View Full Version : Can someone pls explain this to me!
demonized
07-23-03, 12:12 AM
How does money order work? I wanna buy something from someone but he only wants money order for payment.
Originally posted by demonized
How does money order work? I wanna buy something from someone but he only wants money order for payment.
money order is like a check... but same as cash... ie the amount of the money order has already been given... :)
this ensures no check bouncing or other fradulent stuff... same as demand draft basically in operation... or cashiers check...
limits their chances of getting burnt...
demonized
07-23-03, 12:30 AM
So its like cheque but same as cash? pls explain more. cause i still have no idea. i have 600 in cash and i dont know what to do with it? Do i go to the bank for this? I was gonna use this money to get a radeon 9800 tomorrow but i saw this guy selling a 256mb version for 550.
Originally posted by demonized
So its like cheque but same as cash? pls explain more. cause i still have no idea. i have 600 in cash and i dont know what to do with it? Do i go to the bank for this? I was gonna use this money to get a radeon 9800 tomorrow but i saw this guy selling a 256mb version for 550.
ok heres how it works..
a check you send... it is received... the recipient goes to bank and deposits and funds are removed from the account of the person who send the check.. ok ?
the only problem is what if the sender wrote a bogus check and it cant be cashed due to insufficient funds ?
thats where the money order comes in.. you pay up front in order to receive a money order... ie with 600 bucks ... you put that up to get a money order or they take out 600 bucks from your bank account...
that way the receiver KNOWS that he/she is getting money... instead of worrying if the check will bounce or not... :)
money order == same as cash analogy should become sorta clearer now :)
demonized
07-23-03, 12:42 AM
almost:D im almost getting it:D
So I go to the Bank and ask for money order? so its like i cheque that i could send to him except its garanteed that it can be cashed right away?
so here's what i say to the teller.
can i have $550 worth of money order cheque?
am i getting it? i think the doctor dropped me on the floor when i was born.:retard:
-=Gib-McFragger=-
07-23-03, 12:51 AM
LOL yea, you got it.
It's the same as a cheque, only you pay up front for it. Because of that, money orders are guaranteed to clear, unlike a cheque which could bounce. It is safer for the receiver that way, since they are guaranteed payment with it.
Clear now? heh :retard:
Originally posted by demonized
almost:D im almost getting it:D
So I go to the Bank and ask for money order? so its like i cheque that i could send to him except its garanteed that it can be cashed right away?
so here's what i say to the teller.
can i have $550 worth of money order cheque?
am i getting it? i think the doctor dropped me on the floor when i was born.:retard:
I hope you bounced when he dropped you :D
demonized
07-23-03, 12:54 AM
lol. thx guys. you guys made my day. since i have to get his name and address its safe for me too right? thx, again.
-=Gib-McFragger=-
07-23-03, 01:37 AM
Yep. :smoking2:
styles-T
07-23-03, 12:40 PM
post office will give money orders as well..
Riptide
07-23-03, 12:40 PM
Originally posted by styles-T
post office will give money orders as well..
Wow, learn something new every day I guess. I did not know that and have always gone to the bank for them.
Originally posted by Riptide
Wow, learn something new every day I guess. I did not know that and have always gone to the bank for them.
The bank charges $4 don't they?
Riptide
07-23-03, 02:50 PM
Not sure, it's been some time since I got a money order. I do believe there was a charge for it though, but it was years ago and may have only been about $2. Does the post office do it for free or do they have a service charge as well?
You can get money orders from the customer service desk at places like Walmart and other super markets. Usually the fee is only a couple of dollars.
amscot charges 0 for money orders here.. and elsewhere AFAIK...
ricercar
07-23-03, 05:32 PM
One of the benefits of a Post Office money order is that it is a federal crime if either payee or payor commit fraud. That's a higher level of investigation--after the fact to be certain--but I'd rather have the Feds than locals pursue the jerk who F**ks with me.
Originally posted by Riptide
Not sure, it's been some time since I got a money order. I do believe there was a charge for it though, but it was years ago and may have only been about $2. Does the post office do it for free or do they have a service charge as well?
I think the money order may be $2 and a cashiers check $4 or maybe it is the other way around. :confused: :p
demonized
07-24-03, 01:35 AM
Contacted my bank and here's their rates.
The fees for Canadian, U.S., and foreign drafts are as follows:
Canadian Drafts
Up to and including $1,000 $3.25
Over $1,000 $6.75
U.S. Drafts
Up to and including $1,000 $4.25
Over $1,000 $7.00
Foreign/International Drafts $7.00
(Foreign Bank charges may apply)
* Additional charge of $10 for EasyLine requests mailed within Canada and
$24 for drafts mailed to the United States.
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