How To Fill Out A Money Order Step By Step | Bankrate

Filling out a money order is a fairly square process, but it ’ s significant to get it right. When filled out properly, these paper documents allow you to securely mail or receive payments, providing an alternative to cash, checks or credit cards. Western Union says you should “ think of a money order as a pre-paid check. ” here ’ s what you need to know in order to purchase and fill out a money decree correctly .A money order Image Courtesy of USPS, Illustration by Bankrate

What you need to fill out a money order

The requirements to fill out a money orderliness vary by institution, whether its Western Union or the United States Postal Service. Each institution ’ s money order may differ slenderly in appearance vitamin a well. however, you ’ ll generally need the follow information :

  • Name of payee (i.e. the person to whom the money will be paid)
  • Payee’s address
  • Payment amount
  • Your name and address
  • What the payment is for and/or the billing account number

You ’ ll besides need a human body of payment to purchase the money order ( cash, check, debit tease ). Some issuers limit your payment options, besides. For exemplar, you likely won ’ triiodothyronine be able to purchase a money order with a credit poster .

Steps to fill out a money order

once you ’ ve purchased your money arrange, fill it out cautiously to make indisputable it will go to the right person and that he or she can cash it. here are the steps to follow when you fill it out :

1. Fill in the name of the recipient

Write the diagnose of the recipient of the money order in the “ pay to ” or “ pay to the ordain of ” field. This could be a person ’ second name or the identify of a business. Spell everything correctly, making sure your write is legible and in ink. It ’ south important to fill out this part a soon as you purchase the money order, since this will be the only person authorized to cash or deposit. ( If you lose or misplace a money order before you write in the payee ’ sulfur name, anybody can write in their name and cash the money holy order. ) If given the choice, fill out your appoint in the field labeled “ from, ” “ buyer ” or “ sender. ”

2. Include your address in the purchaser section

Fill in your address where the money order asks for the buyer ’ south address. There may be a second savoir-faire field where you can fill in the address of the person or occupation you are paying or sending money to.

3. Write the account or order number in the memo field

A memo argumentation allows you to note what the money rate is designated for. For case, you can specify that it is to purchase a particular token or pay off a especial debt. If you have an history or order number from the payee, this is where to include it. This field might besides be titled “ requital for ” or “ account number. ”

4. Sign your name in the “purchaser’s signature” section

Sign the front of the money decree in the share labeled for your signature. This section may be titled “ Purchaser ’ sulfur touch, ” “ Purchaser, ” “ From, ” “ Signer ” or “ Drawer. ” Do not sign the back of the money order. This is where the person or business that you are paying endorses the money arrange before they cash it .

Keep your receipt

Keep your receipt, which contains a track act. This number can tell you if the right person cashed your money order. And in casing it is lost or stolen, you can use the tracking number to help you replace it. There may be a march fee for replacing money orders. Your receipt can besides help you cancel the money arrange should your plans change .

How to purchase a money order

You can buy a money decree at banks and recognition unions, check-cashing businesses, the U.S. Postal Service, many grocery stores and some big-box stores. You can use cash or a debit card to buy the money club. however, you may want to avoid using your credit card to purchase a money ordain, as your credit card party may consider the purchase a cash advance. Cash advances may trigger exorbitant fees, and you may be hit with a higher-than-normal interest rate until you pay off the libra. Some issuers won ’ deoxythymidine monophosphate accept credit cards as payment either.

There may be limits on the size of the money order you can purchase. The USPS, for model, allows you to buy money orders up to $ 1,000 if you ’ ra sending it within the U.S. On top of the price of the money order, you will typically have to pay a tip of between $ 1 and $ 10 .

Bottom line

money orders can be a useful way to send and receive money. They are a widely bear way to make a payment, they never expire and if they are lost or stolen, they can frequently be replaced. And since money orders are prepaid, unlike checks, they won ’ metric ton bounce, which makes them a secure direction to make purchases, pay debts or send money through the chain mail. Knowing the ins and outs of how to acquire and use money orders allows you to add this dependable joyride to your fiscal toolkit .

reference :
Category : Finance

Related Posts

How to Calculate Credit Card Interest Rates

interest rates are one of the ways to work out how much it will cost you to use your credit card, along with other charges and fees….

What debt collectors can & cannot do

If you are dealing with a debt collector, you have protections under the law. A debt collector must not mislead, harass, coerce or act unconscionably towards you….

Can You Afford a New Home? How to Determine Your Homebuying Budget

Can You Afford a New Home? How to Determine Your Homebuying Budget As with any major purchase, determining what you can afford before you look for a…

Why Did My Credit Score Drop?

Why Did My Credit Score Go Down When Nothing Changed? sometimes your mark does change based on factors outside of your control, but most times your behavior…

Why Do I Owe Taxes To The IRS & How To Avoid Them

Are you wondering why you owe indeed much in taxes this year ? Want to make certain you never owe a big tax bill – or any…

The 5 reasons why your credit score might suddenly drop

Select ’ s editorial team works independently to review fiscal products and write articles we think our readers will find useful. We earn a perpetration from affiliate…