A member of my family called to say a money order he mailed was stolen and wondered if I could loan him rent money? I am leery of this. Are money orders insured, and if this is legit, how long would it take for the money to be returned?
Issuers of money orders, including the U.S. Postal Service, have procedures for stopping payment on lost or stolen money orders and reimbursing the purchasers for them. Your family member should contact the issuer of the money order to determine how to proceed, and to find out how long he might have to wait for reimbursement. If you decide to advance him funds to pay his rent, be sure you have all of that information first.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Issuers of money orders, including the U.S. Postal Service, have procedures for stopping payment on lost or stolen money orders and reimbursing the purchasers for them. Your family member should contact the issuer of the money order to determine how to proceed, and to find out how long he might have to wait for reimbursement. If you decide to advance him funds to pay his rent, be sure you have all of that information first.
