A money order is a quick and simple method of payment. Money orders are a type of paper payment that is quite similar to cheques.
Money orders, on the other hand, are a risk-free mode of payment because they cannot be returned. Cash or debit cards can also be used to purchase money orders.
Going to a retail store is the simplest way to obtain money orders; however, practically all banks offer this service in exchange for a small fee.
US Bank (also known as US Bancorp) is the fifth-largest banking financial institution in the United States. It offers banking services, loans, and credit/debit systems through its 3,106 branches all across the country.
Does US Bank Do Money Orders?
US Bank charges a fee of up to $5 per order and has a limit of $1,000. There is no upper limit to a money order and you can purchase it at any US Bank branch.
|Limit Per Money Order
|Limit On Number Of Money Orders
|Cost Per Money Order
|Limit Before Reporting To IRS
|Domestic Money Orders
|$0 – $5
|International Money Orders
The US Bank has over 3100+ branches in the United States and you can choose any. You can visit your US Bank branch closest to you by visiting their website.
On average, a US Bank money order costs $5. However, the costs vary depending on your account type. Hence, we have mentioned a table below where you can check the cost.
When contrasted to retail establishments such as Walmart, which offers money orders for as little as 88 cents, these fees appear exorbitant.
Also, if you go to the USPS or a Western Union location, you will be charged $1-5. Furthermore, prices can differ from one area to the next.
As a result, we recommend that you thoroughly check the money order fees before going immediately to the banking institution.
There have lately been certain IRS re-regulations regarding money orders. As a result, the maximum limit for domestic customers is $1,000.
In contrast, US Bank allows you to obtain an unlimited number of money orders. There is no maximum limit. Furthermore, depending on the type of checking account, the charge ranges from $0 to $5.
If you need more than $1,000 in money orders, say $3,000, you’ll need to get $1,000 in 3 money orders.
Furthermore, if a business receives money orders totaling $10,000 (multiple money orders), the bank is obligated by the IRS to report it.
How to Buy
Money orders can be obtained from several different places. It is available at US Bank branches, post offices, and retail and grocery locations that provide Western Union or MoneyGram services.
To fill out a money order, follow these steps:
- Fill out the recipient’s name and address. This information should be filled into the “pay to” section. This you should do immediately as in case of a stolen money order, someone can easily cash it.
- Next fill in your name and address. Usually, this section is labeled as “purchaser” or “sender.”
- You can also fill in some important info in the memo line. This can include an important note or an account number.
- Lastly, sign the money order (in the front). You should sign where it says “purchaser’s signature”. Do not sign the back of the money order unless it’s to yourself.
If you buy the money order from a store, you can pay with cash or a debit card. If you purchase the money order from a US Bank branch, the amount will be taken from your checking account.
How To Track Money Order
So, there are 2 methods to track a US Bank money order. This depends on the purchase procedure.
If you have purchased the money order from a US Bank branch, then you just need to submit a form at the helpdesk to know the status.
However, if you have purchased from any retail or convenience store with Western Union or MoneyGram support, you can do either of the three:
- Submit an Online Form. For MoneyGram: link, and for Western Union: link.
- Call the Customer Care. For MoneyGram: 1-800-926-9400, and for Western Union: 1-800-999-9660.
- Or, you can visit the nearest MoneyGram or Western Union location.
Also, keep in mind that Western Union can charge up to $15 as administrative fees.
International Money Orders
International money orders are not available through US Bank. So, if you are looking for international money orders, you have to look for other alternatives like Wells Fargo or Citibank.
Where to Cash Money Orders
Money orders from US Bank can be cashed at any branch or through the mobile app. The money order can also be deposited into your bank account.
However, once you get to the bank, make sure you sign the back of your money order and present a valid ID.
There would also be a transaction fee in the case of a dormant money order.
Money orders issued by US banks can be returned until they are cashed or deposited. You can also do it at any of their branches.
All you have to do is bring your money order to any bank branch and fill out a refund/replacement/cancellation form. The procedure is time-consuming and incurs administrative costs.
If your money order was cashed out by someone else, you can report it to the bank or the police with the relevant proof.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.