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Money Orders Are Not Cashier's Checks
A personal money order issued by a financial institution is like a one-check checking account. Many people think because the name of the issuing bank is on the money order it is similar to a cashier's check, or an official check. It is not. It is just like an ordinary check.
A stop payment can be put on a money order just as you would a check drawn against a checking account.
It's always a good idea to suggest to the purchaser that he or she fill the money order in as to payee before they leave your financial institution, because losing a blank money order could put the purchaser in the same position as if they had lost cash.
Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 6, 12/93
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