Money Orders

[my3kids]

How exactly do these work? Someone wants to pay for an auction via money order, but I have never done anything but Pay Pal. Can someone cancel a money order like a stop payment on a check? Do I need to wait for the thing to clear before shipment?

 

[Sally]

Yes, people can stop payment on a money order. They can say it was lost and then you don't get paid. I would hold shipment until the money order clears.

 

[my3kids]

Do I cash it at a bank like a check? If it is from the post office do I cash it there? I've never even seen a money order before. I'm not sure what they are even used for.

 

[Sally]

Just deposit it or cash it at your bank. They may put a hold it like they would a check, or they may just cash it depends on your bank.