The ability to stop a money order depends on the policy of the store or bank that issued the money order. Rules vary depending on the establishment, and the purchaser may face a large fee to cancel the payment and receive a refund.Know More
Read all print available on the duplicate copy of the money order or the receipt from the provider. In cases that involve fraud, the purchaser may be able to file forms that make it impossible or more difficult for the recipient to cash a money order. Businesses that sell money orders must report transactions or patterns that are suspicious to the federal government, according to the Financial Crimes Enforcement Network, which does provide some further protection for consumers.
After a certain amount of time, uncashed money orders can be processed for a refund. In most cases, companies don't provide such protections, making money orders a risky way to remit payment. Another payment option to consider is a money transfer, which can be stopped.Learn more about Personal Banking
The biggest differences between a money order and a cashier's check are where they can be bought, how much money they represent and the guarantee for each. In most cases, a cashier's check is considered a more credible form of payment.Full Answer >
To write a money order, fill in the blanks with the appropriate information, and keep the receipt portion until you know the transaction is completed. The process is similar to writing a check.Full Answer >
Go Banking Rates notes that the main differences between a money order and a cashier's check are how each is purchased and how much money each can be written for. A money order can be purchased at retail outlets, the post office and check-cashing services for a small fee. The money order is secured by an upfront cash payment. Cashier's checks can only be purchased at a bank.Full Answer >
Sending an inquiry to the central office of the issuing agent is the best way to find out whether a money order has been cashed. The process is easier if the person who bought the money order still has the receipt, according to Western Union.Full Answer >