Why the !#&^$@ aren't money orders Verified Funds?

[edro]

Go to try to cash a money order today at the bank and they said that they couldn't because I didn't have enough funds in my checking to cover it. I was like.... um, a money order is just like cash, and they said no, it's like a check.

I said, well why would people even use money orders if they aren't better than checks.... and they said because some people don't have checking accounts.

WTF!

Scenario: A dude walks into a store and gives them $500 CASH! The sotre gives them a slip of paper VERIFYING that he gave them $500.

How is that NOT VERIFIED FUNDS? It is a 7-11 money order. It's not like 7-11 is gonna go out of business today or anything.

Wtf......

 

[spaceman]

Originally posted by: edro13
Go to try to cash a money order today at the bank and they said that they couldn't because I didn't have enough funds in my checking to cover it. I was like.... um, a money order is just like cash, and they said no, it's like a check.

I said, well why would people even use money orders if they aren't better than checks.... and they said because some people don't have checking accounts.

WTF!

Scenario: A dude walks into a store and gives them $500 CASH! The sotre gives them a slip of paper VERIFYING that he gave them $500.

How is that NOT VERIFIED FUNDS? It is a 7-11 money order. It's not like 7-11 is gonna go out of business today or anything.


.

Wtf......

i never understood it myself.so i just assume its yet another way for a bank/institution to screw you out of your money

 

[Wduaqnug]

Tellers try to be smart ass, this is second thread on this topic this week. Don't always listen to tellers or clerks. Call for branch manager and if he/ she is covering up whatever teller said is right. Ask for regional or district manager. Always get you whatever you want

 

[dabuddha]

Shoot at this rate, I'll be asking buyers for gold coins.

 

[woowoo]

Because you can stop payment on a money order

 

[SoylentGreen]

How about post office MO?

 

[AnimeKnight]

Money Orders are verified funds. But like someone mentioned you can stop payment on money orders. If I remember correctly you can also stop payment on official checks and cashier checks just more work to stop them.

I think that teller just trying to screw you over. Go to different branch and see if you can cash them.

 

[edro]

Originally posted by: AnimeKnight
Money Orders are verified funds. But like someone mentioned you can stop payment on money orders. If I remember correctly you can also stop payment on official checks and cashier checks just more work to stop them.

I think that teller just trying to screw you over. Go to different branch and see if you can cash them.

Meh.... I said screw it and just depositted it..... Does it take like 7 days to clear just like a check? Or can it clear in like a day? Oh well....

 

[AnimeKnight]

Originally posted by: edro13

Originally posted by: AnimeKnight
Money Orders are verified funds. But like someone mentioned you can stop payment on money orders. If I remember correctly you can also stop payment on official checks and cashier checks just more work to stop them.

I think that teller just trying to screw you over. Go to different branch and see if you can cash them.

Meh.... I said screw it and just depositted it..... Does it take like 7 days to clear just like a check? Or can it clear in like a day? Oh well....

It depends which bank the check is drawn from. If it's local big banks it usually just takes a day or two to clear the check. Unless the teller screw you more and put a hold on the check then.. you are looking at 5 - 10 business days.

 

[Pixelated]

Originally posted by: edro13

Originally posted by: AnimeKnight
Money Orders are verified funds. But like someone mentioned you can stop payment on money orders. If I remember correctly you can also stop payment on official checks and cashier checks just more work to stop them.

I think that teller just trying to screw you over. Go to different branch and see if you can cash them.

Meh.... I said screw it and just depositted it..... Does it take like 7 days to clear just like a check? Or can it clear in like a day? Oh well....

Yes, you can place a stop payment on a money order, cashier's check, and official checks. But, those checks usually have a phone number on them to verify whether a stop payment has been placed. Either the teller was too lazy to call, or it is possible that your account might not be in good standing and the bank is not willing to take a risk on cashing your check if you have a history of returned checks. I'm not accusing you, but I'm just letting you know that there are a lot of factors that go into a transaction other than an employee trying to screw you.

 

[Electric Amish]

MO's can also be counterfeit

amish

 

[RossMAN]

This is why I prefer USPS MO's.

Instead of cashing the MO at my bank or credit union, I go to the local USPS in the afternoon (so they have plenty of cash) and cash my MO there. With proper ID you should have no problems.

 

[fr]

Originally posted by: RossMAN
This is why I prefer USPS MO's.

Instead of cashing the MO at my bank or credit union, I go to the local USPS in the afternoon (so they have plenty of cash) and cash my MO there. With proper ID you should have no problems.

Yeah, I've done that plenty of times.

 

[Hammer]

Originally posted by: fr

Originally posted by: RossMAN
This is why I prefer USPS MO's.

Instead of cashing the MO at my bank or credit union, I go to the local USPS in the afternoon (so they have plenty of cash) and cash my MO there. With proper ID you should have no problems.

Yeah, I've done that plenty of times.

good to know. thanks.

 

[isekii]

just deposit them in the ATM