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.Know More
About.com reports that a cashier's check is secured by the funds in a customer's account. The cashier's check is guaranteed by the bank to be valid. Cashier's checks can be used for large purchases, such as the down payment on a house or car. A money order may have a financial limit, such as $1,000, depending on the issuer.
Anyone with the cash for it can purchase a money order while a cashier's check may only be available from a customer's bank. Someone who does not have a bank account may not be able to purchase a cashier's check. My Bank Tracker notes that some banks may be willing to issue a cashier's check for a non-bank customer if the person has the full amount of the cashier's check available in cash. The bank may also charge a larger fee for issuing the cashier's check than it would for a bank customer.Learn more about Personal Banking
To track a money order, simply submit an inquiry request to the provider, according to the Houston Chronicle. The provider uses the serial number in the money order to trace it. If it has not been cashed, it can be replaced.Full Answer >
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.Full Answer >
A money order can be canceled as well as traced, states Western Union. Therefore, it's important for the purchaser to keep the money order receipt, whether the instrument was purchased from Western Union, the U.S. Postal Service or a bank. That way, the cancellation and refund process can be expedited.Full Answer >
People can cash money orders at their banks or places where they have accounts, from the business that issued the money order, and from many grocery stores, convenience stores and check cashing stores. To minimize fees and get the money faster, the consumers' best bet is to go to their own banks or where they already have accounts, according to About.com.Full Answer >