Introduction
If you’ve ever needed to send money through the mail or make a secure payment, you’ve likely used a money order. These financial tools are a popular way to send money because they are simple, fast and easy to use. However, did you know that money orders come with an expiration date? Understanding the expiration dates on money orders is important to avoid losing money or having trouble cashing the payment. In this article, we’ll walk you through everything you need to know about money order expiration dates.
The Truth About Money Order Expiration Dates
Money orders, unlike other forms of payment, come with an expiration date. Typically, money orders last for about one to three years before they expire. The exact lifespan of a money order depends on the issuing institution, so it’s essential to check the expiration date before attempting to use it.
Keeping an expired money order can cause you to lose your money, and some institutions may refuse to cash the money order after it expires. The best practice is to keep track of the expiration date or cash it well before it expires to avoid any issues.
How to Avoid Getting Stuck with a Useless Money Order
Keeping track of your money order’s expiration date is essential to avoid losing your money. One way to keep track of the expiration date is by writing the date of purchase on the money order and keeping the stub in a safe place. Alternatively, adding the expiration date to a calendar or your phone can be useful.
To prevent a money order from expiring, it’s best to cash it as soon as you can. If you need to wait to cash it, try to keep the money order in a safe place so that it doesn’t get lost or damaged. Remember that you can only cash a money order before its expiration date, and you can’t extend its life once it has expired.
Upcoming Changes to Money Order Expiration Dates
The regulations surrounding money order expiration dates are continuously changing, so it’s important to stay informed. For example, the United States Postal Service recently increased the expiration date on their money orders from one year to three years. These changes can affect how long your money order lasts, so keeping up to date with any changes can help you avoid unwanted surprises.
What Happens When A Money Order Expires?
When a money order expires, it’s no longer valid, and many banks and businesses will refuse to cash it. If you need to get your money back, you can contact the issuing institution for a refund. Some financial institutions also offer the option to extend the life of a money order for a fee, so be sure to ask if they have such services.
To avoid being stuck with an expired money order, make sure to cash it before its expiration date. If you’re unsure if you’ll use the money order in time, consider purchasing a new one with a more extended expiration date.
The Best Places to Cash an Expired Money Order
If you need to cash an expired money order, you may still be able to do so. Some financial institutions may offer the service, but they may charge a fee, which is typically around 15% of the money order’s total value. Other options include check cashing stores or a money order issuer’s location. Be sure to check their fees and policies before bringing in your expired money order.
Why You Shouldn’t Keep a Money Order for Too Long
Keeping a money order for too long can result in several problems. If it gets lost, stolen, or damaged, you won’t be able to recover the funds. There’s also the risk of forgetting about the money order altogether and losing track of its expiration date.
About 40% of money orders remain uncashed, which results in many people losing their money. Therefore, it is essential to take action to make sure you don’t end up with an expired money order. Cashing it early or keeping track of the expiration of the money order can help you avoid any potential problems.
How to Extend the Life of Your Money Order
To ensure that your money order remains usable for as long as possible, it’s important to keep it safe and secure. Avoid exposing your money order to light and heat as these elements can cause fading and damage to the money order. If you need to send a money order through the mail, make sure to use a reputable mail service and take out insurance to protect yourself in case it gets lost in transit.
Conclusion
Money orders are a convenient and secure way to send and receive funds. However, understanding their expiration date is essential to ensuring that you use them effectively. By keeping track of the expiration date, making sure to cash the money order as soon as you can, and keeping it safe, you can avoid any unwanted surprises.
If you find this article helpful, please share it with friends and family, so they too can avoid losing money or having trouble at the cash register.
