People seem to love or hate to receive USPS MOs as payment on SH. I'm one who loves them and thought I would mention why.
A cashier's check is one of the worst way to get paid because they can be faked - there are a million different styles, so how do you know it's real when it arrives in the mail? Your bank has to fund a cashier's check if it appears to be real (certain markings are required), but weeks later you may find out it's a phony and you're on the hook for the money.
On the other hand, I know what USPS money orders look like -- they are all of the same design with certain security features, so I feel more confident after I've examined them. Also, I can take them to the Post Office and have them examined.
Apparently some people want to cash MOs at the Post Office (I see lots of comments that often the PO doesn't have sufficient cash), but I've never done that. Instead, I simply deposit them at my bank (the Bank of America or my credit union) as I would any other check, either at the teller's window or the ATM. The BofA funds USPS MO deposits the next day (same as a cashier's check), and my credit union credits my account immediately - so there is some variation in how these institutions handle USPS MOs.
Before you say you don't want USPS MOs as payment, ask your bank or credit union how they process them. I've had no problems at all, and you can verify their authenticity at a Post Office.
If you want the use the money immediately, deposit the USPS MOs in your account knowing that they are real and use other money in your account to pay for an immediate purchase. The deposited MOs will clear according to your bank's policy, and you will get the funds.
A cashier's check is one of the worst way to get paid because they can be faked - there are a million different styles, so how do you know it's real when it arrives in the mail? Your bank has to fund a cashier's check if it appears to be real (certain markings are required), but weeks later you may find out it's a phony and you're on the hook for the money.
On the other hand, I know what USPS money orders look like -- they are all of the same design with certain security features, so I feel more confident after I've examined them. Also, I can take them to the Post Office and have them examined.
Apparently some people want to cash MOs at the Post Office (I see lots of comments that often the PO doesn't have sufficient cash), but I've never done that. Instead, I simply deposit them at my bank (the Bank of America or my credit union) as I would any other check, either at the teller's window or the ATM. The BofA funds USPS MO deposits the next day (same as a cashier's check), and my credit union credits my account immediately - so there is some variation in how these institutions handle USPS MOs.
Before you say you don't want USPS MOs as payment, ask your bank or credit union how they process them. I've had no problems at all, and you can verify their authenticity at a Post Office.
If you want the use the money immediately, deposit the USPS MOs in your account knowing that they are real and use other money in your account to pay for an immediate purchase. The deposited MOs will clear according to your bank's policy, and you will get the funds.
