issuer will probably have you fill out some paperwork, using information from your receipt, and you’ll likely pay a fee. For example, Western Union charges $15 to replace a money order. And it can take a month or longer for the issuer to process your claim.
If the money order was cashed, you may still be able to get your money back, but you’ll generally have to involve the police.
» If you’ve lost a money order, find out how to claim your cash
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What Does A Money Order Look Like
A money order is a paper payment method embossed or watermarked with the name and logo of the issuing institution. The front of the money includes a serial number and empty fields for filling in the required information. The back of a money order is mostly blank, with space at one end for the recipients signature.
How Long It Takes For A Check To Clear
Checks typically take two to three business days to clear. The exact time will depend on the bank, the amount, and when the recipient deposits it. Checks can take longer to clear if you’re a new account holder or the check is international.
The good news is, most banks will likely make a portion of your check available to you before your check clears in full, possibly the next business day.
You have a few options for how you can deposit a check. Most banks will give you the option of doing this in person or online. Other options include depositing at a credit union, ATM machine, or by mail.
To make sure your check is processed correctly, check that every field is filled out properly and sign the back of the check. A check can’t be deposited into a bank account if the back has not been signed by the check holder.
Generally, a check is good for up to six months after that amount of time, banks are not obligated to cash it. So it’s best to deposit a check as soon as possible to lessen the chance of your losing or forgetting about it. This way, you avoid a potential delay and can access your money more quickly.
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Fees For Cashing Money Orders
Expect to pay a fee when you cash a money order anywhere other than your bank. You’ll typically have to pay several dollars in transaction fees or a percentage of the total proceeds. These fees can add up, especially at check-cashing stores and convenience stores, which often have higher fees. And they don’t always make it clear how much they charge.
At most Walmart stores, you can cash a money order issued by MoneyGram for a maximum fee of $4 if the value is $1,000 or less, or a maximum fee of $8 if the value is $1,001 to $5,000.
Its probably worthwhile to open an account at a bank or credit union if you receive more than one or two money orders per month, even if they charge monthly maintenance fees. You can go to your bank and cash money orders or checks anytime you want without additional charges once you’re a customer.
How Do You Deposit A Money Order
You can deposit a money order into a checking or savings account the same way youd deposit a check. If you use mobile check deposit or an ATM, just sign the back of the money order, write your bank account number beneath your signature, and either take the photo for a mobile deposit or insert the money order into the ATM. If you choose to deposit the money order in person at your bank or credit union, you may need to show ID to confirm that youre the rightful owner. The full dollar amount of the money order may not be available for immediate withdrawal.
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Where Can I Get A Money Order How Much Does A Money Order Cost
Domestic money orders have a range of costs, from under a dollar up to around $5, depending on where you buy them. You’ll get a better deal at Walmart or a convenience store or supermarket, and you’ll typically pay more at a bank.
Not all providers offer international money orders some post offices do, but they cost more, although theres a discount for those purchased at military post offices. And no matter where you buy them, its safer to buy in person.
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$5 free for members of the military.
Where You Can Cash A Money Order
You can cash a money order where it was issued , and Huntington provides money order cashing services at no additional charge to account holders. To help protect you from scams, our tellers will review the security features of the money order and go through some verification steps. We want you to know as soon as possible if youve been given a fake money order.
If you want to deposit a money order instead of cashing it, you can deposit it at a branch, as a mobile deposit in the Huntington Mobile app, or through an ATM. If youre a Huntington customer, you can also take advantage of The Hub to help you manage your finances.
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Your Bank Or Credit Union
Your bank or credit union probably provides this service for free, just as when you cash a check. But you might not be able to get the full amount of the money order right away. Your bank’s funds availability policy will explain how much money, if any, you can take immediately. The balance will be deposited into your account and should be available within the next business day.
The first $5,000 must be available within the next business day if you’re depositing a U.S. Postal Service money order.
You may have a better option if you’re not close to a branch of your financial institution. If you belong to a credit union, you can likely go to a closer branch of a different credit union that uses the same shared branching network.
Money Orders Vs Cashiers Checks
When you hear about money orders, youll usually hear about cashiers checks too. The main differences are where you get them, how much they cost and how much theyre worth.
Cashiers checks are also prepaid checks, but unlike money orders, you can buy cashiers checks only from a financial institution like a bank or credit union.
Thats partly because cashiers checks can be worth more money and dont usually have an amount limit. But its mostly because when you buy a cashiers check, youre actually putting your money into the banks account. So when the recipient deposits the cashiers check, the funds come out of the banks account, not yours.
This transfers the risk to the bank, so they use that increased risk as an excuse to charge even higher feesaround $10.
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Where Can I Cash A Money Order
Your best bet is to cash a money order at the same entity that issued it, whether thats a bank branch, post office or other location. Check-cashing locations, convenience stores and grocery stores can be alternatives, but watch out for fees. Wherever you go, youll probably need to show identification.
If you dont need the money right away and you have a bank account, consider depositing it. Banks accept U.S. Postal Service money orders as they would regular checks at branches, ATMs or even on a banking app with a mobile check deposit function. Dont forget to sign the back of the money order before depositing.
How To Send An International Money Order
International money orders allow you to send money to a recipient outside the United States, though the purchase limits and fees differ from domestic money orders. For instance, the USPS has a purchase limit of $700 for international money orders . Theres a $12.25 issuing fee and a processing fee that varies depending on the recipients country. The recipient may face fees when cashing or depositing the money order in their home country.
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Can I Buy A Money Order With A Credit Card
Some outlets allow you to buy a money order with a credit card, but others don’t, including Walmart and the U.S. Postal Service. In those cases, you’ll have to use a debit card or cash to buy a money order.
Even if the provider you choose does let you pay with a credit card, it’ll be much cheaper not to. That’s because credit card issuers typically treat money orders as cash advances, charging a fee based on the amount of the transfer often 3% to 5% and assessing interest immediately. That interest rate might be greater than the rate you’ll pay on a normal purchase.
Can I Deposit A Money Order Into My Bank Account Answered
You can deposit money orders into a checking or savings account including someone elses bank account since money orders are generally subject to the same depositing rules as personal checks. You can also use a money order to open a new bank account. For more about depositing money orders, see below.
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Fill In The Payees Name
The payee is the party that receives the money youre sending via money order. This could be a person, if youre making a cash payment to an individual. Or it could be the name of a business, if youre using the money order to pay a bill.
The payees or recipients name should go in the field marked Pay to the Order of or Pay to on your money order. Write their name clearly and in ink so that it cant be altered later if the money order is lost or stolen.
Filling the payee field out first is important because, until thats filled in, anyone could write their name on the money order and cash it.
Fill In The Name Of The Recipient
Write the name of the recipient of the money order in the pay to or pay to the order of field. This could be a persons name or the name of a business. Print the name clearly in ink.
Its important to fill out this section as soon as you purchase the money order, since this will be the only person authorized to cash or deposit it. If the money order is lost or misplaced without a payees name written down, it could be liable to fraud and someone else could write their name on it.
If given the option, fill out your name in the field labeled from,purchaser or sender.
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