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Postal Money Orders and the Bank

SP45SP45 Member Posts: 1,725 ✭✭✭
edited February 2012 in Ask the Experts
I am selling via the auction side a bunch of guns for a good customer. As is common most of them will pay with a postal money order. Wife went to the bank (where we have 5 seperate accounts) to cash them. The bank refused. I told her to withdraw the same amount from savings and deposit the money orders and just let them clear. The bank refused to accept them as a deposit. The only money orders they refuse are postal. They said the decision was made as of today not to accept them. This was the president of all three branches. Now I know about forged monley orders but they were not at risk. Has anyone heard of this. We have never had any issues with this bank ever. We will be changing banks this week. Apparently the person at the window made a comment that it was a lot of money. She went to the post office but it is a small town and they didn't have the cash to cover them. The also said the money order were legit. If this becomes common to all banks I will no longer accept PMO's.

Comments

  • toad67toad67 Member Posts: 9,886 ✭✭✭
    edited November -1
    I understand the issue of only being able to cash up to what you have in your account. But I have never heard of not accepting USPS M/O's. Is it a major bank?

    Todd
  • TooBigTooBig Member Posts: 28,561 ✭✭✭
    edited November -1
    To much fraud and the banks will end up losing as they say[V][xx(][:(][:(!]
  • SP45SP45 Member Posts: 1,725 ✭✭✭
    edited November -1
    banks was not at risk of loosing. after deposit they hold them until they clear
  • GrasshopperGrasshopper Member Posts: 14,222 ✭✭✭
    edited November -1
    My bank whom I have been with for years ALSO was reluctant to cash a postal order.. The teller who I have known for a long time said "are you sure they are good" and I said yes,,good feedback from winners of auction...stated that they are hundreds of fakes passed daily....Man,,what can you trust anymore,,,

    Cashlesss society coming soon to an area near you/[B)]
  • MBKMBK Member Posts: 3,503 ✭✭
    edited November -1
    Cash them at the post office.
  • p3skykingp3skyking Member Posts: 25,750
    edited November -1
    quote:Originally posted by MBK
    Cash them at the post office.


    Yep. Gotta mail packages anyway and it keeps those confusing tax problems to a minimum.
  • KEVD18KEVD18 Member Posts: 15,037
    edited November -1
    what do you plan to do when you run out of banks that have policies you agree with?

    im not saying i dont agree with you. we need people who are willing to stand up for their convictions.

    my question is based on the inevitability that you will eventually go through every bank in your service area as they change their policies to conflict with your beliefs. if its your intention to jump ship every time your bank pisses you off, there cant be enough banks to make this a sustainable course of action, so you should probably be considering a plan b.
  • toad67toad67 Member Posts: 9,886 ✭✭✭
    edited November -1
    quote:Originally posted by p3skyking
    quote:Originally posted by MBK
    Cash them at the post office.


    Yep. Gotta mail packages anyway and it keeps those confusing tax problems to a minimum.


    Alot of PO's don't have that much cash.
  • fordsixfordsix Member Posts: 8,722
    edited November -1
    most PO do not keep tons of cash at the till i deposit PO all the time with out a problem.. small MO i cash at the PO when i am shipping packages
  • SP45SP45 Member Posts: 1,725 ✭✭✭
    edited November -1
    What will I do???. Well I guess I will just have to cower and become a sheep and do whatever I'm told like most people who cna't think independantly.

    Of course we could be missing the obvious. the post office is going under and the banks don't want to get caught holding.
  • nmyersnmyers Member Posts: 16,265 ✭✭✭
    edited November -1
    More banks have this new policy.

    True, most cashiers don't have a lot of cash in their drawers, BUT THE PO HAS IT IN THEIR VAULT. The problem is, too many of the cashiers & sales supervisors are too frigging lazy to bother getting it for you!

    I accept bank checks. If not on a major bank, I hold it for a while. I never, never, accept a MoneyGram check or MO, even if issued by a bank.

    Neal
  • tsr1965tsr1965 Member Posts: 8,682
    edited November -1
    This is becomming a common practice between banks. A lot of them will not immediately honor a certified check from a major institution. For god's sake, all they have to do is type in the routing number's, and know the money is there or not...immediately they know.

    I do understand the problem with the USPS prospectively going under, but, they can deposit, untill the USPS MO clears, just like they do with the certified cashiers checks. All they are after is the interest...with the exception of the USPS money orders.

    One bank I do my business with, will not cash a large business check, for deposit into your account, unless they put a hold on it....if there is not enough money in there already to cover it. However, if you have $100,00.00 in there , and have a large check from another company for $99,999.99, they will cash it for deposit, with no hold...just idiotic policies. Feeding more middlepersons, and friends of higher up in the bank friends...collect more interest, then hire more people to eat it up.

    Best
  • Riomouse911Riomouse911 Member Posts: 3,463 ✭✭✭
    edited November -1
    My Credit Union pulled a similar policy with Pay Pal and their debit cards. You have to do a direct transfer thing instead, all becuase of fraud.
  • 44caliberkid44caliberkid Member Posts: 925 ✭✭✭✭
    edited November -1
    There are too many banks and credit unions out there in competition to take any crap from your bank. Find one that will take the MO's and move all your accounts there. Ask to see the manager at your old bank and tell them why you are moving. I know it's a hassle but many banks will kiss your backside to get your business.
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