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| *Ostroff, Fair and Company>>>Other - Business & Finance |
What is a moneyorder? |
What is a moneyorder? A money order is a lot like a check. However you do not have to have a checking account to get one. You can buy it with cash at banks, the post office, or many other retail stores. It allows you to send funds to someone without having to send cash. You just fill in their information and sign it. Look at my avatar I'm a blonde How should I know it has the same function as a written check, but only the bank can issue one. some places only accept money orders cuz those never get rejected when processed and sometimes written checks can bounce when deposited or are fraudulous. good luck! They are a kind of check or cheque. You can buy them at post office, banks, many convenience stores. You pay the place some sum of money & you get this blank check for that amount of money. Some places may charge you a fee like 5% of the face value to do this service for you. Then you write some info on this as protection against same risk as sending cash money in the mail, and send it to the place that wanted to be paid by money order. Some banks, if you ask for a money order over some some of money, such as $ 1,000.00 might give you a "cashier's check" instead. Different places want to get paid different ways, or are willing to be paid different ways * Cash money * Money Order * Cashier's Check * Personal Check * Traveler's Check * Credit Card ... sometimes particular brand name * Pay Pal * over the Internet * Bank "wire" Each methodology has its advantages and disadvantages You later might want to ask a question about that The pros & cons have to do with * what you have to pay to get the money transferred * how easy is it to get money in this format * what your recourse is if it gets stolen or lost * what the risks are to you if some crook gets it * how easy is it for terrorists and other crooks to use this fraudulently> * how much hassle is it for some business to be paid using this ... like fees, training their people * can it be used when you are not in your home town, or travel out of the country Its a prepaid cheque. You can go to the bank or postoffice, ask them for a money order, and tell them how much it is for. Then you will pay them, they will charge you a small fee and then they will issue you a money order. Once you have a money order, its as if the bank or the postoffice is paying. They are guaranteeing to the person receiving the money order that the funds are all there. The person will then just cash the money order at a bank or post-office. Its as good as if you sent them cash. |
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