You might already know how difficult it is sometimes to cash an old check. But what about an old money order? How long are money orders good for? Will they come with an expiry date?
Most people prefer money orders when it comes to expiry dates.
What is a money order?
A money order is not much different than Check. It is a form of payment one can use to pay a person or a company. The recipients can either cash or deposit it into their account. However, there are certain differences between check and money order. Money order is prepaid so there is less risk of getting the bounce one. Technically which makes it a lot safer than having a check.
Another major reason is that money orders aren’t tied to one’s bank account. So it doesn’t expose your account number if it falls into the wrong hands.
How does money order work?
Money order can be purchased worth up to $1,000, though it may vary depending from where you are buying it. There is also a small amount of fee you have to pay while buying it which also differs depending on where you are purchasing the money order.
Money order can be purchased with a debit card or cash. In most places you can’t buy money orders with a credit card but some merchants do have options with higher fees. Once you purchase it you have to fill it out with current and accurate information of yours and the recipient to whom you are sending the money order. To avoid any delay make sure to fill it out properly.
How long are money orders good for?
The most often asked query about money order is that do they have any expiration date? Well to many surprise money orders don’t have any expiration date. This money you can get your money order cash whenever you want without worrying about the expiration date. No wonder why people consider money order safer than Check.
However they say every thing comes with its pros and cons, so does money order. If a money order goes uncashed for about a year then fees may be applied on it by the issuers. For instance a year old money order from Western Union got a charge of $2 per month service fee and it goes to a maximum of $144 after the first 12 months.
While with the U.S Postal money order the case is different they never expire and lose any value. Regardless of how old the money order gets, the money order does not lose any money and the full amount that is printed on the money order is provided to the recipient.
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