MO As Good As Cash?

I thought so.
I thought a Money Order was as good as cash.

I sold an item here on AstoMart and seller sent me a Money Order, Wife said to me Sometihng about waiting for the MO to clear once deposited before I shipped the product to the Buyer, I looked at here as if she was nuts, since in all my days I thought this is why one purchases a MO (Secure).

What the wife told me about the MO was confirmed by my Bank after just returning from there. It is not as good as cash, and you need the funds in your bank to cash it or you have to wait for it to clear, maybe up to 10 days (Yikes).
The purchaser of the MO can Stop payment on the MO just as one can stop it on a personal check!!

So I'll have to apologize to the wife for it was me that was wrong. She did work in a bank for 20 yrs also, so.
Maybe,
The Security of a Money Order isn't Cash In hand after all.

Thanks
Rob

There should be a phone # on the MO to check the validity of the order. You can also ask them the terms. BTW, anything other than USPS or Western Union is hold to clear for me, but I always consider the buyer's rep if known.

Matt

Who's paranoid bud!!< Im just stating.. What I was told today and bank said it doesn't mattier if its Postal MO or another Type Mo You wait til they get there money.

FYI, The MO I received was not a Postal MO so.
And I am shipping the Scope this afternoon anyways on account of the buyers ratings and the communication I have between him and I.

Scott
Yes, Imagine the Bank handing over the money to you and then they say its a fake.. There Policy, Wait

Knox

To be safe you must cash it at the post office.They will cash it after checking it is legit.Take it to the bank and it could be counterfeit.

The last time I cashed a POMO I had to give the postal employee my drivers license number, telephone, and address, all of which he wrote on the check. I asked why he wanted all of that info from me. He said if the MO were counterfeit, I would have to return the cash. There was more information on the MO about me than the person who bought the POMO. POMOs are NOT CASH they are traceable instruments.

As far as I can tell there is no such thing as Guaranteed Funds. Even wire transfer has its dangers. Seller/buyer beware.

As Dave said the following is worth reading in its entirety.

http://www.carbuyingtips.com/fraud.htm

Our Astromart community needs to be aware of the dangers.

Bob L

That's not true for Postal Money Orders. It may be so for Bank Money orders though.

Also if you use a Postal Money Order and the deal goes sour and the goods aren't delvered, it can be considered Mail Fraud and the Postal Inspectors will get involved.

Don W