If you don’t know what a money order is, it is simply a tool that allows people to exchange payment securely. This works by one party paying the face value of the money order upfront, making it a guaranteed form of payment, unlike a check. Money orders can be bought from various banks and retailers, but you usually have to pay a fee. Wells Fargo’s money order fee ranges from $0 to $5, depending on the type of checking account you have.
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Cost of a Wells Fargo Money Order
|Wells Fargo Checking Account Type||Money Order Fee|
|Clear Access Banking||$5|
|Portfolio by Wells Fargo||$5|
How Wells Fargo Money Order Fees Compare To Other Bank’s Fees
Generally, Wells Fargo’s money order fees are very close to those of other banks. The fee you will pay depends on what type of checking account you have. Oout of the following banks listed, only Chase offers free money orders to all of its personal checking customers.
|Chase||$0 for personal checking account holders, $5 for savings account holders|
|U.S. Bank||$0 to $5|
|TD Bank||$0 to $5|
|Bank of America||$0 to $5|
|Citibank||$0 to $5|
How To Get a Wells Fargo Money Order
To purchase a Wells Fargo money order, you’ll need to visit a branch. Money orders are not available to purchase online. Here are some tips on how to get and fill out a money order.
Steps To Get a Wells Fargo Money Order
- Visit a teller’s station at your local Wells Fargo branch, and request a money order.
- Write the individual or business’s name on the “Pay to the order of” line.
- Write your name and signature in the appropriate lines.
- Write your address, if required.
- Include any account numbers to route the payment to the correct place, if applicable.
- Get a receipt and keep it until you know the money order has been received and cashed.
How To Avoid Money Order Scams and Fraud
One of the most common scams that happen with money orders is a con artist trying to sell you a fake money order. The money order is then used to gain access to valuable items without paying for them. Also, they could use the very money order to purchase an item off of you and then quickly demanding a cash refund, leaving you with a piece of paper that means nothing.
Unfortunately, it can take more than a week after you deposit a money order for your financial institution or bank to see the fraud, leaving you to cover the money that has been spent or refunded.
If you are an account holder of one of the accounts that Wells Fargo offers that comes with free money orders, then it is completely worth it. However, if your account doesn’t come with this free features, then you might want to consider other locations to get a money order. Otherwise, the only reason you would want to go to Wells Fargo to get a money order is because it is convenient and near you. For more posts like this, check out our list of bank guides!