![]() ![]() ![]() Companies that now offer money orders include 7-11, QuikTrip, Cumberland Farms, Safeway, Western Union, MoneyGram, CVS, Wal-Mart, and 3T Solutions. Money orders were later offered by many more vendors than just the postal service as a means to pay bills and send money internationally where there were not reliable banking or postal systems. The United States Postal Service began selling money orders as an alternative to sending currency through the postal system in order to reduce post office robberies, an idea instituted by Montgomery Blair who was Postmaster-General 1861–1864. Postal Service issues money orders for a small charge at any location. However, just because a particular business can issue a money order does not necessarily mean that they will cash them. Money orders remain a trusted financial instrument. Some financial service companies such as banks and credit unions may not charge for money orders to their clients. In the United States, money orders are typically sold by third parties such as the United States Postal Service, grocery stores, and convenience stores. United States An international money order issued in Chicago for encashment in Germany Money orders are the most economical way of sending money in India for small amounts. It is commonly used for transferring funds to a payee who is in a remote, rural area, where banks may not be conveniently accessible or where many people may not use a bank account at all. This is more reliable and safer than sending cash in the mail. A receipt from the payee is collected and delivered back to the payer at their address. The amount is then delivered as cash to the payee after a few days by a postal employee, at the address specified by the payer. A payer who wants to send money to a payee pays the amount and a small commission at a post office and receives a receipt for the same. In India, a money order is a service provided by the Indian Postal Service. Because of provisions within the USA PATRIOT Act and the Bank Secrecy Act, money orders have far more regulatory processing requirements than personal cheques, cashier's cheques, or certified cheques. Money orders have limited acceptance in the insurance and brokerage industry because of concerns over money laundering. The amount is printed by machine or checkwriter on both portions, and similar documentation, either as a third hard copy or in electronic form and retained at the issuer and agent locations. Money orders typically consist of two portions: the negotiable cheque for remittance to the payee (the receiver), and a receipt or stub that the customer retains for record. The main difference is that money orders are usually limited in maximum face value to some specified figure (for example, the United States Postal Service limits domestic postal money orders to US$1,000.00 as of August 2017 ) while certified cheques are not. In this way it is similar to a certified cheque. Usage Ī money order is purchased for the amount desired. This drawback was likely the primary incentive for establishment of the Postal Order System on 1 January 1881. The only draw-back was the need to send an advance to the paying post office before payment could be tendered to the recipient of the order. Fees were further reduced and usage increased further, making the money order system reasonably profitable. The Post Office noted the success and profitability, and it took over the system in 1838. Around 1836 it was sold to another private firm which lowered the fees, significantly increasing the popularity and usage of the system. The money order system was established by a private firm in Great Britain in 1792 and was expensive and not very successful. 1879.Ī money order is a directive to pay a pre-specified amount of money from prepaid funds, making it a more trusted method of payment than a cheque. Printed Payroll and Government Checks - 1.Payment order for a prepaid amount of money Postal money order, Duchy of Brunswick, 1867.Two-Party Business - 4% of check amount ($5 minimum fee)īranch Check Cashing Fee for Non-Regions Checks 1:.$25.01 or greater (excluding Two-Party Business) - 1% of check amount ($5 minimum fee and $20 maximum fee).$25 or less (excluding Two-Party Business) - no charge.Regions Quick Guide to Check Cashing (pdf) Fees, Terms and Conditions:īranch Check Cashing Fee for Regions Checks 2: Free load to Regions Now Card® when cashing a check.Pricing: percentage of check amount: 1% to 4% of check amount.Full-service check cashing - almost any check, in any amount - even hard-to-cash checks 1.It ’s easy to enroll, and there are no fee surprises. Regions offers check cashing services - including handwritten, out-of-state, insurance, two-party, tax refunds, business, government and payroll - so you can get your cash immediately. ![]() You don’t have to have an account with Regions to cash checks. ![]()
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