Money Orders Or Cashier's Check, which is better to deposit into my checking account?

Question

Someone wants to deposit a large amount of money into my checking account and I want to know which is better and once it is deposit how soon can I use it?

Answer 1

If you got an email from someone telling you they are going to deposit some ridiculously large amount of money into your account and you get to keep 10% or some other amount, it's a scam.

You will send them some amount of money back and the money order or cashier's check will bounce about 20 days later and YOU will have to repay the bank because you are the one that accepted the check or money order.

Be very careful of this. It is a scam and it could cost you a bundle.

Go read the weblink I posted below. There are many variations on the scam but they all turn out the same. You'll send them their money and the check they sent you to deposit will bounce.

Banks have to give you access to checks you deposit within 5 days. However, that does not mean they cleared. When it bounces, you're the one on the hook for it.

Answer 2

Yes they can be deposited into a bank account. If it's a very large amount, the bank may place a hold on the funds until the money order has cleared, to make sure it is legitimate before you spend the money. This usually takes 5-10 days. If it's a postal money order or a bank money order, you should be able to call and see if the money order is good.

Answer 3

My wife was burned for $1,600 due to her brother's myspace friend stopping payment on two $750 money orders. She can't open a bank account anywhere and I'm not jeopardizing 20 years of excellent bank history over some MySpace
bulls--t.

Unless you're absolutely certain that the funds are legit - both forms are valid to deposit into your checking account. I would suggest not touching the money for 30 days just to see if payment will be stopped. When the bank takes out the money that was deposited, at least you knew that the funds were phony and that you won't lose access to your checking account.

Answer 4

Neither is better than the other, however, there are more and more fraudulent cashier's checks and money orders, which is why you must rely on your bank's funds availability policy. Ask the teller when you deposit the check to see exactly.

Answer 5

Either way, these two methods of payment have been "purchased" with cash. The institution behind the monetary instrument has the cash and guarantees payment. They are each good.
The money should be available in your account the following day, but check with the bank for their clearance policy.

Answer 6

Both have already been purchased with cash. So as far as which is better it's a toss up. As far as when you will have access to the funds depends on your bank, some it will be the next banking day others it might be as long as 3-days.

Answer 7

It depends on who issues each check. Look at the link for a detailed explanation.