After receiving a money order, many individuals proceed to cash it while some people deposit it. If you decide to cash your money order, you can do so in the institution that issued it to you. However, a situation may arise where you may have to cash a money order in someone else’s name. In such circumstances, what do you do? How do you cash a money order in someone else’s name?
You can cash a money order in someone else’s name by endorsing the money order to the individual and instructing the individual to cash it using their ID. You can use this method if you don’t have a valid ID.
Cashing a money order is easy. All you have to do is visit the institution that issued the money order and cash it. But what if, for some reason, you cannot cash a money order in your name? What do you do? Can you cash it in someone else’s name? If so, how? Read on to find out.
How to Cash Money Order Not in Your Name?
If you are a newbie, you’ll need to understand a money order before even thinking of cashing one in someone else’s name.
Don’t know what a money order is? Here is a brief summary.
A money order is a form of payment that offers ease and security. It is often used as an alternative to mailing cash or personal check.
A money order provides security for the sender and recipient. For the sender, sending this piece of paper is less risky than sending cash. A money order also has fewer personal details than its counterpart, a personal check. The sender pays for the money order upfront. So basically, the money order guarantees that the recipient will get the funds when they deposit or choose to cash the money order. Other examples of guaranteed checks are cashier’s checks.
It’s best to pay for a money order with cash. If you don’t have cash, you can use a debit card. However, we advise against using credit cards to buy money orders. You may face a large fee for doing so.
Where Can I Cash a Money Order?
After receiving a money order from a sender, you have two options. First, you can decide to cash the money order, or secondly, you can deposit it.
If you decide to go for the former, what do you do? Where do you cash a money order?
Normally, it’s best to cash a money order where the sender bought it. It doesn’t need to be the precise location. But if the sender bought it at, say, a Walmart store, you may want to visit a Walmart store to cash it. The same applies to post offices, banks, credit unions, MoneyGram, etc. The money order will have a logo or stamp in the corner.
Cashing a money order comes with a fee. Visiting the institution that issued the money order can reduce your fees and raise your chances of getting the order’s full amount faster. Even better, if you already have an account with a bank or credit union, they will waive the cashing fee. Cashing a USPS money order at a USPS branch is also free.
It’s crucial to understand that sometimes cashing a money order at a bank can only get you a small amount. This is true when you cash the order away from where you bought it. If you need the full amount quickly, you’ll have to go to the issuer. Ensure you call ahead that your nearest location that your closest location can cash the money order.
Of course, it is possible to cash a money order in someone else’s name. This can happen when you don’t have a valid ID to provide when cashing your money order.
To cash a money order in someone else’s name, you’ll need to endorse the money order to someone else and instruct the individual to cash it for you.
How Do I Cash a Money Order?
After receiving a money order, you may decide to cash it to access the money quickly. If that is the case, you’ll need to figure out how to cash a money order.
To cash a money order, you’ll need to endorse it—sigh your name on the back. Plus, you’ll also need to provide your ID no matter where you choose to cash your money order. If you don’t have an ID, you can endorse the money order to another person, like a sibling or friend, who has an ID. The individual can cash it for you.
Remember that you’ll probably face some service fees to cash the money order. Depending on where you go to cash the order, places may charge a percentage of the order amount up to several dollars. Banks and credit unions almost always provide the service for free, especially for their customers.
Furthermore, before you cash a money order, remember that scammers are looking for who to swindle. Keep an eye out for red flags like wrong bank information. Don’t accept a money order for more than you asked for either. Scammers can sometimes ask you to cash the order and send them the remaining.
How Do You Deposit a Money Order?
.If you receive a money order, you can decide not to check it, probably because you don’t need the money urgently. If that’s the case, you’ll need to know how to deposit a money order.
Banks usually accept post office money orders like they would a normal check at branches, ATMs, or even on a mobile app. However, money orders from other sources may need to be deposited at a branch.
Just ensure that you have a checking account with the bank. Most banks won’t let you deposit money orders into the checkless checking accounts they are starting to offer these days. You may encounter issues depositing or getting money orders through a mobile-only bank.
Like it is when cashing a money order or check, you’ll need to endorse and sign the money order. Funds will be available within a few days from deposit.