Ways to Track a Money Order

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After purchasing a money order, a check is drawn on a bank or company, so that company needs to be advised if credit was not given. Discover why it's important to think of a money order as a check with help from a portfolio manager in this free video on money management and personal finances.

Part of the Video Series: Investing & Money Management
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Video Transcript

Did you ever have a money order that you never got credit for? Hi this is Roger Groh at Groh Asset Management. If you've purchased a money order and sent it off as payment for some service and the person you sent it to didn't give you credit for it, what do you do? Well a money order in the end is just a check and that check is drawn on a bank or company. Might be Western Union, it might be the US Post Office, it might be 7-11, could be anybody, could be your local bank. If you are not given credit, you were given a copy of the check or a receipt for the check when you gave them the money. As a result, you need to notify the issuing bank that you think that something is wrong in the money order. They'll ask you the name of the person you wrote it to, they'll ask you the number that's on the copy of the money order that you have. And then they go to work and what they look for is what the check cashed, who was it cashed by, then they'll probably also call that person or group to find out if they just forgot that they cashed it and didn't give you credit or if there was some shenanigans involved. So a money order is just a check. In the end, once you've sent it on, it's going to be the issuers problem and not yours. I'm Roger Groh with Groh Asset, thank you very much for spending time with me.

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