Money orders are just like checks because they are paper documents written for a specific amount and signed by the person paying. Unlike a check, it is a guaranteed method of payment, which also means it is more secure.
Many banks sell money orders, and under certain circumstances, the fees can be waived. Unfortunately, Bank of America does not offer any money orders. Find out alternative ways the bank offers these types of payments and other places that offer money orders.
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Can I Get a Money Order From Bank of America?
As mentioned above, Bank of America does not offer any money orders. However, if you have a checking or savings account with the bank, you can get a cashier’s check for $15. Also, if you are a Preferred Rewards member, cashier’s checks are free.
Alternative Ways To Get a Money Order
Most of the time, the cheapest ways to get a money order is through your bank, depending on the type of account you have. However, banks aren’t always open when you need them to bet and they aren’t the only places that have money orders. Take a look at the money order fees that come with other banks so you’ll know what to expect if you look elsewhere.
|Walmart||$1 maximum fee; rates vary by location|
|U.S. Postal Service||$1.30-$1.75, depending on money order amount ($0.45 for postal military money orders)|
|Kroger||$0.84-$0.88, but fee may vary by state|
|Chase||$0 to $5|
|U.S. Bank||$0 to $5|
|TD Bank||$0 to $5|
|Wells Fargo||$0 to $5|
|Citibank||$0 to $5|
How To Avoid Money Order Scams and Fraud
Just like any other form of payment, money orders can be subject to scams and frauds. One of the most common ways to do so is a buyer asking a seller to accept a money order for payment that is for more than what is owed. Then, the buyer asks the seller to deposit the money order and give back the difference. The seller may not realize that the money order is fake until the try to deposit it.
Here are some ways you can avoid being a victim to a money order scam.
- Make sure the money order is valid. Call the number on the money order and give the representative the serial number to verify that it’s real.
- Examine the money order for signs that’s it fake. Look for watermarks or other signs of authenticity. When in doubt, take the money to the issuer named on the document to have a representative verify whether the money order is real.
- Look for signs that the money order has been altered. Look at the amount the money order is for to see if the numbers in the amount payable look correct. If it looks as if the numbers have been altered — such as an extra zero added — do not accept the money order.
- Be leery of people who insist that you cash the money order immediately. If the money order is real, there’s no reason why a person would insist that you cash it right away.
- Don’t spend a money order deposit or issue a refund right away. You don’t want to be on the hook for paying back the bank if the money order turns out to be fake.
It is unfortunate that Bank of America doesn’t offer any money orders, but they do offer cashier’s checks and other forms of payment, such as Zelle or money transfers. Additionally, you can always visit retailers like Walmart, the U.S. Postal Service or select banks that offer money orders. For more posts likes like this, check out our list of Bank of America promotions and bank guides!