How do I Cancel a Money Order? Overview & 12 Facts

Money order cancellation might be frustrating, but it doesn’t have to be a problem. Money orders are available for purchase from cash-checking facilities, post offices, grocery stores, convenience stores, and other businesses, each of which has its own policies regarding their use.

Keep your receipt, which contains all the information you’ll need to cancel your reservation. For optimal results, cancel your money order in person at the store where it was purchased.

How do I Cancel a Money Order?

There are several options available for canceling a money order. If you are the original purchaser and the item is still in your possession, cancellation is simple. You may also cancel a lost or stolen money order as long as the original receipt is in your possession.

How do I Cancel a Money Order?

If the potential crime is reported to law enforcement and thoroughly examined before the money orders have been paid, it may be feasible to cancel money orders in situations of fraud or a suspected scam.

If you purchased a money order but subsequently chose not to send it, you can return it to the store from which you purchased it and obtain a refund. However, this approach only works if the money order is still valid. Both the money order and the receipt must be returned at the same time.

It is also possible to cancel a money order after it has been mailed. However, this mostly pertains to money orders that have been lost or stolen. In such circumstances, you must produce the original receipt to the retailer from whom you purchased the item and file a complaint of its loss or theft.

By monitoring the unique set of digits that identify a money order, it is possible to tell if it has been cashed or not. If it has not been cashed, you may request cancellation of the funds and refund, less any costs levied for a lost or stolen money order.

Though you need to cancel a money order that has been lost or stolen and it was issued by the United States Postal Service (USPS), you will be charged a cancellation fee even if the receiver has not yet received the money order.

To instantly cease payment, it may be necessary to return the money order receipt to the precise postal place where it was obtained. Note that the cancellation request must also be submitted before the money order is cashed and before its expiration date.

If you need to cancel a money order due to fraud or if you fear you have been the victim of a money order scam, you may be able to halt payment on a money order that has been sent but has not yet been cashed.

How do I Cancel a Money Order?

This requires prompt action on your side, since it is much more difficult to recover the money order amount after it has been cashed; thus, it is crucial to notify law enforcement personnel with evidence of fraud before the recipient cashes the funds.

How Long Does a Money Order Refund Take?

After receiving your cancellation request, the money order issuer will certify that the item has not been paid. Depending on the issuer, you will receive a refund or replacement (minus any applicable costs) if it is still valid.

Plan on the procedure taking between 30 and 60 days. However, the timeline might vary based on the complexity of the scenario. Indeed, that is a lengthy wait. If authorized, some issuers provide refunds, while others send a new money order (which you make payable to yourself).

If the money order was deposited or cashed, you will normally receive a photocopy of the document so that you can determine who endorsed the money order and when. If theft or fraud were involved, this paperwork might assist you and law police in locating the perpetrators.

This information might also assist you in obtaining a refund (if the bank that paid out funds did not properly verify the identity of whoever cashed the money order, for example).

Fees for Canceling Money Orders

It will cost you to cancel a money order or discover that it is too late to do so. Western Union and MoneyGram each charge a $18 fee for their services. However, additional fees may apply if you do not have a copy of your original receipt or if you need to expedite the procedure. It costs $6.95 to replace a lost or stolen USPS money order.

Money Orders You Receive

If you get a payment by money order, you may worry if it is a secure mode of payment and if the buyer can cancel the payment. For your protection, cash or deposit the money order as soon as feasible. This decreases the likelihood of complications, such as the money order being canceled.

How do I Cancel a Money Order?

The two major dangers associated with receiving payment by money order are:

  • The money order is fictitious.
  • Before you cash the money order, the buyer may cancel it.

Some money orders are phony, and fraudsters frequently utilize them in internet schemes. Before sending items, you can attempt to verify the payment by phoning the issuer, but the safest method is to cash the money order with the issuer.

Keep in mind that your bank may allow you to cash a money order for its full value, but may subsequently pursue you for the funds if the money order is invalid. Consequently, it is imperative to cash the money order immediately with the issuer.

What if the money order was cashed?

If the money order has been cashed, it is unlikely that you will receive your cash back or a fresh money order. However, it is possible you can still collect.

The vendor may supply you with a photocopy of the cashed money order. Notify local law enforcement if you suspect that the check was fraudulently cashed. The copy might aid law enforcement in apprehending the thief and securing the recovery of your funds.

To protect yourself from fraud, enter a name in the “payee” column as soon as you purchase a money order, and only deliver them to individuals and businesses you trust.

If you get a money order, you should cash it or deposit it in a checking or savings account before you lose it. But if your money order disappears, you have a good chance of recovering your funds if you follow these procedures.

Forms You Need to Cancel a Money Order

Visit the website of your money order issuer’s customer care department to begin the procedure immediately and view the requirements:

  • USPS replacement instructions
  • Money order service Western Union
  • MoneyGram modes of service

Whenever you buy a money order, keep the receipt. It is advisable to send the receipt when canceling since it provides crucial information, such as the money order number and other specifics.

Obtain as much information as possible if you do not have the receipt. A photograph of the original money order is useful. Without a receipt, the issuer may be able to locate your money order, but they may assess additional costs, and there’s always a risk they won’t.

Money Orders You Receive

If you get a payment by money order, you may worry if it is a secure mode of payment and if the buyer can cancel the payment. For your protection, cash or deposit the money order as soon as feasible. This decreases the likelihood of complications, such as the money order being canceled.

The two major dangers associated with receiving payment by money order are:

  • The money order is fictitious.
  • Before you cash the money order, the buyer may cancel it.

Some money orders are phony, and fraudsters frequently utilize them in internet schemes. Before sending items, you can attempt to verify the payment by phoning the issuer, but the safest method is to cash the money order with the issuer.

Keep in mind that your bank may allow you to cash a money order for its full value, but may subsequently pursue you for the funds if the money order is invalid. Consequently, it is imperative to cash the money order immediately with the issuer.

Resources for Canceling Money Orders

If you need to cancel a money order, you should contact the issuer directly. If you’re attempting to grasp what’s involved in advance, you may wish to peruse the following documents and other material provided by each issuer:

  • For Western Union, a Lost Money Order Search Request form
  • For MoneyGram, a Money Order Claim Card
  • For USPS money orders, form PS 6401 (Money Order Inquiry)

How Do You Correct a Mistake on a Money Order?

If you issue a money order with an error, it will likely not be feasible to alter the order. You are required to cancel and provide a replacement.

Too late?

Consider that you could have delayed too long to cancel. As with any transaction, each provider will have various restrictions about the amount of time you have to cancel a money order; thus, you should verify this information beforehand, or when you first inquire about canceling your money order.

They may also have a sliding scale for money order cancellation costs. The longer you wait, the more likely they are to charge you extra.

Protect yourself from money order fraud

If you have all the documentation for a financial transaction, it is considerably simpler to contest it. Therefore, ensure that you obtain a receipt when you purchase a money order and save it somewhere secure in case you need it again.

How do I Cancel a Money Order?

If you are sending money to a stranger, such as for an internet purchase, be careful to save their contact information and any correspondence. The more knowledge you have, the simpler it will be to put everything in order. Learn how to reduce your exposure to money order fraud.

Don’t fall victim to money order scams

There are other risks associated with money orders beyond their loss or theft. Here are many money order frauds perpetrated by con artists to avoid:

  • Bogus buyer – The buyer sends a money order as payment for whatever you offer online. The item has already been dispatched before you learn the money order is invalid.
  • Overpayment scams – You sell an item online, and the buyer sends you a money order for an amount greater than the agreed-upon price. They request a transfer for the difference, which you comply with, only for you to discover that their original money order is invalid.
  • Overseas scams – You receive a request from a foreigner without a bank account to deposit money on their behalf. This is frequently associated with money laundering, therefore if you agree to assist, you will commit fraud.

Tips to prevent money order scams

With a little bit of information and a lot of common sense, most money order frauds may be prevented. It is prudent to exercise caution when transferring or receiving money from a stranger, as the vast majority of money order scams rely on the victim’s confidence.

You may protect yourself by taking the following steps:

  • Only send goods when payment has cleared – Make it plain to online shoppers that their goods will not be shipped until the money order has cleared.
  • Check the person out first – Today, it is rather simple to locate a person or company online. Google them, look them up on social media, or contact the number on their email if you’re dubious. If you’re still not convinced, don’t do it!
  • Look for signs of forgery – Some con artists falsify or tamper with money orders, so if you receive one, check a few easy details to determine if it’s legitimate. If you are still uncertain, consult with a professional such as Money Services at the Kroger Family of Stores or a credit union.
  • Always keep receipts – Whether you are sending or receiving a money order, collecting receipts allows you to track and address any problems that arise.

Money orders are quite handy and make budgeting easier. However, it is essential to utilize them appropriately and cautiously. Keep receipts, ensure that the sender and receiver are trustworthy, and protect yourself and your money if you have any doubts.

Frequently Asked Questions (FAQs)

How Long Is a Money Order Good for?

Typically, money orders do not have an expiration date. However, some institutions may impose a fee for cashing money orders that are many years old or older. If you have a money order that you do not wish to be cashed, you must cancel it.

How do I Cancel a Money Order?

How Do You Track a Lost Money Order?

If you are uncertain as to whether a money order has been cashed, you can contact the institution that issued the money order. Local banks, MoneyGram, Western Union, the U.S. Postal Service, and USPS all have distinct systems for tracing missing money orders. Each will charge for their respective services.

Can I cancel a money order if I lost my receipt?

Yes, but it will certainly be more difficult and costly. Even a photograph of the money order may be useful. Most issuers will charge you extra (often twice) to fulfill your request without a receipt, and there’s no assurance they’ll be able to locate it without complete information.

How long will it take to get my money back?

After you submit your papers, it will take the issuer some time to investigate your case and provide a response. This might range between 30 and 60 days. If your case is clear and you have all the necessary information, it may be resolved sooner, but be prepared for a delay.

Conclusion

To cancel a money order, various documentation must be completed. You may be required to do so in person, or you may be able to complete the task remotely. For instance, using Western Union, you may fax or email the form.

Personal delivery of your request may be the most secure choice. A representative may be able to verify that you meet all of the requirements, and you need not wait for documents to arrive in the mail. However, you might have to wait for the firm to undertake study.

You are not need to return to the location where you purchased the money order, although it might be useful. You can utilize several branches of the same bank or credit union, as well as any post office that accepts USPS money orders.

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