What Information Is Needed On A Money Order Receipt

Filling out a money order is a fairly straightforward process, but it's important to become it right. When filled out properly, these paper documents let you to securely send or receive payments, providing an alternative to cash, checks or credit cards. Western Union says you should "think of a money order equally a pre-paid check."

Here'due south what you need to know in order to buy and fill out a money society correctly.

What you demand to make full out a money order

The requirements to fill out a money gild vary by institution, whether its Western Matrimony or the Usa Postal Service. Each institution'southward money order may differ slightly in appearance besides. Notwithstanding, you'll generally need the post-obit information:

Proper name of payee (i.e. the person to whom the money will exist paid)
Payee'due south address
Payment amount
Your name and accost
What the payment is for and/or the billing account number

Yous'll also demand a grade of payment to buy the money guild (cash, check, debit carte). Some issuers limit your payment options, too. For example, you likely won't exist able to purchase a money lodge with a credit card.

Steps to fill out a money club

One time yous've purchased your money society, fill it out carefully to make sure it will go to the right person and that he or she can cash it. Here are the steps to follow when yous fill information technology out:

ane. Fill in the name of the recipient

Write the name of the recipient of the money lodge in the "pay to" or "pay to the order of" field. This could be a person's name or the proper name of a concern. Spell everything correctly, making sure your writing is legible and in ink.

It'south important to fill up out this department as soon as you purchase the money gild, since this volition be the only person authorized to cash or eolith. (If you lot lose or misplace a money gild before you write in the payee's name, anybody can write in their proper noun and cash the money gild.)

If given the choice, make full out your name in the field labeled "from," "purchaser" or "sender."

ii. Include your address in the purchaser department

Fill in your address where the money guild asks for the purchaser's address. In that location may exist a 2nd address field where you tin can fill in the address of the person or business organisation you are paying or sending coin to.

three. Write the account or order number in the memo field

A memo line allows you to annotation what the money order is designated for. For instance, you tin can specify that information technology is to purchase a specific particular or pay off a particular debt. If y'all have an business relationship or order number from the payee, this is where to include it. This field might also be titled "payment for" or "business relationship number."

iv. Sign your name in the "purchaser's signature" section

Sign the front of the money order in the portion labeled for your signature. This department may be titled "Purchaser's signature," "Purchaser," "From," "Signer" or "Drawer." Do not sign the back of the money social club. This is where the person or business that you are paying endorses the coin order before they cash it.

Keep your receipt

Keep your receipt, which contains a tracking number. This number can tell you if the correct person cashed your coin gild. And in example it is lost or stolen, y'all tin can use the tracking number to help you lot supplant information technology. In that location may be a processing fee for replacing money orders. Your receipt can also assist you lot cancel the money social club should your plans change.

How to purchase a money society

You can purchase a money society at banks and credit unions, check-cashing businesses, the U.S. Post, many grocery stores and some big-box stores. You can use cash or a debit menu to buy the coin order.

However, you may want to avoid using your credit card to buy a coin order, equally your credit card visitor may consider the purchase a cash advance. Cash advances may trigger steep fees, and yous may be hit with a higher-than-normal interest rate until you pay off the residue. Some issuers won't accept credit cards equally payment either.

There may be limits on the size of the money social club you can buy. The USPS, for example, allows you lot to buy money orders up to $1,000 if you're sending it inside the U.S. On summit of the price of the coin order, you volition typically take to pay a fee of between $1 and $10.

Lesser line

Money orders can exist a useful way to send and receive money. They are a widely accepted fashion to brand a payment, they never expire and if they are lost or stolen, they can often exist replaced. And since money orders are prepaid, unlike checks, they won't bounce, which makes them a secure style to make purchases, pay debts or send money through the mail.

Knowing the ins and outs of how to larn and employ money orders allows you to add this dependable tool to your financial toolkit.

Source: https://www.bankrate.com/banking/how-to-fill-out-a-money-order/

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