Are USPS money orders good as cash?

[plmitch]

I've never had any problems cashing one at the post office regardless of the amount. They always have enough to cover it. Cash it the same time I ship an item. Can't get any easier.

[starreloader]

I've taken more than a few hundred USPS Money Orders over the years and have never had a bad one yet... I deposit them in my bank account before 3pm and they are credited to my account by 12.30am that night/morning... I have never had to wait 7 days for them to be cleared.. I can always draw on the funds the following morning..

[fryboy]

are they as good as cash ? umm no sir , but ... they are reasonably close to cash , i havent tried the "calling ahead with a large m.o." yet but may in the future ( thanx for that tip ! ) and it always seems to depend upon cash on hand ( hint - first thing in the morning isnt a good time as they havent taken in any cash yet ) i've gotten some returned as fresh m.o.'s to use in other places , or if they balk at that i buy m.o.'s and then have them cash the ones i already had :P ( talk about a vicious cycle :P )
one thing about them - if you're the purchaser save the receipt until you know the other party has gotten and cashed them ,if they get lost or destroyed one can get the money back from them , i also suppose that if say billy bob stiffs you and doesnt send the product mail fraud would be but another charge ( dont think that they're after small potatoes too much but ..if there's several cases against the same guy they eventually get'em - after all they have hollow point bullets and other weapons of war now ... )

[HeavyMetal]

I've always used USPS money orders to pay for most everything, including rent and utilities! I started that about 6 years ago when I suddenly found $6000 extra dollars in my bank account!

LandLords story was his bank had been taken over and the new bank wasn't cashing my checks! This raised Hobb with my checking account for two more months before the "NEW" bank got it's act together and cashed the rent checks.

Since then USPS mo's have made life a lot easier!

The USPS money order is the only one on the market you can buy with a debit card, everyone else wants cash! This make a money order a one stop shop for me, buy the MO and drop it in the mail.

In those times I sell something I specifically ask for USPS money orders: becauase I can cash it ship it and be on my way again in one stop. I rarely sell anything that requires a huge cash outlay so I've never had the out of cash issue at the PO.

I will also second Montana Charlie's comment that thre U S Post Office is a self supporting agency of the US Government and recieves no tax dollars from the US government in any form!

The USPS also mantains it's own police force and I garontee those guys take fake money orders real serious! Mostly because dog bites are big part of thier day so a change gets a lot of attention!

[Bad Water Bill]

It probably is the only gov entity whos retirement account is solvent.

The last figures I heard they had a SURPLUS of about 6 Billion dollars.

[MaryB]

How to verify a money order:
What are some initial clues?

• If the denomination is discolored, it may have been erased (indicating fraud). (See 3.)
• The dollar amount should be imprinted twice. (See 4.)
• Maximum value for domestic money orders is $1,000.
• Maximum value for international money orders is $700 ($500 for El Salvador and Guyana).Which countries?

What else should you look for?
Hold the money order up to the light. You should see:

• Ben Franklin watermarks repeated on the left side (top to bottom). (See 1.)
• A vertical, multicolored thread that weaves in and out of the paper to the right of the Franklin watermark. In the light, the thread appears continuous with alternating horizontal dark and light bars behind it and the letters “USPS” repeating backward and forward throughout the thread. (See 2.)

What action should you take?
Verify - Call the money order verification system at 866-459-7822.
Report - If you suspect fraud, call the U.S. Postal Inspection Service® at 877-876-2455

[6bg6ga]

I've been trying to sell a certain item lately and everybody wants to pay by USPS mo. Fine, but when I tell them I will have to hold the item until the money order clears in my bank, they back out of the deal. One guy even wants to pay by money order if we meet in person.

After all the scam stories I've read about fake money orders, I'm pretty cautious about accepting them as cash. Sometimes my post office will cash them if they have enough cash in the till. Other than that is there a way to make sure a money order is legit? My bank said they can not tell until it runs through their system like a personal check.

I think I read on here that the PO can tell if its good by checking the serial number and if so a simple call to the number Mary listed should provide results. I would rather take a MO than a check any day of the week. I'm sure if you explain this to people wishing to do business with you there will be no problem.

[gtgeorge]

The # posted above works just fine to verify them as it is what I use. They have to be @ 24 hours after purchase though so no good in a FTF if they just bought it.

And BTW they are as good as cash as even cash can be counterfeit.

[shooterg]

Never had a bad one. My small town PO can hardly ever break a hundred if you're just buying a roll of stamps in the AM. Apparently they start the day with almost nothing in the till - in a time when you can't gas up the truck w/o breaking a century note !

[jonas302]

My small post office can never cash them credit union will deposit
Good as cash not a chance if you want cash get cash a ftf with a money order would have my red flags up besides I want untraceable cash to hide under my mattress you wouldn't believe how many times I have sold something or did a job for a certain price cash and they think that means personal check or credit card

[shooterg]

"USPS benefits from preferential local, state, and federal tax treatment that results in an indirect subsidy, or tax expenditure, from all levels of government. USPS is exempt from the following:
• Local, State, and Federal Income Tax
• Property Tax
• Motor Vehicle Registration
• Parking Tickets
Like Fannie Mae and Freddie Mac, USPS can borrow money at very low interest rates from the U.S. Government; USPS borrows money through the U.S. Treasury paying less than 1% interest on some debt. The Postal Service has a $15 billion line of credit with U.S. Treasury."

As a Government Sponsored Enterprise, the PO has some things that need fixing, but I'd hate to do without it ! Especially Flat Rate Boxes !!

[medalguy]

I cash USPS money orders at my bank all the time. However, I always go into my bank to conduct any business. Never use the drive thru or deposit by phone. And I always try to at least wave to my banker when I'm entering or leaving the bank. One or two times a year I invite him to lunch and bring him a nice bottle of wine at Christmas. In other words, let him know I'm a valuable customer to the bank. Whenever I have any kind of problem, I go directly to him and get it solved quickly. The tellers at the bank know me too, and never hesitate to cash checks or money orders for several thousand dollars. My deposits are never held for clearance either.

The long and short of it is to make yourself known to your banker. If he (or she) knows you, you will get things done that otherwise probably wouldn't happen.

[gnoahhh]

I too have never had an issue with a USPS MO, other than having to take them to my bank when there isn't enough in the PO till to cover them. My gripe is that people still insist on using them (and checks) in the first place. I much much much prefer PayPal. It's quick and instantaneous, very secure, and doesn't necessitate driving to the PO or the bank buy them or cash them. So what if they charge a couple bucks in fees? The PO charges a small fee to cut a MO too. In this day and age I just don't get why anyone would use anything else for an internet-based transaction. (And don't start on their 'anti-gun' policy. Most of the businesses we interact with on a daily basis have anti-gun policies. We are a very small portion of the population that is by and large anti-gun or indifferent to the issue. I for one won't cut my nose off to spite my face when all it takes is to not let them know what the funds are for. )

[DeputyDog25]

I have always taken them for payment, always cashed them at the post office or my bank without a hitch.

[higgins]

I'd rather have a USPS money order because if someone claims he sent you cash for an item, who can prove otherwise if no one has a receipt? The potential hard feelings if cash is actually lost or stolen in the mail are not worth it. I know a USPS money order can be stolen too, but I think it's less likely because there's a paper trail even if it's not much of one.

[MT Gianni]

Most of the Post Offices I Live near carry less than $50 cash to open up with. After 4:00 you might get one cashed for over $200. I take them to my bank. They are still the most counterfeited MO out there.

[legend 550]

Only in the US. Bought some snowmobile parts from a fellow in Canada, he wanted a money order( no PayPal account). When he tried to cash it Canada post told him it's not worth the paper it was written on out of the us. Went to Walmart for the money order they are good anywhere in the world. Go figure

[GoodOlBoy]

I agree with the folks who say if your PO can't cash a USPS money order then it's time to start being the squeaky wheel in the equation. I don't understand the idea that people can't wait seven days for something to clear for a purchase. Doesn't smell right to me.

I have never had a bad USPS money order, I have had more fake and bad western union money orders than I can count.

GoodOlBoy

[MaryB]

Never EVER use Western Union to make a deal. Zero protection in the case of fraud and many banks won't even take them now because of that. Send someone a Western Union Moneygram and they never ship? You have no recourse where the Postal Service can go after them for mail fraud.

[attrapereves]

USPS money orders are the most secure. The buyer has to wait several weeks before being able to stop payment. This makes it almost impossible for someone to get screwed over.