Money Order Limit
Most financial institutions’ money order limits are commonly restrained at $1,000. Some other companies might reduce them to a lesser amount. If there is a need to get past the limit, it will be reasonable to get a cashier’s check for the entire amount instead. To make payments for large amounts, one can purchase more than one money order during a visit, but a buyer will be expected to fill out a form and provide IDs showing his name photograph, and address that will be acceptable when he has bought more than $3,000 in money orders. A person can buy money orders multiple times in a day, but must not exceed $10,000. Money orders bought between $3,000 and $10,000 will require the customer to fill out a form and provide the necessary identification.
Where Can Money Order be Purchased From?
Money orders can be purchased from different places like;
Credit Unions and Banks: A person that wants to purchase a money order can go to his bank, which is a great option to obtain a money order. A fee of $5-$10 is usually charged by the bank of an account owner on a money order collected. However, the fee might be forsaken for top-tier account owners.
U. S. P. S: The United States Postal Service is also a better place to purchase money orders. They are known for being one of the safest places. Although, it can be difficult to purchase money orders through U. S. P. S because most post offices do not give money orders. It is advisable to call the post office in advance to verify. USPS money order fee is $1. 45 for amounts lesser or equal to $500, and $1. 95 for amounts greater than $500 and not more than $1,000. Money Stores: Money orders can also the purchased from some other financial institutions apart from credit unions and banks. These institutions include; payday loan shops, Western Union agents, and other money transfer services. Money orders can be gotten online at some websites, but it is advised to purchase money orders from an institution you trust to avoid being defrauded and losing all money in the end.
Retail Stores: Some stores like groceries Stores, convenience stores, and the like often sell money orders. To purchase money orders, buyers should look out for a Western Union or a MoneyGram logo at the stores. There is no determined fee for the purchase of money orders in these stores as their price varies. The maximum amount at Walmart for the purchase of a money orders is $1. So, buyers can expect to purchase a money order at other stores at a fee between $1 and $2. For convenience and low cost, it is best to purchase money orders at a retail store.
Requirements and Steps In Filling Out Money Order
The process of filling out a money order is easy, but a buyer needs to get the steps right. It is secure to receive or send payments if paper documents are filled out appropriately. The methods in filling out a money order may differ as institutions’ requirements are not the same. Nonetheless, there is general information that would be needed;
The Payee’s name ( the person receiving the money)Address of the Payee. The amount he paid. The billing account number and the description of the payment. A form of payment (a debit card, cash, or a check) will also be needed to purchase the money order
After the money order has been purchased, the following steps need to be taken;
The name of the recipient is needed to be filled correctly in a space that says “pay to the order of” or “pay to”
The address of the purchaser of the money order is needed to be filled in the purchaser column. The address of the payee may have to be filled in.
The account or order number is to be filled in the memo space. The memo line is to note the payment description. It can be labeled “account number” or “payment for”.
There is a part on the front page of the money order that the purchaser will need to sign. Purchasers must not sign at the back of the money order, because that is where the receiver of the money confirms it before it is being cashed.
Note: A purchaser needs to keep the receipt because it contains a tracking number that allows knowing if the receiver has cashed the money or the money is cashed by the wrong person. The receipt can also help revoke the money order in case of a change of mind.
Conclusion
In conclusion, the maximum amount of money a money orders a buyer can purchase is $1,000. Some institutions’ maximum limit might be lower than that. A money order obtained at once cannot exceed $1,000 but can be purchased multiple times in a day but must not pass the range of $10,000, depending on the financial institution.
Can a stolen money order be cashed?
A stolen money order can be cashed if still blank. The person who stole it can fill it and provide information to cash it.
Can money orders bounce?
A money order cannot bounce. When lost or stolen, a refund can be received or still canceled.
