People often use money orders for sending and receiving money because it is a convenient and a secure way. Since money orders work like checks, users often wonder can I deposit a money order into my bank account or another bank account for that matter?
- You can deposit money order into your bank account just like depositing check.
- Not all banks allow individuals to deposit a money into into somebody else’s bank account although you can check with the authority to confirm.
- You can pay for a money order via cash, debit card, or credit card.
…and Much More!
Can I Deposit a Money Order into My Bank Account?
If you don’t want to go through the process of exchanging the money order for cash or wish to avoid the charges for this process, the best option you have on the table is to deposit it directly into your bank account.
- You can simply deposit a money order by going to the local bank or using a credit union branch.
At the time of depositing, you would need to put forward certain items for identification. This may include a valid ID card or more. Alternatively, you can deposit a money order at ATMs as well.
Money orders can be deposited into a checking or savings account. Your funds will take the same time to clear just as a deposited check takes.
Can I Deposit a Money Order Into Another Bank Account?
Generally, banks let you deposit checks and money orders into another bank account. For instance, you may have to help some friend clear bills, send a gift, or help on some other occasions.
- The Bank of America, Chase, and Wells Fargo have confirmed this policy.
By signing out a money order over to another person, you can also let him deposit the money order himself. This is only possible if the specific bank’s policy allows. Some strict protocols have been put in place in this regard to avoid scams.
Money Order – In a Nutshell
A money order is a kind of payment that ensures security and convenience. Most likely, this is availed as another choice when you need to mail cash or use a personal check.
Sending just a single piece of paper is handier than a bundle of cash. Also, a money order is less risky as compared to a check because it does not have much information about the sender and the receiver.
You can pay for a money order with cash, debit card, or credit card. Nonetheless, most people don’t opt for credit card as it may end up charging you more for the service.
The Bottom Line
As it turns out, you can deposit a money order into your bank account although it would not be a piece of cake to do the same if we are talking about bank account of someone else.
Nonetheless, money orders are a secure way to move cash. You can opt for them especially if you don’t trust the buyer!
Frequently Asked Questions
Can I open a new account with money order?
At banks of credit unions, you can use money orders for the opening a savings account and checking account. However, keep in mind that the money will not be transferred right away and you have to wait for it.
Can I deposit a money order into my bank account online?
If your online bank lets you avail an electronic scan feature, you will need a photo and upload the money order to the account for depositing. If the bank does not allow this feature, you may have to mail the headquarters of the bank for deposit.
Can you use an ATM to deposit a money order?
Banks typically allow US Postal Service money orders because they have persistent checks at branches, ATMs, or even on a banking app. Before depositing, you have to sign the backside of the money order.
Can anyone cash a money order?
As you know that a money order is the same as a check, that’s why only the authorized person or the company is eligible to cash out the money. It does not matter whether you are at a US Post Office or bank.