What's so hard about a USPS money order?

Guyon

Guyon

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Maybe this belongs in W&C, but it has more to do with buying/selling. In my sale threads, I specify "USPS money order or PayPal." Here's why:

some anonymous soul on Wikipedia said:

Postal Money Orders (PMOs) are generally regarded as one of the most difficult financial documents to counterfeit. They incorporate:

  • Watermarks. Telltale watermark when held up to the light should reveal images of Benjamin Franklin, repeated on the left side (top to bottom).
  • Dark security strip running alongside the watermark (top to bottom), just to the right. If held to the light, a microfiber strip will show tiny letters "USPS" along its length, facing backward and forward.
  • Rainbow of inked patterns and tones.
  • PMOs are printed on crisp, clean, textured paper stock.
  • Maximum value of $1000 for domestic (US) postal money orders, and $700 for International Postal Money Orders.
  • Denominations appear in two locations. If the denomination amounts are discolored, that indicates that they have been erased.
  • Ultraviolet features include the above mentioned micro-fiber strip that glows red, and the PMO number on the reverse side and the bottom which will also appear red under UV light.
  • Postal Money Orders are NEVER sequentially numbered, which is common with counterfeits.
Click to expand...

Why is it then that I'm always getting money orders drawn on banks I've never heard of? So far, I've been patient, deposited the money order, and waited to be sure that the funds were really there.

I may just start sending money orders back. This a problem for anyone else? In your view, is a money order a money order, or should I be suspicious of money orders drawn on banks I've never heard of?
 
its easier for me to get a western union from the convenient store down the street most of the time-
90% of the time i get home after they post office is closed -so i get one out asap for the seller-if he keeps the item till the non postal money order clears i have no issue-

i havent had time to get to the po this week and ship the pay it forward knife
-but i have been in contact to let him know- its al about communication between seller and buyer
 
I too use USPS money orders. On e-Bay I have accepted m.o.'s from banks I have never heard of. I have my bank verify funds before cashing. Anything can be counterfeited. It sucks our society has to be this way. You have to protect yourself. The beauty of USPS m.o.'s is that they are like cash! I prefer to send them or receive them.
 
The reason to only accept USPS money orders is because you get it and You walk in the post office and cash it, it is either good or not. No waiting for the real time for a money order to clear a bank which is almost 3 weeks and could be longer in some cases. Yes they release the money after a set time but it dosn't mean it really cleared just like a check.
 
For me, Postal money orders are the most convenient way to pay. There is a Postal outlet in a pharmacy near where I live that is open from 8:00 AM to 8:00 PM Monday through Friday, and it open Saturday and Sunday as well. I can't say any of that about my bank.
 
USPS is easy, but I can see the ease for some to use their bank. There has to be tens of thousands of banks out there, I doubt you have heard of the majority of them.
 
Guyon said:
In my sale threads, I specify "USPS money order or PayPal."
Click to expand...

rosconey2 said:
but i have been in contact to let him know- its al about communication between seller and buyer
Click to expand...

As far as I'm concerned, these two statements cover it. The seller has specified the terms on which he's selling. If a buyer finds the terms difficult, he can pass on the purchase, or he can ask about another means of payment -- it's all about communication.

Sending a non-acceptable means of payment may be a deal-breaker. He certainly could send it back. At the least, it's discourteous.I understand that a post office may not be around the corner. What about the seller? His bank may not be around the corner. He may want his funds now -- that's why he asks for PayPal. And his post office may be around his corner.

(If he asked $200 for a knife and the buyer sent him $180 and apologized, saying he just couldn't afford any more, what would we think about that violation of the terms of the sale?)
 
the PO in my town is small and very very crowded, a wait of 30 mins or so is not at all unusual, unless its something i really really want i will not go to the PO to get a MO ever again.

if its not something i really really want i guess i'll have to pass if a deal does require a PO MO, and i have passed before and am sure i'll pass again, and might even someday go to the PO for a MO again but like i say its gonna have to be a smokin deal for me to have to deal with those folks unlless i'm shipping something.
 
Note that money orders from banks carry less protection than personal checks. The buyer of a bank money order can simply cancel it, even after it has been mailed. If you do that to a check, at least you break the law.

I took two bounced money orders from Wells Fargo one year. Now I refuse them. I return them to the customer, explain the problem, and offer to take their personal check which I consider to be significantly more valuable.
 
I normally use USPS money orders, mainly because the buyer can cash them right away in the office, and they are good at every bank out there (well, at least my own said that). Sometimes, I send a Walmart money order, sometimes a MO from my bank drawn directly from my bank acct, depending on what the buyer requests. I request USPS MO's, and get anything ranging from cash to bank money orders to even USPS MO's. Doesn't really irritate me, I am glad the cash makes it in one piece, I usually ship the next day after getting an MO, and haven't had one non USPS MO not clear my bank. I realize that the seller might want that knife right away, but with all of the outrageous fees with sites like Paypal, and their stance, I only accept and send MO's. I don't understand why its so hard for people either.
 
silenthunterstudios said:
I normally use USPS money orders, mainly because the buyer can cash them right away in the office, and they are good at every bank out there (well, at least my own said that). Sometimes, I send a Walmart money order, sometimes a MO from my bank drawn directly from my bank acct, depending on what the buyer requests. I request USPS MO's, and get anything ranging from cash to bank money orders to even USPS MO's. Doesn't really irritate me, I am glad the cash makes it in one piece, I usually ship the next day after getting an MO, and haven't had one non USPS MO not clear my bank. I realize that the seller might want that knife right away, but with all of the outrageous fees with sites like Paypal, and their stance, I only accept and send MO's. I don't understand why its so hard for people either.
Click to expand...

What is outrageous about 3% for paypal? You get to take a credit card without a merchant acceptance account and the bank/ provider minimum, for a very nominal rate and get instant payment. You and the buyer/ seller get a fairly decent insurance package as part of the transaction if you like. What's not to like?

No, Paypal is not perfect, but considering US Postal Money Orders are the most frequently counterfeited form of alternative currency in the US and the post office cannot track/ validate a newly issued postal MO for six to eight weeks according to the Schaumburg IL post office, I'll continue to want a bank draft or official check for large sums (over $200), or take paypal.

As a caveat, if I know the buyer, I'd have no problem with whatever he wanted to send, but otherwise I'd specifically want to see payment from a source other than postal MO. And yI agree, being specific about what payment I'd like as a seller in my offerings is just part of trying to make the transaction simpler. I'm selling generally to fund other toys, and it's silly for a fun hobby to become an arduous task.




Regarding postal money orders -

A friend of mine got hit with $4000 of bad postal MO and he nearly was prosecuted for passing a bad check as a result, simply by depositing the postal MO in his bank account. With a cashier's check, this would be an easy determination prior to his fulfilling his part of the agreement he had with another party.
 
In the past - I have sinned as it is easier for me to get a slighlty cheaper MO from the Super America gas station then to haul down and wait in line (20 mins easy) at the semi independent monopoly USPS. If you want the mo fast this is the best way for me.

That having been said - if the ad says postal mo - that is what the payment should be. If posted as such I have (not always- sorry) asked first -just to make sure and go from there.

I guess I did not know that these can be cashed at the post office - cool.

Nice topic - good info

Doug
 
All things considered I like CASH, but that only works face to face.

For MO, I prefer USPS, as I can walk into any post office and cash it. This may not seem like a lot, but when you travel as much as I do, it is invaluable, especially if you are in an area where your bank has no branches. Second to USPS, is Western Union. I have not had a problem with any transaction through them. I have had problems with bank MO's in the past, not many, but enough to make me think before depositing one, and not to rely on the money being there instantly, or even in a week.

As for Paypal's %, it really isn't much higher than a credit card. If you have a credit card reader, or a business account set up to take MC, Visa, or Discover, they take a percentage of each sale as well.

Ken
 
I always check with a seller first if they request USPS MO, but I can get a "bank check" for free from my bank once a day. They take the money from my account then and there and issue the bank check to the seller.

I hate standing in line at the PO, but will do it if I have to. Often, if a MO is the only method of payment accepted, I pass on the sale because it's just not convenient for me to do the MO - whether from the PO or my bank.

Paypal is the way to go for me. Yeah, there's a fee, and I'd be willing to split the fee. Sure beats having to drive to the PO or Bank and I can take care of payment immediately via Paypal.
 
The best thing about Postal Money Orders is that you can cash them either at the PO or at your Bank. You'll never have any problems or delays as they're good as cash. There's only 2 ways you can pay for a PMO: Either by cash or by debit....credit isn't accepted. I've never had a problem with a PMO.
 
I prefer to use Paypal, but if I need to, I'll either accept or send out a USPS money order. I will not accept any other forms of payment when I sell. I hear of way too many scams involving money orders from other institutions, so I prefer to keep my behind covered.

I recently had a deal with a guy on another hobby forum I frequent, and he didn't have a Paypal account, so I sent the money order. Long story short he didn't send the goods, or return my money until I filed with the Inspectors.

Had I used any other brand of M.O., I'm afraid I would have been S.O.L.

I deal with a USPS sub station most of the time, and I didn't know they sold the USPS money orders until I saw them issuing one. That right there made it much more convenient for me, saving a long trip to the main post office every time I needed a M.O.

Difficult? Not IMHO.
 
USPS money orders are the way to go for me. I buy and sell using them and havn't had a problem yet.

I miss out on some nice deals because a lot of sellers want paypal but that’s my choice. I also miss out on some sales but again, that’s my choice.

Everybody is in a different situation on what works for them.
I work a block from a post office so it's easy for me to use that as a means of doing business.

Yes, I know they can be counterfeited but what can't nowadays. They steal your identity so I guess even we can be counterfeited ;)

Mark T.
 
I have to want something awfully badly to stand in line at the PO for a MO. I never request a postal MO and I avoid sellers that insist on them.

whitie
 
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