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Return Deadline: Bank Money Order
by John Burnett, BOL Guru
BIO AND CONTACT INFO
Question: We received a bank money order for payment in August, 2003 with a date of June 12, 1990. I always thought a bank money order was the same as cash and could not be returned for state date. Is that correct?
Answer: There are a couple of kinds of money orders. What's typically called a bank money order is usually issued by and signed by a bank, and is often thought of as equivalent to a cashier's check.
A personal money order, often issued by a bank, is signed by the "remitter," usually the same as the purchaser. These are often treated like single use deposit accounts.
In either case, state laws governing the bank that issued the check include abandoned property provisions that require the bank to "escheat" (pay up to the state) deposits, unpaid cashier's checks and money orders, etc., that have not been active or claimed by persons having an interest in them for a period of years.
Any money order more than 10 years old is almost certain to have fallen under the abandoned property rules in every state in the country.
A claim can be lodged with the treasurer of the state to reclaim the money, if you have a claim to it.
First published on BankersOnline.com 09/22/03
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