Money orders are useful if you don't have a checking account, or you don't want to write a check
SRFCU charges only $1.50 per money order, making them one of the least expensive guaranteed checks.
To take out a money order, you pay the teller the amount of the money order, plus the $1.50 fee. The amount is printed on the money order. You then fill out the requested information, sign it, and send it.
Although a money order is convenient, it does have certain limitations:
- You don't get the money order back, so you have no way of knowing when or if it's been cashed.
- You can't stop payment on a money order like you can a check.