Money orders: Pros and cons There are advantages and disadvantages to using a money order. Consider these pros and cons before you use one. Pros: No bank account is required to send or receive a money order. Money orders are widely available. Cons: Once a money order is cashed (or lost...
A money order is a document, similar to a check, used for making a payment. Since money orders and cashier checks are prepaid, the funds are considered guaranteed forms of payment. Keep in mind though that money orders are sometimes used in scams, so be sure to be careful when using the...
As with checks, a signed and endorsed money order is the equivalent of cash. Anyone who gets their hands on it after you've signed it can take it to a location that cashes money orders and help themselves to the money. Of course, they would hit that ID barrier in a best-case scenari...
(Learn more about how to fill out a money order.) If you lose the money order before filling it in, anyone could cash it. And once someone cashes that money order, you more than likely won’t get your money back. If a money order or cashier’s check is cashed fraudulently, you ...
A money order is a convenient, widely accepted form of payment. You can use money orders in lieu of cash or checks to make payments in person or through the mail. Regarded as a "safe" payment option, various types of money orders are available through banks, money services businesses and...
order status. Companies such as Western Union® allow customers to check the status of a paper or electronic money order using the company's website. Most of these sites require the user to enter the order or serial number, the sender's name, and the amount that the money order is ...
After the savings bond is redeemed, for tax purposes, you’ll have to complete Form 1099-INT.How savings bonds are taxedSeries I and Series EE bonds are taxed identically. When they mature or if they are cashed in early, the taxable portion is the bond’s face value minus the original ...
While a money order is an accessible and straightforward payment method, ensure that the contractor has a local place to cash the order. It is important to note that a money order is in the hands of the postal delivery system, which can delay the contractor’s payment. Money orders may al...
Use a cashier’s check when you need to make a large payment and a personal check or credit card isn’t acceptable and paying with cash isn’t safe or practical.A cashier’s check is a safe, efficient payment method when a large sum of money is required. Although a cashier’s check ...
A money order is a secure alternative to cash or a personal check, which you can use to send money or pay bills. It works much like a check and is usually issued by a government or banking institution. You can cash a money order or deposit it into a bank account. Money orders are ...