What is postal money order check?
A money order entitles the person named as payee on the order to receive the specific amount of cash shown on the order. You can use money orders in place of checks if you don’t have a checking account or if the payee requires a guaranteed form of payment.
What is the difference between a bank money order and a postal money order?
A postal order is purchased directly from a national postal system, such as the US Postal Service or the Post Office in the United Kingdom. By contrast, a money order is produced by an independent financial service provider and may be purchased at any number of retail outlets, including supermarkets or drugstores.
Do you have to endorse a postal money order?
Sign the front of the money order in the portion labeled for your signature. This section may be titled “Purchaser’s signature,” “Purchaser,” “From,” “Signer” or “Drawer.” Do not sign the back of the money order. This is where the person or business that you are paying endorses the money order before they cash it.
Can postal money orders be cashed anywhere?
You can cash a USPS money order at a Post Office for free. You can also cash them at most banks and some stores. Rural carriers may cash money orders if they have enough money on hand.
What happens if you accidentally endorsed a money order?
Many money order providers and cashiers won’t let you correct the mistake yourself. Changing information on the completed money order will make the order ineligible for cashing; the official policy is that money orders must be canceled and/or refunded if there is a mistake.
What does pay to the order of mean?
Pay to order ensures that only the intended recipient is authorized to receive payment. If a bank is unable to verify the identity of the person or organization claiming to be the intended recipient, the bank will not honour the check and will refuse to make payment.