A money order provides a more reliable and secure way to pay for goods and services. It’s important you know how money orders work and to further answer the question of the day. Can you deposit a money order at an ATM?
A money order is similar to a check-in appearance as well as function which can be also used for purchases in replacement of a credit or debit card. This also provides a more convenient way to pay for goods and services.
In this post, we will discuss how to deposit a money order using ATM machines also other alternative methods of cashing/depositing a money order.
How Do money orders work?
A money order is a written piece of paper similar to a check that provides a safe way to cash funds. You specify who will receive the money order, and both you and that person must sign it for it to be valid, in other to minimize the risk of check fraud
What Is The Difference Between A Money Order And A Check?
A money order is similar to a check except that it’s prepaid. Like a check, you can deposit the money order into a bank account. Also, you must endorse a money order in other to be able to cash out. Although the working procedures for both can be a little bit different.
Can you Deposit a Money Order at an ATM?
Yes, you can possibly deposit a money order using an ATM machine at several major banks. Also, it’s important to note that most banks have their deposit policies, be sure to check out your bank money order policy before making any deposit. However, many ATMs accept several types of money orders, such as USPS, MoneyGram, and Western Union.
How can I buy a money order?
Well, there are few places you can buy a money order, consider buying from Walmart or any retail shop because it is quite cheap. You can buy a money order at any Walmart, CVS, or 7-Eleven, as well as at any of the 31,300 U.S. Postal Service (USPS) retail offices including banks and credit unions.
How to Cash a Money Order
Cashing a money order is almost the same as cashing a check because you still have to endorse/sign before you can be able to cash a money order. It’s important not to endorse your money order until you are at the point of collection.
- First, visit any of the money order local branches.
- Present the original money order to the teller
- Provide a government-issued ID.
- Provide your account information (signature card, ATM card, debit card, or deposit slip).
- Sign (endorse) the money order in front of the teller. This is typically on the back, but the teller can help you find the endorsement line.
- Receive the cash (or complete the deposit) and get a receipt for the transaction.
What Banks Allows Money Order Deposits at ATM?
Many national banks accept money orders at ATMs, though many are due to different financial policies. After depositing a money order it might take a while to be available because banks treat a money order the same as a check
#1. Wells Fargo Bank Money Order
Wells Fargo ATMs are scattered all over the states with more than 12,000 thousand in the United States. it’s one of the country’s most respected and successful banks. The branches offer financial services like getting a cashier’s check, cashing third-party checks, and cashing personal checks. But does not offer money order
#2. Capital One Money Order
The Capital one bank has more than 70,000 ATMs nationwide in other to ease the stress of constantly visiting the bank for daily deposits/withdraws. Capital one specializes in credit cards, personal and business loans, checking and savings accounts, cash personal checks, and free notary services
They provide a money order based on your checking or savings. They offer up $100 to $200, depending on your account agreement and may take up to one business day to be available
#3. Citizens Bank Money Order
Citizens Bank is a regional bank headquartered in Providence, Rhode Island. It operates over 1,000 branches and over 3,100 ATMs in 11 states and is committed to providing quality banking products and services to its customers. Fortunately does not offer money order.
#4. The Chase Bank Money Order
Chase bank ATM allows you to withdraw and deposit money order conveniently without facing the stress of visiting a local branch office.
Chase bank money order depending on your account agreement and may take up to one business day to be available based on your checking or savings agreement and may offer up $100 to $200 immediately, depending on your account agreement
#5. TD Bank
TD Bank, a subsidiary of the Toronto-Dominion Bank, is one of the largest banks in North America. It has over 1,200 branches and 700 ATMs across 16 states. TD bank offers access to $100 via ATM withdrawal on the same day
#6. Santander Bank
Santander is a global bank with over 650 banking offices and over 2,000 ATMs across the United States. The bank is regarded as a reliable and trusted institution because of its strong financial performance. Santander banks offer Immediate access to $100 via same-day ATM withdrawal; $225 is available the next business day
Where can I get a money order? How much Does a money order cost?
How much a money order costs may vary depending on the location and whether it’s a Domestic money order or international money order. Domestic money order may cost between $1-$5 depending on where you buy them. Buying money order from a convenience store or Walmart are relatively cheap and can be quite expensive buying from a bank. You can pay for a money order using your debit or credit card but it’s important to pay in person in other to avoid theft.
List of places to buy a money order and their cost include
- Walmart: Walmart store may charge Up to 88 cents per transaction
- convenience stores, supermarkets, etc.): Depends on the provider. For example, San Francisco-area Western Union providers often charge around $1.
- U.S. Postal Service: USA postal service charges varies significantly depending on the amount. For $500-$1000 charges may range from $1.25-$1.70 per transaction
- Banks and credit unions: Depends on the financial institution. Usually around $5.
What Does a Money Order cost at some of the Biggest U.S. Banks?
Not all banks provide money order options in most cases many banks will only sell money orders to account holders.
| Bank | Cost |
|---|---|
| Bank of America | Does not offer money order |
| Chase | $5 for up to $1,000; free for premium accounts. |
| Wells Fargo | $5 for up to $1,000. Must be purchased in a branch. |
| Citizens Bank | Does not offer money order |
Can you Mobile Deposit Money Orders?
Yes, you can mobile deposit money orders if your bank does not allow ATM deposits. Today, most banks allow mobile check deposits of personal checks, business checks, money orders, treasury checks and more.
You May Also Be Interested: How Does Mobile Deposit work?
What Banks and Credit Unions Allows Mobile Deposit Money Orders?
These are the list of banks and credit unions that allow money order mobile deposits with a mobile banking app:
- Fifth Third Bank – Mobile deposit limit varies by account type
- Chase bank – Mobile deposit limit is $10,000 per day and $25,000 in 30 days, but only available for business and commercial accounts.
- Citibank – This is dependent on the account type and account age.
- HSBC – Mobile deposit limit for personal accounts is $4,000 per day, $15,000 per month for advance accounts, and up to $25,000 per month for premier accounts.
- M&T Bank – Money order mobile deposit limit varies by account type.
- KeyBank – $5,000 mobile deposit limit per 30 days for most accounts and $10,000 per 30 days for relationship bank accounts.
- Mountain America Credit Union (MACU) – $5,000 per day or a total of ten mobile deposits.
- PenFed Credit Union – Mobile deposit limit varies by account type.
- Alliant Credit Union – The mobile deposit limit is based on the number of accounts under your name. Your daily limit will appear below the amount field when you make a mobile deposit.
- TD Bank – Mobile deposit limit is $1,000 to $2,500 per day and $2,500 to $6,000 within 30 days. It may vary based on account age
- US Bank – Mobile deposit limit varies by account type.
What Banks Don’t Allow Mobile Deposit Money Orders?
Here are banks that don’t allow mobile deposit of money orders:
- Ally Bank
- Bank of America
- BB&T Bank
- BMO Harris
- Chartway Federal Credit Union
- Connexus Credit Union
- Navy Federal Credit Union
- PNC
- Regions Bank
- Santander Bank
- Wells Fargo
Where Can I cash a Money order?
There are several places to cash a money order depending on where you find yourself and which is more convenient for you to us
Here is the list of places to cash a money order
- Post office. The post office is one of the most secure places to cash money orders. You can also send money orders to pay for goods and services.
- Bank. The bank is one of the easiest places to cash a money order. Consider cashing your money order at a bank where you already have an account so that you can securely deposit the funds immediately.
- Credit union. Similar to a bank, you can cash money orders at credit unions if you have a credit union account
- Money transfer outlet. Several locations, like Western Union and MoneyGram, specialize in money orders. They usually offer quick service with reasonable fees.
- Check-cashing location. Stores that cash checks, whether they’re your paycheck or a payment from a friend, often provide money order services.
- Retail store. Certain retailers will cash money orders. Check with their customer service counter or call ahead to be sure.
- Money order issuer. Take a look at which entity issued your money order. You’ll be able to cash it at a store that utilizes the same company, such as Western Union, for example.
Alternative Methods of Depositing Money Orders
If your bank doesn’t allow mobile or ATM deposits for money orders, you can instead deposit the money order to your account by visiting a teller at your nearest branch
Fees for Cashing Money Orders
At most Walmart stores, you can cash a money order issued by MoneyGram for a maximum fee of $4 if the value is $1,000 or less, or a maximum fee of $8 if the value is $1,001 to $5,000.5
Summary
Can you deposit a money order at an ATM? the answer is yes many financial institutions allows you to deposit money order using their ATM but its important to note that they may relatively charge high fees compared to using the post office, Walmart store, or any closeby retail shop that offers money order cash option.
Money Order FAQ
The only places that let you buy a money order with a credit card are retail stores and Western Union.
A money order is similar to a check and is almost used in the same way to pay for goods and services and can also be deposited directly to your bank
You have to report to the appropriate authorities. Lost or stolen money orders may take up to 60 days to replace which may attract a fee of $13.90.
Money orders are generally a safe alternative to cash or checks since only the payee can cash or deposit it for the amount printed on its face. As long as you save the receipt, you can track your payment and recover any funds it’s lost, stolen or damaged
You can cash a USPS money order at a Post Office for free but some other retail stores may require a little number of fees
Yes, you also pay for a money order, at a location such as a U.S. post office, Walmart or Western Union. Keep in mind that many have a $1,000 limit, including those that you purchase at banks.
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