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Postal Money Orders and the Bank
SP45
Member Posts: 1,758 ✭✭✭
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
Todd
Cashlesss society coming soon to an area near you/[B)]
Cash them at the post office.
Yep. Gotta mail packages anyway and it keeps those confusing tax problems to a minimum.
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.
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.
Of course we could be missing the obvious. the post office is going under and the banks don't want to get caught holding.
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
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