They are particularly useful for individuals without bank accounts or another form of electronic funds. The problem is that many of these money orders have mistakes. These can cost extra fees, result in payments delivered to the wrong parties, and numerous other problems.
Let’s examine four common money order mistakes and how to prevent them.
The Wrong Information
The most common mistake with money orders is using the wrong information. The wrong recipient account number, incorrect party name and wrong address can all result in your money order failing to be received by the right party.
When you create your money order, ensure that every detail is correct. You want the details to be as specific as possible to ensure that your order cannot be redeemed by the wrong person or party.
Failing to Keep the Receipt
Another common mistake people make when sending money orders is disposing of their receipt.
The receipt your receive with your money order is more than just a proof of payment—it represents recourse in the event that your money order is lost or retrieved by the wrong party.
Ensure that you keep your money order receipt somewhere safe until you can verify that the party received your money order. This will protect you and your finances.
Creating a Money Order Without Filling It
Many people create money orders in advance because they regularly send their payments to family members in other countries. This can create a significant problem when they create a money order that they do not send.
If you find that your money order has been created but will not need to be fulfilled, then you should take your money order card and try to have it cashed by the financial institution of your choice. Not all banks can or will do this, so ensure that you contact them ahead of time.
Spending Too Much
Another common mistake customers make is that they pay too much in fees when sending money orders. While a few dollars or cents may seem like a small amount for each money order you send, this is money that the recipient does not receive.
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Financial establishments like Sharemoney.com can be instrumental in providing cost-efficient money orders. Make sure your provider keeps fees minimal when sending money to countries like Mexico, which in turn allows the recipient of your money orders to receive as much as possible.
Keeping Your Money Safe
A quick mind and a tendency to double-check your money order details will ensure that your money orders are sent and received without problems. Avoiding the common mistakes that customers make can help keep your money orders cost-efficient, which in turn can help you stretch your finances.
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