• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Cashing a rather large money order

D

dmw16

Diamond Member
I sold a pretty big ticket item ($750) on another forum and took a money order for it. I have heard of people getting scammed because they just took the MO to the bank and shipped the item and then the MO bounced. I can take it straight to the post office, but do they generally have enough cash to cover a larger money order?

Also, how long do I have to wait to be safe if I take it to the bank?
 
I was always under the impression that a money order is as good as cash. I know when I get a money order from my credit union they take the cash from my account and print me out the money order.
 
I was reading on wikipedia the scam went like this.

Get money order. Take MO to bank. Assume it is as good as cash. Send goods/services. Find out a few days later that it was a fake and the MO bounced. Be out goods/services/real money.
 
Only accept a USPS money order. Liitle harder to forge/counterfeit. And you can cash those at the post office as well. A money order doesn't really "bounce", but can be counterfeited as you've pointed out.
 
it is a USPS money order. i guess the safest way to do it is to cash it at the PO. But do they have the means go hand me $750 in cash?
 
If the MO is from the USPS, take it to any decent size PO (not a Mom/Pop contract station).

They will cash it right there for you. If there is a problem, you will be notified immediately and you will now have the Federal authorites on your side rather than coming after you.

If the MO is via some other system; it is best to call that system and verify that the MO is valid. Is you are suspicious, do not use the phone number on the MO itself, butr locate the number independently. They will have a record of it by Serial Number. If it is good, then you can treat is as cash with regards to depositing it.
 
Just look for the security features on the money order to make sure its legit. Its stupid to not accept anything but USPS money orders. My bank (credit union) gives me free money orders and theres no way I would get a USPS money order just to make a seller happy.
 
i didnt do it for any particular reason, just want to make sure both buyer and seller (me) stays safe. I will hit the post office first since it is on the way to the bank.
 
Just don't ship until the MO clears. Make sure the buyer knows that and all is good. If the buyer wants his stuff in a hurry he should send a postal money order.
 
Originally posted by: dmw16
he did send a postal money order.
Click to expand...

Walk down to the PO and get your cash.

Consider bringing the item with you to mail it at the same time.

 
750 is not big ticket.

just cash it at the bank like a normal check. get CASH from the bank (do not put it into your account). Then you are good to go.

Cash > *
 
a REAL MO can't bounce... that's the whole concept.
but i guess u need to be sure its 100% legit
 
Originally posted by: dmw16
it is a USPS money order. i guess the safest way to do it is to cash it at the PO. But do they have the means go hand me $750 in cash?
Click to expand...

Yes they will, it's a government agency. They print money for a living.
 
Originally posted by: toant103
Originally posted by: dmw16
it is a USPS money order. i guess the safest way to do it is to cash it at the PO. But do they have the means go hand me $750 in cash?
Click to expand...

Yes they will, it's a government agency. They print money for a living.
Click to expand...

Thats what I used to think too, but I tried cashing a $600 money order at the local post office (the main office in a city with roughly 40,000-60,000) and they did not have enough money to cash it for me. I couldn't believe it.
 
Call the issuer. Checks are underwritten by the institution they are written against. Call the instituion and tell them you have a money order and ask if it is any good. They may ask you to fax it.

Many financial instituions want you to wait till it clears which is about 3 working days.

I would never accept a money order. They could just have sent you a certified bank check. Basically you give the bank your money and they print a check written against them.
 
Please be to givving me the MO and $750 in cash and I will first be sending you $2000 MO ok? I have account of dead king who needs to be giving me money please so I want to share it with u too? I will send $2000 money order to you and you send me cash addition money order you have ok? I awwait your correspondence plse!
 
Originally posted by: SonnyDaze
Only accept a USPS money order. Liitle harder to forge/counterfeit. And you can cash those at the post office as well. A money order doesn't really "bounce", but can be counterfeited as you've pointed out.
Click to expand...

umm no all the nigerian scammers use usps MOs
 
Originally posted by: halik
umm no all the nigerian scammers use usps MOs
Click to expand...
The nigerian scammers never send a USPS MO in your name. They claim to send you one. They give you a website tracking number for a valid money order. Just the valid MO isn't in your name. You miss that little detail, and can't cash it. But you sent the item days before.

They may use a USPS MO (so technically you are correct halik), but not for you (so SonnyDaze is still correct in his logic).
 
Originally posted by: mcvickj
I was always under the impression that a money order is as good as cash. I know when I get a money order from my credit union they take the cash from my account and print me out the money order.
Click to expand...

i had to pay cash for my money order, or from a debit card.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top