When you have no online access to your bank and you want to transfer money traditionally, a MoneyGram Money Order may seem one of the safest alternatives possible.
To most individuals and even to the unbanked and non-internet users, a MoneyGram Money Order offers them the ease of physically transferring funds via the mail in a safe and valid manner.
However, first, you should consider whether it is better to buy a MoneyGram Money Order or not, knowing how it operates and how you can cash it, as well as what dangers you might encounter if you fail to verify all the information several times.
My own experience became a personal headache, so here it is, as an example of what happens to a person, so that you can learn your lesson.
MoneyGram Money Order: A Word of Caution
In case you do not have access to the internet, transferring money becomes tangible and more complex. Though a money order is one of the best solutions you will have.
Making a money order will require the use of that archaic snail mail through the US Postal Service and an actual envelope, stamp, and pen.
Remember those? I suffered a nightmare with a MoneyGram Money Order; hence, this should serve as a warning to everyone.
Before buying this form of money order, you first need to enquire whether the recipient of the money order has a bank account.
The case was that when I was trying to financially help out someone. I did not realize that this lady neither had a bank account nor had access to the internet till after I had bought the MoneyGram.
She was not able to cash the MoneyGram Money Order and lacked a bank account in which she could store the money. This confused my mind in a very bad way, as I simply believed everyone had a bank account, even though there was nothing in it.
It was ridiculous that, after all that I went through, I never thought to use a pre-paid card and had USPS deliver it to her.
Check the USP Money Orders Before Deposit
Should you get a USP money order, you should ensure that it is not fake by calling the money order verification system at 866-459-7822.
When Certain Fraud Is Suspected, call the U.S. Postal Inspection Service at 877-876-2455 (press keys).
It is the U.S. Postal Service and the U.S. Postal Inspection Service security upon which people can rely in their work.
Consumers, misguidedly, generally think that postal money orders and cashier checks are good when they are cashed by a bank, and they are not recourseable.
This is not so. Simply because you are able to withdraw the money that you have deposited using it, it is not good.
Federal law provides that your funds must be made available after you deposit them in a bank. However, you should know that just because you can have the money does not mean that the check is good.
Banks tend to advance money tied up in a cashier’s check or money order before its clearance.
The majority of counterfeits come from abroad. They are manufactured through an offset printing process and give an authentic look to a document.
The security features of the real postal money orders cannot be imitated by scammers, though.
Postal Money Order Security Characteristics
Postal money orders are colored inks, watermarks, and security threads. Get familiar with the functions of genuine postal money order security:
- On the left, at the front facet of the money order, watermarks of Benjamin Franklin appear through the white oval. Which might be seen with the assistance of light. One can also see the watermarks on the back side.
- On the right of the Franklin watermarks runs a dark security line up and down. Bringing the thread to the light, one can read the microprinted letters of USPS in alternating right and upside-down positions along the thread. The letters can only be viewed under the light.
Other features that you must know:
- Postal money orders contain warning information printed reversely on them.
- The denominations appear in two places, on the front, without discoloration about the dollar amounts (discoloration can be evidence of alteration).
- Maximum (US) $1,000 on domestic or US$700 on international postal money orders.
Conclusion: MoneyGram Money Order
Although sending money with a MoneyGram Money Order may remain a convenient alternative in cases when digital payments are not an option, it has its risks and consequences.
If at all contacting the person you are sending money to, make sure that they are able to receive and cash a MoneyGram Money Order. And always be sure to read all the security features to keep you out of harm.
These are easy steps that you can take to save on time, stress, and money. A prudently used MoneyGram Money Order is still a secure. Dependable method of assisting another person in need or handling provisions in the same fashion.
Money Orders FAQs About MoneyGram Money Orders
1. What is a MoneyGram Money Order?
MoneyGram Money Order is a type of paper payment approach that you buy using cash or a debit card. It can be used to transfer money using the mail safely in a case where you do not have access to online transfers.
2. What are the steps to purchasing a MoneyGram Money Order?
MoneyGram Money Order can be purchased through designated agents such as convenience stores, grocery stores, or selected retailer outlets. You are advised to come with either cash or a debit card, complete your order, and retain your receipt.
3. Who can cash a MoneyGram Money Order?
No. To ensure that one receives it, first check that they have a valid ID, access a MoneyGram store, or a bank account that can accept money orders. Otherwise, they will not be able to cash it.
4. What checks to know that my MoneyGram Money Order is genuine?
Check some security features such as watermarks, special ink, and security threads. When it comes to postal money orders, it is best to be certain by calling the official number. In case of fraud, communicate with the U.S. Postal Inspection Service.
5. What happens when I lose my MoneyGram Money Order or it gets stolen?
Request the customer service of MoneyGram at once. You might be required to submit your receipt and a claim form. There is the possibility of a replacement fee.
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