Q:

Can I stop payment on a money order?

A:

Quick Answer

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.

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Full Answer

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.

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Related Questions

  • Q:

    How do you write a money order?

    A:

    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.

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  • Q:

    How do I cash a money order?

    A:

    Cashing a money order is completed by depositing it in an existing bank account or using the direct issuer to cash the money order, according to My Bank Tracker. The process is similar to cashing a personal check, and valid identification is required. Wikipedia suggests using check cashing stores, convenience stores and grocery stores in the United States as additional options for cashing money orders.

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  • Q:

    Where can you get a money order?

    A:

    There are a number of places where consumers can purchase a money order. The local office of the United States Postal Service is one option. Western Union offices also sell money orders, as do some grocery stores.

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  • Q:

    Can a money order be refunded?

    A:

    A money order is a financial instrument that can be refunded, according to Western Union. Iit can take time to honor the request, so purchasers of money orders should keep a copy of their receipts to ensure that the refund process can be facilitated more quickly and easily.

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