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However, cashier's checks can work out to be less expensive in some situations. Accessed March 27, 2020. Is a Debt Consolidation Loan Right For You? Walk into a local bank or credit union and ask if it’s possible to pay cash (or use a. Will Paying My Credit Card Balance Every Month Help My Credit Score? Don't Spend the Money Too Quickly. It’s usually simpler to purchase money orders, but cashier’s checks are somewhat more secure. We’ll cover the similarities and differences in detail below. Accessed March 27, 2020. However, for these 2 items we will in many cases accept a personal check, which doesn’t carry the fee that the bank charges for a cashier’s check. Cashier’s Check vs. Money Order: An Overview. It depends on where you buy it, but some issuers allow you to use a credit card, check or debit card to purchase a money order. Citizens Bank. This process is slightly easier with a money order—assuming you keep your receipt when you buy a money order. When Should You Use Western Union for Payments? Purchasing a Money Order A money order has to be bought with cash and is good as money at the bank it was purchased or to a deposit of your acct . Experian. Justin Pritchard, CFP, is a fee-only advisor in Colorado. How to Get a Loan if You Don’t Have a Job. For example, if you wanted to make a payment for $100,000 you may need 100 $1,000 money orders. Opening a checking account can be easy, and once you have one, consider using autopay and bill pay to make all of your payments securely each month. "How Do I Request a Money Order Refund?" Always make sure you are purchasing your money orders and cashier's checks from reputable vendors. Also keep your receipts for certified checks and money orders; that way, if you need to stop the funds for some reason, you can contact the issuer and follow their instructions for cancelling the payment. Using a credit card or debit card for bill payments, or using a bill pay option with a bank, can be easier, will cost you nothing and in many cases will be more secure than the certified option. When Can I Access This Money?" Postal Service will allow you to pay for your money order using cash, traveler’s checks or a debit card. When to Use a Money Order. Cashier's checks usually are cleared the next business day, though if the amount is more than $5,000 it might take longer. The customer can request “next-day availability” when depositing a cashier’s check in person. That’s just one reason to keep a local bank account (which can also save you time and money in other ways). Money Order is a mode of payment that requires the payer to pay a specified amount of money before-hand. However, you'll need a bank account to get a cashier's check. Want to instantly increase your credit score? His experience is relevant to both business and personal finance topics. All information, including rates and fees, are accurate as of the date of publication and are updated as provided by our partners. What Happens When You Write (or Deposit) a Check? Federal Deposit Insurance Corporation. Citizens Bank. "Expedited Funds Availability Act," Page 3. Walmart has some of the cheapest prices for money orders, charging 70 cents for amounts up to $1,000. If you’re on the house hunt, you’ve probably encountered a couple of terms again and again — cashier’s checks and money orders. However, you may still have options: If you order online, some banks restrict who the check can be made payable to and where it can be mailed. "Cashier’s Check Scams." But dealing with missing money orders is rarely free, and you should expect to wait 30 days or more for a resolution. With a cashier's check, you might need to wait 90 days after submitting a cancellation request, and that may cause cash flow problems for you unless you have a lot of extra cash on hand., When you deposit a cashier’s check, you can generally get the first $5,000 available within one business day. Money orders are often treated differently, with longer hold times, and only the first $200 available within one day. USPS money orders get better treatment than other types of money orders—they should get the same availability as cashier’s checks., Cashier's checks and money orders do share several features that may make either one a good choice, all else being equal.. These documents, while secure if authentic, can be easily forged and may fool an unsuspecting eye. The Differences Between Money Orders and Cashier’s Checks, Protecting Against Money Order and Cashier’s Check Fraud, Understanding Your Total Financial Picture, Experian's guide on fraud and identity theft, free copy of your credit reports and scores, "Understanding Your Experian Credit Report.". • Some Security. In order to safeguard against financial frauds and losses, such as, check cashing fraud, card skimmers, and many other risks associated with checking information, depositors prefer to choose secure payment methods like cashier’s check or money order, as these are considered safe modes of payments compared to conventional checks and debit cards. Cashier's checks are also great options for people with bank accounts who need to make payments with certified funds. It is recommended that you upgrade to the most recent browser version. 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