Money orders are a lot like prepaid checks. Different situations arise in which you may require a money order. Many customers use them in order to pay their bills or to mail money to relatives. Others use money orders when confidentiality is necessary or to make record keeping simple. They are also beneficial to use so the receiver does not become wary if the payer has insufficient funds. WSCE can help with money orders, a currency exchange program in West Chicago. How can you make and accept payments through money orders?
Using a Money Order
First, you have to buy the money order.
You must purchase a money order for the amount that you need. WSCE is the place to go for this. The maximum limit on a money order is $1,000. Make sure to keep this in mind. We recommend that you keep your money order receipt. The receipt allows you to find out if the order was cashed or deposited. When you have your receipt handy, it’s easier for you to cancel a money order.
Next, you have to fill out the order.
Once you purchase the money order, it is time to fill it out. The order will be printed on your purchased document. The additional information that needs to be added is very similar to a regular check. The info is as follows:
- Payee information
- Addresses
- Memo
- Signature
Finally, you make your payment.
Is everything necessary filled out? You are ready to make a payment! You shouldn’t mail cash, but it is safe to mail your money order. Again, keep a copy of your receipt.
Depositing a Money Order
First, you need to make a deposit.
When you receive a money order, you can deposit it like you would a regular check or some cash.
Then, you can receive the cash.
If you want to turn the order into cash, this is possible as well. It’s likely you would do this if you need the full amount immediately. Always make sure you call ahead and ask wherever you are trying to get the cash that the bank is willing to give you the full amount.
Money orders are beneficial for making payments by mail. They are also a better option for sellers as to not receive a fake payment or insufficient funds. When you are getting a payment, you want to be guaranteed the money. As always, feel free to contact us with any questions regarding your funds! West Suburban Currency Exchanges, Inc. is here to serve you.
