Smith 
In our first article on money orders, we talked about how and where to get them. Now, let’s flip it around and look at how you can cash and deposit money orders close to home. But first, a quick recap: Money orders aren’t as common as they used to be and most people rarely use them. However, sometimes they’re the preferred way to send or receive payments.
Table of Contents:
- What Are Money Orders and How Do They Work?
- How to Cash or Deposit Money Orders
- Watch Out for Fraudulent Money Orders!
- Places that Cash Money Orders Near Me
- Final Thoughts on Where to Cash Money Orders Near Me
What Are Money Orders and How Do They Work?
Money orders are like checks. You can use them to make payments when you don’t want to or can’t use cash, checks, or cards. They’re often used by people without bank accounts or in cases where you don’t want to share your personal info. Money orders don’t show bank account numbers, so your privacy is protected.
You can buy money orders almost anywhere, in amounts up to $500 or $1,000. Need to pay more? Just buy multiple money orders. They generally cost $1 to $5 and you can pay with cash or cards. Since the money is prepaid, they’re as secure as certified or cashier’s checks and can’t bounce.
Most places accept money orders but always check with your payee first. Also, you generally can’t use them for online shopping.
How to Cash or Deposit Money Orders
To cash a money order, sign the back just like you would with a check, but only sign at the institution to avoid issues. Always bring ID like a driver’s license, passport, or military ID.
Make sure the issuer writes your name and address exactly as it appears on your ID. If not, cashing could be complicated or denied. Some places might charge a small fee to cash a money order.
Depositing a money order is similar to depositing a check. Your bank might not ask for ID since they know you. Funds are usually available the next business day, but you might be able to access $200 on the day of deposit.
Watch Out for Fraudulent Money Orders!
Even though they’re prepaid, money orders can still be fake. Fraud is more likely when the order is payment for something you sold online. To minimize fraud, accept money orders only from local, known individuals and ask for ID.
Signs of a Fraudulent Money Order:
- Visible Watermarks: Real money orders have watermarks that are only visible under certain conditions. A watermark that’s always visible could mean it’s a fake.
- Alterations: Prepaid money orders should not have handwritten changes.
- Machine-Printed Details: Machine-printed issue dates, amounts, and serial numbers look distinct and professional. Ordinary-looking numbers might be fake.
- Multicolored Threads: Genuine money orders have reflective threads to prevent copying.
- Amount Exceeds Payment: If someone overpays and asks for a refund, it’s likely a scam.
Research the money order issuer online to check for authenticity. If something doesn’t match, it could be fake. Always cash or deposit the money order right away for your security.
Places that Cash Money Orders Near Me
You can usually cash money orders where they are sold. Common places include:
Your Bank or Credit Union:
They often let you cash or deposit for free. If you’re a customer, they’ll help watch for fraud.
United States Post Office:
One of the most common spots to buy and cash money orders. Fees vary, but cashing USPS-issued money orders is usually free. They’re conveniently located everywhere.
Western Union and MoneyGram:
These companies are common issuers. Not all locations that sell money orders will cash them, so check first. Western Union agents may not charge a fee if you have a Western Union money order, and the same goes for MoneyGram.
Some retail locations partner with these issuers, such as:
- Walmart: Cashes MoneyGram orders for a $4 fee.
- Kroger: Cashes Western Union orders; fees and limits vary.
Check Cashing Services:
These should be your last resort due to high fees, which can eat up a significant portion of your money order’s value.
Final Thoughts on Where to Cash Money Orders Near Me
Your best bet to cash a money order is your own bank or credit union. They’ll offer you options to cash or deposit with minimal fuss. If that’s not possible, go to an agent of the money order issuer, like Western Union or MoneyGram, to avoid fees. Use check-cashing services only if you have no other choice, because of their steep charges.
