Money Order?

Question

I have money orders that I need to cash. Do I have to wait for it to clear like a normal check if I cash it at my bank? Or do I receive the money immediately up front?

Answer 1

Money orders don't 'clear' like checks. They are drawn on the Financial Institution, not a customer's account. Unless they are counterfeit, the funds are Guaranteed. Most banks will cash them on the spot.

Answer 2

There is no waiting to clear with a money order. You can get your money when you take them to the bank.