{"id":21838,"date":"2021-09-27T08:07:00","date_gmt":"2021-09-27T13:07:00","guid":{"rendered":"https:\/\/wealtheo.com\/?p=21838"},"modified":"2021-12-14T10:26:37","modified_gmt":"2021-12-14T16:26:37","slug":"are-money-orders-a-safe-form-of-payment","status":"publish","type":"post","link":"https:\/\/wealtheo.com\/articles\/money\/are-money-orders-a-safe-form-of-payment\/","title":{"rendered":"Are Money Orders a Safe Form of Payment?"},"content":{"rendered":"\n
Money orders can be used as an alternative form of cash or checks. While these paper documents provide guaranteed funds, they are different from a check in the sense that they aren\u2019t connected to a bank account. Furthermore, they work on a prepaid basis. In this blog post, we share everything you need to know about money orders, as well as answer whether money orders are a safe form of payment.<\/p>\n\n\n\n
Various kinds of institutions<\/a> can issue money orders, including grocery stores and post offices. Using a money order, you can pay the issuer with the amount you want to send, along with fees if there are any. You then take the fees away from the purchase account to get your money order\u2019s face value.<\/p>\n\n\n\n Once you\u2019ve purchased your money order, you\u2019ll get a document similar to a check which will include the amount of payment made. In this document, you\u2019ll need to fill out details such as the payment amount, the payee\u2019s name, the purpose of the payment, and your name and address. The next step is to send the money order to wherever you\u2019re paying, where the recipient of the money can deposit or cash it like you would a check.<\/p>\n\n\n\n There are plenty of benefits to using a money order as an alternative form of payment to cash or personal checks. However, there are also risks associated with it, which you need to be aware of. Below are just a few examples.<\/p>\n\n\n\n There are times when using a money order is more convenient or safer than issuing cash or personal checks. Here are just a few instances:<\/p>\n\n\n\n In general, money orders are safe to use as an alternative to checks or cash, because only the payee will be able to deposit or cash it in for the amount stated on the document. So long as the receipt is with you, you should be able to recover the funds if it is stolen, lost, or damaged.<\/p>\n\n\n\n However, it\u2019s best to remember that money orders are also prone to scams<\/a>. If you aren\u2019t sure if a money order is legitimate, make sure to confirm the funds with the issuer.<\/p>\n\n\n\n<\/a>Why Use a Money Order?<\/h2>\n\n\n\n
<\/a>Pros:<\/h3>\n\n\n\n
<\/a>Cons:<\/h3>\n\n\n\n
<\/a>When You Should Use a Money Order<\/h2>\n\n\n\n
<\/a>Is There Security in Money Orders?<\/h2>\n\n\n\n