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Difference Between Money Orders and Cashier’s Checks

Posted on November 9th, 2018 by Scott Hershman

If you aren’t familiar with the world of banking, hearing about the different kinds of checks that are available can be confusing. The world of online banking is continuing to grow in popularity, but there are certain scenarios that call for a hard check over an electronic payment. Visit our currency exchange in Carpentersville if you have questions about any of the following:

Money Order

A money order is a document that is used for making a payment. Money orders are prepaid, so they are considered guaranteed forms of payment. You can purchase a money order form our currency exchange in Carpentersville, and the bank will either accept cash or debit your account. Make sure that you have the amount of the money order and the name of the payee ready when you purchase it.

Cashier’s Checks

If you are making a large purchase, such as a down payment on a house, you should use a cashier’s or official check. Cashier’s checks can be used to try to avoid a hold on any funds that you are depositing. One major benefit of cashier’s checks is that they are safer than personal checks because the funds are guaranteed.

Accepting a Money Order or a Cashier’s Check

When you are selling a large item such as a car, you can accept a money order or a cashier’s check to ensure that the funds are guaranteed. Also, once you purchase a cashier’s check or a money order, it is difficult to cancel.

If you have further questions about money orders or cashier’s checks, visit our currency exchange in Carpentersville.


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