What do I do with a money order?

Question

United States Postal Service Postal Money Order. What do I do with it? Someone sent one to me. I've browsed around on this site looking for other similar questions about money orders, but I see where each person seems to have a different answer to the various questions. Some say cash it at the post office. Some say deposit it into a bank account or cash it at the bank. Some say it works like a check - others say the logical approach that it is nothing like a check, because the money paid on it is already guaranteed and it can't 'bounce' like a check.

All I'm trying to find out is...what do I REALLY do with it to get my money? I have a bank account. Can I just deposit it into my account at an ATM without doing anything special with it? Preferrably a 'Yes' or 'No' answer would be best...it seems that every person who has asked this question before in the past, never officially determined the 'real' answer to it. Thanks. :-)

Answer 1

A money is sorta like a check but the person paid cash at the Post Office to buy the money order so it is more like a traveler's check.  Take the MO to your bank and deposit it.  Make a copy of the front and back first just in case it is not any good.  That way you have a record.

Answer 2

cash at your bank!!it does not have to clear!!

Answer 3

Every time I receive a money order I deposit it into my checking account at an ATM. The funds are usually available the next business day if I deposit it by early afternoon. I've never had any problems. Just remember to sign it.

You can also cash a postal money order at a post office if you have a photo ID.