I do not accept Postal Money Orders. Why?

[rootdude]

I’ve been to three Post Offices this morning to redeem a $350 postal service money order.

I have been told by all three that they are not able to redeem the value of the money order I was sent to sell an optic because they do not keep cash in their drawers and are at the whim of the customers’ use of cash to pay for services whether they have that money or not. I turned around after waiting for an hour in a regional office and ask the long line of people if anyone was paying with cash - not a hand raised.

The USPS IS BANKRUPT and issuing paper without READY RESERVES TO BACK THEIR SCRIPT.

In a world that is increasingly cashless, these money orders are a PIA and are literally worthless - the postal service will not honor them at the time they are rendered for payment.

This is why I Bitcoin, amongst other reasons.

For those sellers accepting this payment type in the Classifieds, I wish you luck. For those buyers claiming that these money orders are as safe as cash in your hand, you are incorrect and disingenuous.

Will I eventually get the cash, probably. But I will spent untold time and effort to do so, making the value of the “money” far less than what paying a mere 3% fee for instant liquidity would provide.

Done, and done.

 

[Sqwirl57]

You can cash them at your bank...

 

[Nomadic Pirate 66]

Just deposit in your bank, I do that all the time, no problems,......USPS money orders is the only form of payment I've been using for years.

 

[rootdude]

Does it really change the principle?

They are issuing paper they don’t back. Kinda like our government.

Thanks for the heads-up. Heading to the bank now to see what’s what.

 

[TomCin]

Just deposit in your bank, I do that all the time, no problems,......USPS money orders is the only form of payment I've been using for years.

I have always cashed my USPS money orders at Bank ! Post office would always tell me it’s to early or to late and not enough money to cash my MO ! Talked to a Retired Post master and he said they don’t want to cash any out of State money orders ! The could be fake and USPS don’t want to Deal with it ! That’s Bussiness , take money but don’t give any even if it’s your Company’s Money Order! I do Understand, had a seller refuse Western Union and Money Order and wanted only Zelle from me ! I lost Trust in PayPal and Zelle long time ago ! We all get to pick what we want and no hard feelings!

 

[Frank in Fairfield]

Regional office?
Just go the back, credit union or…a regular post office…
Three months ago I sent a PO Money Order to a shooter in Pasadena, CA
$500.00
He took it to the local post office and cashed it.
DUH!

 

[rootdude]

Regional office?
Just go the back, credit union or…a regular post office…
Three months ago I sent a PO Money Order to a shooter in Pasadena, CA
$500.00
He took it to the local post office and cashed it.
DUH!

Two regular post offices in a medium sized city and one regional all declined payment. My bank accepted it as a deposit.

Thanks @Sqwirl57 and @Nomadic Pirate 66

Still won’t accept them again, though.

 

[jccams]

Regional office?
Just go the back, credit union or…a regular post office…
Three months ago I sent a PO Money Order to a shooter in Pasadena, CA
$500.00
He took it to the local post office and cashed it.
DUH!

It depends on the PO. I live in a very small town and the PO never has enough cash to redeem a MO over $100. going to a larger PO or bank is a much longer drive for me.

 

[GeneT]

I like them. I can deposit them at my bank, where they are treated like cash (no holds like checks). I've had no issues with them at all.

GsT

 

[cavedweller]

I’ve been to three Post Offices this morning to redeem a $350 postal service money order.

I have been told by all three that they are not able to redeem the value of the money order I was sent to sell an optic because they do not keep cash in their drawers and are at the whim of the customers’ use of cash to pay for services whether they have that money or not. I turned around after waiting for an hour in a regional office and ask the long line of people if anyone was paying with cash - not a hand raised.

The USPS IS BANKRUPT and issuing paper without READY RESERVES TO BACK THEIR SCRIPT.

In a world that is increasingly cashless, these money orders are a PIA and are literally worthless - the postal service will not honor them at the time they are rendered for payment.

This is why I Bitcoin, amongst other reasons.

For those sellers accepting this payment type in the Classifieds, I wish you luck. For those buyers claiming that these money orders are as safe as cash in your hand, you are incorrect and disingenuous.

Will I eventually get the cash, probably. But I will spent untold time and effort to do so, making the value of the “money” far less than what paying a mere 3% fee for instant liquidity would provide.

Done, and done.

You could deposit them in your bank account. ?
Did you ask usps for a supervisor to clarify how you could cash them... perhaps their cash drawers are limited for a reason... dunno.

 

[cavedweller]

I have always cashed my USPS money orders at Bank ! Post office would always tell me it’s to early or to late and not enough money to cash my MO ! Talked to a Retired Post master and he said they don’t want to cash any out of State money orders ! The could be fake and USPS don’t want to Deal with it ! That’s Bussiness , take money but don’t give any even if it’s your Company’s Money Order! I do Understand, had a seller refuse Western Union and Money Order and wanted only Zelle from me ! I lost Trust in PayPal and Zelle long time ago ! We all get to pick what we want and no hard feelings!

never had trouble with paypal, venmo, zelle etc...

 

[beerthief]

I only do face to face because i handle the object and give cash , no problem . also instant gratification ! a few years ago i used USPO money .
P.S. i have always just deposited in the bank , never thought of going to the PO to cash one .

 

[Nomadic Pirate 66]

Does it really change the principle?

They are issuing paper they don’t back. Kinda like our government.

Thanks for the heads-up. Heading to the bank now to see what’s what.

Looks like you making it a political issue more then anything else,
they do back them up but also might not have enough cash traffic at the location to be able to cash them, go bank where they always have cash and problem solved in seconds

 

[DeanB]

Ive never had trouble cashing a money order as long as I wait till later in afternoon. They start out without much cash in morning just enough to make change. If you wont accept USPS m.o.then you may lose sales because a lot of people dont do electronic payments. If your bank is fairly local just go to them, I have to drive 15 miles to my bank but I do if someone wants to use a M.O. because its not that big of a deal in the scheme of life. My post office will cash them if they have cash on hand if not off to the bank I go.
Also all USPS m.o. can be verified to be authentic by post office.

 

[Firewalker]

I’ve been to three Post Offices this morning to redeem a $350 postal service money order.

I have been told by all three that they are not able to redeem the value of the money order I was sent to sell an optic because they do not keep cash in their drawers and are at the whim of the customers’ use of cash to pay for services whether they have that money or not. I turned around after waiting for an hour in a regional office and ask the long line of people if anyone was paying with cash - not a hand raised.

The USPS IS BANKRUPT and issuing paper without READY RESERVES TO BACK THEIR SCRIPT.

In a world that is increasingly cashless, these money orders are a PIA and are literally worthless - the postal service will not honor them at the time they are rendered for payment.

This is why I Bitcoin, amongst other reasons.

For those sellers accepting this payment type in the Classifieds, I wish you luck. For those buyers claiming that these money orders are as safe as cash in your hand, you are incorrect and disingenuous.

Will I eventually get the cash, probably. But I will spent untold time and effort to do so, making the value of the “money” far less than what paying a mere 3% fee for instant liquidity would provide.

Done, and done.

I'll NEVER bitcoin, ever...

 

[AirNGasman]

Good luck locating a bank that isn't in the mail business.

 

[ChrisT]

nothing is really safe any more. as far as bit coin and the like not on board with any of that. Any kind of check or money order or bank draft has to clear before good are transferred - that has been my policy for 30+ years- even with the aforementioned I have been burned a few times. Most items deposited with your bank will go through the system in 3 biz days- the problem is that even if you check that account for funds available it could change by the time it makes through the system. if you are notified via snail mail that can be a week or more before you receive same. best have set up as a call or e-mail or message on phone.

 

[thumper]

I would rather shut my finger in a car door than go to the post office.

Always took them to the bank the first time, and never had any issue.

Personally I hate postal money orders. They are no better or worse than one from anywhere else, and it's a hassle for all parties.

I dont need anything bad enough to buy from someone I don't trust. And if I trust them, they can use PayPal f&f or mail me a check.

 

[Aries64]

I’ve been to three Post Offices this morning to redeem a $350 postal service money order.

I have been told by all three that they are not able to redeem the value of the money order I was sent to sell an optic because they do not keep cash in their drawers and are at the whim of the customers’ use of cash to pay for services whether they have that money or not. I turned around after waiting for an hour in a regional office and ask the long line of people if anyone was paying with cash - not a hand raised.

The USPS IS BANKRUPT and issuing paper without READY RESERVES TO BACK THEIR SCRIPT.

In a world that is increasingly cashless, these money orders are a PIA and are literally worthless - the postal service will not honor them at the time they are rendered for payment.

This is why I Bitcoin, amongst other reasons.

For those sellers accepting this payment type in the Classifieds, I wish you luck. For those buyers claiming that these money orders are as safe as cash in your hand, you are incorrect and disingenuous.

Will I eventually get the cash, probably. But I will spent untold time and effort to do so, making the value of the “money” far less than what paying a mere 3% fee for instant liquidity would provide.

Done, and done.

People's experiences may vary, but I've paid with & accepted USPS Money Orders for decades without a problem. However, depending upon the size and location of a Post Office and people's payment preferences, and if a particular Post Office maintains a specified Petty Operating Fund there may or may not be sufficient cash to cash a money order(s) when someone visits a particular branch. I know I used to cash PMO (Postal Money Order)s in the $300.00-$500.00 range quite frequently, but the increased use of credit and debit cards has affected this. Don't get me started on COVID-19...

Rather than waiting in line at the Post Office hoping that they've taken in enough cash to cash my PMOs', as others in this thread have said just cash PMOs' at your bank of credit union. Unless, of course you aren't associated with a bank or credit union.


Keith

 

[Trucker3573]

Hmmm…probably the last place I would take one to cash it is the post office. If you are worried about forgery just treat it like a check and inform the buyer you are going to do so up front. All so easy I mean seriously is life this difficult