![]() Like money orders, using a cashier’s check can be safer than offering someone a personal check because your account information isn’t printed on the check. ![]() Most banks also charge a fee of around $8 to $15 for cashier’s checks. When the check recipient cashes the check, money is drawn from the bank’s funds and not your own.Ī cashier’s check backed by the bank is as good as cash, which is why sellers and lenders may ask for a cashier’s check for big purchases or loan down payments. When you request a cashier’s check, the bank takes money from your account immediately (rather than when the check is cashed). What is a cashier’s check?Īlso known as an “official check,” a cashier’s check is a check guaranteed by an issuing bank or credit union. If you request over $3,000 in money orders in one day, you may also need to fill out a form and show a government-issued photo ID. The one major limitation with a money order is that the amount you can get is usually limited to $1,000, so you may have to get multiple money orders if you need them for a large amount. Money orders don’t expire, but in some cases, a fee will be deducted from the amount if it’s not deposited within one to three years. Using money orders can also be safer since the recipient can’t get access to your checking account number. Since a money order is a guaranteed form of payment, sometimes a company or service provider will require money orders from customers. This makes it different from a personal check that’s connected to your checking account and backed by your account balance. You give the merchant cash upfront, and they give you a money order for that full amount. The OIG has identified some digital strategies as well as some retail best-practices that could help the Postal Service achieve these goals.A money order is its own separate payment method you can get without a checking or savings account. The Postal Service also would benefit from a rejuvenated money order business, which is strategically important on many levels. To better meet the needs of those who purchase money orders and the businesses that accept them as a form of payment - saving them time and money - postal money orders could be modernized. A century-and-a-half later, postal money orders remain essential to the lives of millions of Americans who use them to make $21 billion worth of payments annually.īut as alternatives from other providers have appeared and broad shifts toward electronic forms of payment have occurred, the number of postal money orders sold has fallen by 60 percent from its peak in 2000. Selling money orders through digital channels could have significant benefits for customers, and the Postal Service could assign a strategic manager to help modernize and stabilize this important product.ĭuring the Civil War, the Post Office Department introduced money orders as a safe means for Union soldiers to send money home to their families.About 1,200 high volume post offices grew money order sales by at least 10 percent in the past 3 years, showing that improving sales is achievable.While post offices sold $21 billion worth of money orders in fiscal year 2015, money order sales have plunged 60 percent from their peak in 2000.
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