Money order problem with my bank

[MJB]

Just received some US Postal money orders as payment for a cue. Went to deposit the money orders at my bank, and they tell me that there will be a 12 day holding period to verify them.

Has anyone else had a similar experience with money orders? I admit I haven't dealt with them in a long time, and back then they were treated like cash.

Disclaimer: I do not fault the buyer in any way for paying with money orders.

 

[kvinbrwr]

Just received some US Postal money orders as payment for a cue. Went to deposit the money orders at my bank, and they tell me that there will be a 12 day holding period to verify them.

Has anyone else had a similar experience with money orders? I admit I haven't dealt with them in a long time, and back then they were treated like cash.

Disclaimer: I do not fault the buyer in any way for paying with money orders.

There's lots of fake Postal MO out there and banks are wary. Depending on the amounts of the MOs and the volume your local PO does, I've had decent luck in the past cashing them there.

Kevin

 

[Bob Jewett]

... Has anyone else had a similar experience with money orders? I admit I haven't dealt with them in a long time, and back then they were treated like cash. ...

My bank has ATM deposit mechanisms that read the checks that are deposited. I've had a money order refused and I had to go back during business hours and give it to a teller. Since then (at a different ATM) the MO deposited as usual. I didn't notice any long hold.

 

[poolguy4u]

Just received some US Postal money orders as payment for a cue. Went to deposit the money orders at my bank, and they tell me that there will be a 12 day holding period to verify them.

Has anyone else had a similar experience with money orders? I admit I haven't dealt with them in a long time, and back then they were treated like cash.

Disclaimer: I do not fault the buyer in any way for paying with money orders.

:smile:

Yeah...my bank always want to blame 9/11 for all new rules because of terrorist.

 

[abs]

That's pretty standard. As has been noted, money order fraud is pervasive these days. Frankly, you're better off with the hold. Even, if they provided access to the funds immediately, you are still on the hook to the bank should it be discovered the MOs are fake. So you don't want to send the cue just because a bank would front the money to you while the payment clears in the future... If it doesn't clear, they take the money back from you, and you are out a cue unless it can be recovered.

When I sell stuff on Ebay, I always make clear that even with money orders I will not send the item until the payment has fully cleared. If the buyer really needs to have the transaction execute fast, they can wire the money via bank wire. It's unfortunate, but there is no convenient/fast payment mechanism that can't be subverted by fraud.

 

[Fast Lenny]

Postal money, go to post office and get cash, all others take it to the bank, I usually deposit money orders and they cash quickly after deposit.

 

[ChrisOnline]

Postal money, go to post office and get cash, all others take it to the bank, I usually deposit money orders and they cash quickly after deposit.

thats the best part of postal money orders.... that they can be cashed at the post office...

chris

 

[Tro]

If it's a large amount, call your local post office and see if they have the funds, that day, to cash it.

In my area, and I assume this is true for all post offices, they pay money orders out of the drawer with monies collected from customers that day. The later on the day you go, the more likely they'll have the funds to cash it.

If it's a few hundred bucks or less, they should be able to cash it anytime.

Call your post office.

Mike