How long does it take a bank to clear a money order?

A money order would need to be deposited before 10:00PM local time with a teller at a branch or at an ATM to count for that business day. The funds would be available for next business day withdrawals, and to pay checks and purchases that post to your account the next night.

Are funds from a money order available immediately?

Unlike a personal check, when you give someone a money order, they know the funds are guaranteed. With a normal check, it typically takes a few days before recipients can access the money because the receiving bank has to make sure the sender has enough to cover the amount.

How long does it take to verify a money order?

Money order loss or theft may take up to 30 days to confirm. Investigating a money order’s lost or stolen status may take up to 60 days.

Why would a bank put a hold on a money order?

A hold means there’s money in your account that isn’t available yet. We might place a hold on money for a number of reasons that delay its availability. For example, you might have deposited a Western Union money order for something you sold online. That’s essentially a check deposit, subject to standard hold times.

How long do money orders take to deliver?

Expect 7 business days processing. Allow additional days for mail delivery. If a paper request is needed, call our automated line at 1-800-542-3590 and press 0 to speak to a representative to request a paper form. There is a non-refundable $25 processing fee for mailed requests.

Is there a hold on money orders?

Regulation CC requires that funds from U.S. Postal Service money orders must be made available on the first business day following the banking day of deposit (“next-day availability”). If the purchaser of the money order is the drawer, then it’s a normal check and you can follow the normal Regulation CC holds.

How long do you have to wait to cash a money order?

However, depending upon the state of purchase, if you do not use or cash the money order within one to three years of the purchase date, a non-refundable service charge will be deducted from the principal amount (where permitted by law). The service charge conditions are described on the back of the money order.

Do banks put a hold on money orders?

If the purchaser of the money order is the drawer, then it’s a normal check and you can follow the normal Regulation CC holds. If the money order is drawn by a bank on another bank or payable at or through a bank, it’s treated as a teller check.

Which part of the money order do you keep?

Make sure to sign the front of the money order. Do not sign the back. The back is for the receiver when they cash the money order.

How long does it take to stop a money order?

If all goes well, the issuer will cancel the old money order and send a new one. The entire process varies by issuer, but it often takes about 20 to 30 days if you provide a receipt. If not, it can take around eight weeks.