When the check recipient cashes the check, money is drawn from the bank’s funds and not your own.Ī cashier’s check backed by the bank is as good as cash, which is why sellers and lenders may ask for a cashier’s check for big purchases or loan down payments. When you request a cashier’s check, the bank takes money from your account immediately (rather than when the check is cashed). If you request over $3,000 in money orders in one day, you may also need to fill out a form and show a government-issued photo ID.Īlso known as an “official check,” a cashier’s check is a check guaranteed by an issuing bank or credit union. The one major limitation with a money order is that the amount you can get is usually limited to $1,000, so you may have to get multiple money orders if you need them for a large amount. Money orders don’t expire, but in some cases, a fee will be deducted from the amount if it’s not deposited within one to three years. Using money orders can also be safer since the recipient can’t get access to your checking account number. Since a money order is a guaranteed form of payment, sometimes a company or service provider will require money orders from customers. This makes it different from a personal check that’s connected to your checking account and backed by your account balance.
#Do western union money orders expire full#
You give the merchant cash upfront, and they give you a money order for that full amount.
Smaller payments to merchants, sellers, or service providersĪ money order is its own separate payment method you can get without a checking or savings account. Typically the next business day after deposit Up to $1,000 per money order purchases of $3,000 or more in one day may require ID.
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