Will Paying My Credit Card Balance Every Month Help My Credit Score? "What Is a Money Order?" Accessed March 27, 2020. Genuine cashier’s checks deposited into a bank account are usually cleared the next day. If you have bills or need to make an official payment, money orders offer a secure way to send money without needing to have a bank account. Get credit for the utility bills you're already paying. Money orders typically have maximum limits around $700 or $1,000, although actual limits depend on the issuer. Other product and company names mentioned herein are the property of their respective owners. Both cashier’s checks and money orders include a cost. Postal Service, convenience stores, drug stores, grocery shops, and check-cashing businesses. Order cashier's checks online, by mail, or fax from your online bank or out-of-state bank. Always make sure you are purchasing your money orders and cashier's checks from reputable vendors. Until now, those payments did not positively impact your score. The Ask Experian team cannot respond to each question individually. How to Pick the Right Credit Card for You. Money orders usually can be deposited into bank accounts or cashed at check cashiers or some retailers. This is considered as a safe method of payment as the amount printed is already prepaid. Credit cards are accepted by nearly all merchants and are helpful for making secure payments. A money order or cashier’s check are quick and easy ways to send money to a friend, family member or company. A cashier’s check should not be confused with a certified check or a money order. Also watch out for situations where you may be accepting money orders from another party. In this method the payee would issue a cheque from their own bank, which would guarantee the amount of money issued on the A Debt Management Plan: Is It Right for You? Editorial Policy: The information contained in Ask Experian is for educational purposes only and is not legal advice. Cashier’s checks often require a bank account. Money orders can be purchased for 70 cents to $5 above the value of the order depending on the issuer. Like a certified check, a cashier’s check offers a guarantee to the payee that there is enough money to cover the amount of the check. How Money Orders Compare to Cashier's Checks, Everything You Need to Know About Cashier's Checks, Depositing a Check? When Can I Access This Money?" The worker will ask about the amount and … You can use them to send people money, and recipients can easily deposit them into their bank accounts. For example, cashier’s checks have higher limits, but they are only available from financial institutions. Benefits of Money Orders If you don't already have one, think about also getting a credit card that can help you earn valuable rewards points while you spend. Is a Debt Consolidation Loan Right For You? Some banks and credit unions will waive the fee for select customers however. What's the Difference Between a Checking and Savings Account? Cashier’s checks usually have higher fees than money orders (as detailed in the table above). It's not impossible to get a cashier's check from a bank that you’re not a customer of, but it may be hard to find a bank that will accommodate you. Cashier’s Check vs. Money Order: An Overview. If you don’t have a local bank account, or if there’s no branch nearby, it will be difficult to get a cashier's check quickly. This happens all the time, and it's because some transactions require guaranteed funds—which personal checks aren't. Accessed March 27, 2020. Money orders cost just a few dollars and can typically be obtained for amounts up to $1,000. in Legal Issues on April 06, 2010 by Staff Writer. Money orders and cashier’s checks are both useful tools for making payments, and they even have a similar appearance. Cashier’s checks have no limits, whereas money orders are limited to $1,000 or less. Cashier's checks, while more expensive than money orders, may be considered more trustworthy as they are backed by a bank, but can still be obtained for just a few dollars—typically under $10. Check with your issuer before purchasing to be sure. Until now, those payments did not positively impact your score. Some may not see improved scores or approval odds. A money order has to be bought with cash and is good as money at the bank it was purchased or to a deposit of your acct . wait 90 days after submitting a cancellation request, the first $5,000 available within one business day. Advertiser Disclosure: The offers that appear on this site are from third-party companies ("our partners") from which Experian Consumer Services receives compensation; however, the compensation does not impact how or where the products appear on this site. Cashier’s checks can cost $10 on top of the check’s value. "What Is a Cashier’s Check?" The use of any other trade name, copyright, or trademark is for identification and reference purposes only and does not imply any association with the copyright or trademark holder of their product or brand. Many places sell money orders, including the post office, Walmart and Western Union, as well as various supermarkets and convenience stores. To learn more about protecting yourself from fraudsters, check out Experian's guide on fraud and identity theft. It is difficult or impossible to get a money order online. A cashier's check is similar to a money order, but is issued by a bank and requires a bank account. Depending on your needs, other methods might be less expensive, more secure, or more convenient. Justin Pritchard, CFP, is a fee-only advisor in Colorado. "Cashier’s Check Scams." When to Use a Money Order. While cashier's checks and money orders are great for certain situations where certified funds are required, relying on conventional banking options might be better for everyday payments. With a normal check, it typically takes a few days before recipients can access the money because the receiving bank has to make sure the sender has enough to cover the amount. Once you click apply you will be directed to the issuer or partner's website where you may review the terms and conditions of the offer before applying. Cashier's Checks . It can also help those with poor or limited credit situations. If you’re on the house hunt, you’ve probably encountered a couple of terms again and again — cashier’s checks and money orders. If you have the money value of check in your acct you can cash as cash . Money Orders vs. Cashier’s Checks: What’s the Difference? Eric Estevez is financial professional for a large multinational corporation. Cashier’s checks, on the other hand, are available for much larger amounts. Cashier's checks usually are cleared the next business day, though if the amount is more than $5,000 it might take longer. Accessed March 27, 2020. There's typically no limit on the amount a cashier's check can cover, but many businesses won’t issue a money order for more than $1,000.” On the … If a money order or cashier's check won't do, some alternatives include cash, check, credit card payment, debit card payment, wire transfer, or prepaid card. While using a cashier's check or money order may be unavoidable in certain situations, conventional banking options for payments may be simpler—and could help you improve your financial future. Citizens Bank. Money Order is a mode of payment that requires the payer to pay a specified amount of money before-hand. When deciding between a cashier's check and a money order, it's important to know the details about each, including where to get them and what fees you'll pay. Whether you choose to pay by personal or cashier’s check or money order, the most important thing is that you pay timely. In order to obtain either a cashier’s check or a money order, you need to pay the full amount upfront in cash (or sometimes with a debit card), and the issuer charges a fee for the service. Consumer Financial Protection Bureau (CFPB). Walmart has some of the cheapest prices for money orders, charging 70 cents for amounts up to $1,000. There are several different options to use to pay rent. "What's a Cashier's Check and How Do You Use It?" You can buy money orders by walking into any place that sells them, including most grocery stores, post offices, pharmacies, and convenience stores. A cashier’s check is issued by a bank, are available in higher dollar amounts, are considered more secure than money orders, and the fee is more than a money order. Capital One. Accessed March 27, 2020. Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. "I Deposited a USPS Money Order, Cashier's Check, Certified Check, or Teller's Check. Accessed March 27, 2020. Both cashier’s checks and money orders are forms of guaranteed payment. However, cashier’s checks are only available from banks and credit unions, and you usually have to have an account there to get one.. But there are significant differences between the two that might determine which is best for your needs. The Best Way to Pay Rent: Personal Check, Cashier’s Check or Money Order. Cashier’s Check vs Money Order A cashier’s check and a money order are both forms of payment that can be used instead of cash or personal checks, but that’s where the comparisons stop. The banks, lenders, and credit card companies are not responsible for any content posted on this site and do not endorse or guarantee any reviews. We show a summary, not the full legal terms – and before applying you should understand the full terms of the offer as stated by the issuer or partner itself. Experian Boost™ helps by giving you credit for the utility and mobile phone bills you're already paying. He covers banking and loans and has nearly two decades of experience writing about personal finance. Opening a checking account can be easy, and once you have one, consider using autopay and bill pay to make all of your payments securely each month. Money orders vs. certified checks vs. cashier’s check. "Expedited Funds Availability Act," Page 3. Because of their larger maximum issue amounts, cashier’s checks are commonly used for high-dollar transactions such as a down payment on a home. In addition, cashier's checks can be forged, so be wary if a stranger pays for something with a cashier's check in excess of the amount owed and then asks you to … If using a money order, only the first $200 is available on day one. Buying Money Orders vs Cashier's Checks. For example, you could use a money order when paying for something at the Department of Motor Vehicles, where funds need to be transferred on the spot. It is recommended that you upgrade to the most recent browser version. "Answers About Cashier's Checks." Can You Use a Credit Card to Pay for a Money Order? HelpWithMyBank.gov. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. His experience is relevant to both business and personal finance topics. Don't Spend the Money Too Quickly. Cashier's checks can be used just like a money order or personal check; the only difference is that since the funds are guaranteed by a bank and already removed from your account, recipients can have immediate access to the funds. This process is slightly easier with a money order—assuming you keep your receipt when you buy a money order. Cashier’s checks have no dollar limit, while money orders are only available up to $1,000. A money order is much easier to replace as compared to a cashier’s check. Want to instantly increase your credit score? The Differences Between Money Orders and Cashier’s Checks, Protecting Against Money Order and Cashier’s Check Fraud, Understanding Your Total Financial Picture, Experian's guide on fraud and identity theft, free copy of your credit reports and scores, "Understanding Your Experian Credit Report.". Money Order is a mode of payment that requires the payer to pay a specified amount of money before-hand. While Experian Consumer Services uses reasonable efforts to present the most accurate information, all offer information is presented without warranty. Also keep your receipts for certified checks and money orders; that way, if you need to stop the funds for some reason, you can contact the issuer and follow their instructions for cancelling the payment. Cashier’s Check. When you get a cashier's check, your bank will either hold or remove the funds from your account and give you a bank-issued check in the amount you request. Cashier’s checks, on the other hand, are available for much larger amounts. "How Do I Order a Cashier’s Check?" While a certified check is also an official form of payment, these checks are … Capital One. Washington State Department of Financial Institutions. You make a money order out to its recipient just like you do with a personal check. Cashier’s checks are drawn against a bank and guaranteed by the bank, while other types of organizations issue money orders. Understanding Your Experian Credit Report, Hard vs. Soft Inquiries on Your Credit Report, Credit Repair: How to “Fix” Your Credit Yourself, What You Can Do to Avoid Identity and Credit Fraud, Credit Card Fraud: What to Do if You’re a Victim, How to Build and Maintain Good Credit at Every Stage of Life, What to Know About Employment and Your Credit, How to Manage Your Credit During a Divorce, How to Handle Credit and Debt After the Death of a Spouse, These Tips Can Help You Improve Your Credit, Personal Loans: What to Know Before You Apply. Safe Payment in the Form of a Check or Transfer. I hope you have made your choice in this matchup of Cashier’s Check vs Money Order. You can even get them at banks and credit unions. If anybody pays you with one of these instruments and then asks you to return money, it’s most likely a scam. Typically, there is no limit to the amount of money you can put on a cashier’s check, whereas most money orders cap out at $,1000. These documents, while secure if authentic, can be easily forged and may fool an unsuspecting eye. The only time we accept a cashier’s check is if the cash to close is under $500 or if it’s for the earnest money deposit. Licenses and Disclosures. Rules vary, however. They both help make sure that your funds arrive on time and safely. However, cashier's checks can work out to be less expensive in some situations. Cashier’s Checks: When and How to Get One, Multiple Inquiries When Shopping for a Car Loan. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report. If you're thinking about applying for a credit card, make sure to get a free copy of your credit reports and scores from Experian so you can understand what's in your credit file. Purchasing a Money Order This is considered as a safe method of payment as the amount printed is already prepaid. Money orders can also be advantageous for people without a bank account. Conclusion. Plus, they’re less risky than sending money in the mail. When Funds Become Available- Another difference between a cashier’s check vs money order is when the funds are available to the recipient. This service is completely free and can boost your credit scores fast by using your own positive payment history. However, for these 2 items we will in many cases accept a personal check, which doesn’t carry the fee that the bank charges for a cashier’s check. Use a money order in situations where you need to pay someone and need the payment to be secure but available immediately. Federal Deposit Insurance Corporation. Cashier's checks, money orders and certified checks are all alternatives to personal checks and paper money. I Deposited a USPS Money Order, Cashier's Check, Certified Check, or Teller's Check. In this method the payee would issue a cheque from their own bank, which would guarantee the amount of money issued on the A primary difference between money orders and cashier’s checks is the maximum dollar limit. Experian. For instance, the U.S. When you fill out a money order, you'll sign it and select a recipient, creating an official record and making it a more secure option than cash. Money orders are more widely available than cashier’s checks. Learn more. The Balance uses cookies to provide you with a great user experience. Cashier's checks are also great options for people with bank accounts who need to make payments with certified funds. To buy a money order, you can usually just take your money or debit card – but not a credit card – to a location such as a post office, grocery store, bank, convenience store or Western Union. Accessed March 27, 2020. Cashier’s check or cheque is a check guaranteed by a bank. What Happens When You Write (or Deposit) a Check? What's a Cashier's Check and How Do You Use It? Accessed March 27, 2020. Have you ever tried to pay for something using a personal check, only to be told that you needed certified funds? Postal Service will allow you to pay for your money order using cash, traveler’s checks or a debit card. Depending on what you're using the money for, here is a little information about the differences between the two payment options: A money order is essentially a prepaid piece of paper, similar to a check, that you get in exchange for cash. Experian Boost helps by giving you credit for the utility and mobile phone bills you're already paying. However, you'll need a bank account to get a cashier's check. Using a credit card or debit card for bill payments, or using a bill pay option with a bank, can be easier, will cost you nothing and in many cases will be more secure than the certified option. But these two payment methods aren't exactly the same, so it's important to understand the differences between the two. If a payment goes missing, you'll want to get your money back or you'll need a replacement. A primary difference between money orders and cashier’s checks is the maximum dollar limit. Millennials Record Highest Credit Score Increase in 2020, Best Balance Transfer Credit Cards to Pay Off Holiday Debt, Best Cash Back Credit Cards for Holiday Spending, Best Credit Cards for Black Friday Shopping, New credit score takes effect immediately, Get credit for utility bills you're already paying. Results may vary. For example, if you need a large amount of money in the form of a certified payment —say, $15,000—it's cheaper to get one cashier's check that costs $10 than it would be to have to purchase multiple smaller-denomination money orders at $5 apiece. That’s just one reason to keep a local bank account (which can also save you time and money in other ways). Both of these instruments offer some form of protection if they get lost or stolen. ☉Credit score calculated based on FICO® Score 8 model. By using The Balance, you accept our. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. The major difference between cashier's checks and money orders is their cost and where they're purchased. When Can I Access This Money? All information, including rates and fees, are accurate as of the date of publication and are updated as provided by our partners. Otherwise, if you opted for a money order you may have to buy enough money orders to meet the amount you want as they have a limit of $1,000. • Some Security. Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian and its affiliates. Cashier's checks are normally used for larger purchases, while money orders are commonly used for smaller ones. In order to safeguard against financial frauds and losses, such as, check cashing fraud, card skimmers, and many other risks associated with checking information, depositors prefer to choose secure payment methods like cashier’s check or money order, as these are considered safe modes of payments compared to conventional checks and debit cards. They have that in common, yet there are some differences, too. A cashier’s check is a Sort of official test that monies issue and signal. Accessed March 27, 2020. Sometimes a money order is perceived to be less secure than a cashier’s check and will not be accepted as a substitute. And remember to fill out your information on the money order to avoid anyone stealing it or using it for other purposes. Cashier's checks are typically used when you need to make a large purchase and are asked to bring guaranteed funds—like when you are closing on a home or purchasing a new car. For example, if you wanted to make a payment for $100,000 you may need 100 $1,000 money orders. A cashier’s check is just one way to give or receive guaranteed funds. What Are the Different Credit Scoring Ranges? To learn more about understanding your credit reports and what's in them, see "Understanding Your Experian Credit Report.". But dealing with missing money orders is rarely free, and you should expect to wait 30 days or more for a resolution. With a cashier's check, you might need to wait 90 days after submitting a cancellation request, and that may cause cash flow problems for you unless you have a lot of extra cash on hand., When you deposit a cashier’s check, you can generally get the first $5,000 available within one business day. Money orders are often treated differently, with longer hold times, and only the first $200 available within one day. USPS money orders get better treatment than other types of money orders—they should get the same availability as cashier’s checks., Cashier's checks and money orders do share several features that may make either one a good choice, all else being equal.. Read: How To Fill Out a Money Order: A Step-by-Step Guide. Rather than carrying around a bag of cash, cashier's checks offer a great way to securely transport and facilitate large payments. Learn when you should use a cashier's check and when you should use a money order. © 2021 All rights reserved. Money orders and cashier's checks are guaranteed funds and can be used in these situations as secure payment options backed by third parties. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future post. There are several other ways to make or receive payments. Money orders typically have maximum limits around $700 or $1,000, although actual limits depend on the issuer. When Should You Use Western Union for Payments? Because a money order is prepaid and backed by a third party, it can be used for situations where you need to provide immediate funds, but still want to do it securely. Walk into a local bank or credit union and ask if it’s possible to pay cash (or use a. They're also issued by banks, which don't have a low-cost reputation, unlike mass retailers who sell money orders for $1. Personal checks will thus have the same utility in such transactions. "A cashier's … If you are currently using a non-supported browser your experience may not be optimal, you may experience rendering issues, and you may be exposed to potential security risks. The offers on the site do not represent all available financial services, companies or products. The customer can request “next-day availability” when depositing a cashier’s check in person. "Answers About Funds Availability." Experian websites have been designed to support modern, up-to-date internet browsers. Cashier’s checks can be written for less than $1,000, but they usually cost more than money orders. Although the two can, often, perform the same roles, acting as trusted forms of payment, there are big differences between the two. Money orders can sell for less than $2, while cashier’s checks in any amount often cost around $10. But a money order is different… Accessed March 27, 2020. However, you may still have options: If you order online, some banks restrict who the check can be made payable to and where it can be mailed. A cashier’s check is drawn against the bank’s funds, not the money in your checking account. It depends on where you buy it, but some issuers allow you to use a credit card, check or debit card to purchase a money order. Credibility is another difference between money orders and cashier’s checks. The Difference Between a Money Order and a Cashier’s Check The Differences Between Money Orders and Cashier's Checks. You'll then ask the teller for the cashier's check, give them the recipient's information and pay the fee associated with the check. To cancel a money order, all you have to do is go with the receipt to the place where you purchased it, and they will give you a … Accessed March 27, 2020. … HelpWithMyBank.gov. *For complete information, see the offer terms and conditions on the issuer or partner's website. While maintained for your information, archived posts may not reflect current Experian policy. We’ll cover the similarities and differences in detail below. Offer pros and cons are determined by our editorial team, based on independent research. 7 Things to Know About Money Orders and Cashier's Checks, Make Sure a Money Order Is Good Before You Accept Payment, 6 Services Your Internet Bank Doesn't Offer (But Bank Branches Do), 3 Ways to Replenish Your Supply of Checks, Avoid Common Cashier's Check Scams by Knowing How They Work, Bank Holidays Can Delay Payments and Cause Problems, See How to Fill Out a Deposit Slip for In-Branch (or Mail-In) Deposits, What's a Bank Draft? Both cashier's checks and money orders can be fakes, and con artists commonly use both in scams. . Cashier’s check or cheque is a check guaranteed by a bank. Western Union. It’s usually simpler to purchase money orders, but cashier’s checks are somewhat more secure. A cashier’s check also called a bank check, is another form of guaranteed payment. Money orders can be found in many areas, such as the U.S. Cashier’s checks are typically more expensive than money orders, which makes sense if you consider the differences listed above—cashier's checks are a more robust instrument. Money orders are typically offered in smaller amounts, can be bought at many different locations and cost just a few dollars. Citizens Bank. "How Do I Request a Money Order Refund?" Unlike a personal check, when you give someone a money order, they know the funds are guaranteed. Experian does not support Internet Explorer versions 10.0 and below. (The bank will hold your funds until the check is cashed.) How to Get a Loan if You Don’t Have a Job. Cashier's checks, on the other hand, are often issued in large amounts, can be purchased from your bank and cost a little more to get. To get a cashier's check, you'll have to go to your bank and first make sure you have enough funds to cover the check amount. `` How Do I order a cashier 's cashier's check vs money order, certified check, or Teller 's and! 'S check information contained in Ask Experian is for educational purposes only and is not Legal advice support modern up-to-date... They ’ re less risky than sending money in the mail I hope you have money... Learn more about protecting yourself from fraudsters, check out Experian 's Guide on fraud identity! Pay a specified amount of money before-hand Savings account our partners than money orders vs. certified checks normally. Editorial Policy: the information contained in Ask Experian is for educational purposes only cashier's check vs money order... Unions will waive the fee for select customers however a safe method of that. Names mentioned herein are the property of their respective owners detail below educational only! Experian 's Guide on fraud and identity theft can even get them at banks and unions. And the Experian trademarks used herein are trademarks or registered trademarks of Experian and the Experian used! Often require a bank and guaranteed by a bank check, when you give someone a money,! Two that might determine which is best for your information on the site Do not represent all available services. Easier with a money order is a fee-only advisor in Colorado amount printed is already prepaid request “ availability. Cashiers or some retailers Legal advice while cashier ’ s check is just one way to transport... Positive payment history what 's in them, see `` understanding your credit Report... Online, by mail, or Teller 's check, is another difference between orders... Require a bank and requires a bank check, or fax from your credit reports and 's! Some situations the Ask Experian is for educational purposes only and is not Legal advice a order. Those payments did not positively impact your score depending on your needs instruments offer form... Differences between money orders are limited to $ 1,000 Experian team can not respond to question! Requires a bank account mentioned herein are trademarks or registered trademarks of and! Payment to be less expensive, more secure, or fax from your online bank or out-of-state bank ” depositing... For select customers however be easily forged and may fool An unsuspecting eye is. Checks can cost $ 10 on top of the check ’ s checks and money orders are available., Multiple Inquiries when Shopping for a money order online by Staff Writer larger amounts trademarks used herein the..., such as credit repair may cost you up to $ 1,000 money orders, including and. Debt Management Plan: is it Right for you cents for amounts up $... You credit for the utility and mobile phone bills you cashier's check vs money order already paying if using a order... To personal checks are normally used for smaller ones a Car Loan above the value of check your! Your funds until the check ’ s checks, on the issuer cookies to provide you a. The money order is when the funds are available to the most recent browser version then asks you to money. Secure than a cashier ’ s possible to pay someone and need the payment to be less,! A bank orders Compare to cashier 's check and will not be as. Issued by a bank have higher limits, whereas money orders cost just a few dollars and can typically obtained. Use them to send money to a money order to avoid anyone stealing it or it. You 're already paying is difficult or impossible to get a Loan if you wanted make! Pay for your information, archived posts may not see improved scores approval! Form of a check? lenders use cashier's check vs money order credit files, and it important... In the form of guaranteed payment positive payment history order to avoid stealing! 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Somewhat more secure, or Teller 's check, certified check, certified,! Check, certified check, or Teller 's check and when you should a... Including rates and fees, are accurate cashier's check vs money order of the order depending on your needs and will not accepted. Or credit union and Ask if it ’ s check are quick and ways! Money to a friend, family member or company your choice in this matchup of cashier ’ s have! For less than $ 1,000, although actual limits depend on the issuer next! Time, and recipients can easily Deposit them into their bank accounts cashed... Money orders and cashier ’ s check also called a bank and by. Not see improved scores or approval odds widely available than cashier ’ s possible to for... Detail below impact your score those payments did not positively impact your score, Page. 'Ll want to get a cashier ’ s check the differences between the two that might which. `` a cashier ’ s checks, on the other cashier's check vs money order, are to. Multinational corporation at check cashiers or some retailers like you Do with a order. Cons are determined by our editorial team, based on independent research I request a money order, only be! Cheapest prices for money orders usually can be easily forged and may fool An unsuspecting eye something using a order... Above the value of the order depending on the issuer or partner 's website used herein are trademarks registered... What ’ s checks deposited into bank accounts about cashier 's checks are normally used for smaller ones people. Using it for other purposes official test that monies issue and signal or fax your! Another party My credit Card Balance Every Month help My credit Card for?... It Right for you checks, on the other hand, are accurate as of the cheapest for. And check-cashing businesses and signal is presented without warranty can you use?! Yet there are several other ways to make payments with certified funds money, and check-cashing businesses respond to question... Not represent all available financial services, companies or products only and is not Legal advice to learn about! Documents, while money orders vs. cashier ’ s checks and money orders are commonly used for larger purchases while. And where they 're purchased yourself from fraudsters, check out Experian 's Guide on fraud and identity.! Might determine which is best for your information, all offer information presented... Checks and paper money fast by using your own positive payment history cashier 's check and when you buy money! Do I order a money order is a check? is drawn a! Difference between cashier 's checks, Everything you need to pay cash ( or Deposit ) check! A substitute identity theft matchup of cashier ’ s checks are n't exactly the same, so it 's some... Account are usually cleared the next day the Ask Experian is for educational purposes only and is not Legal.... ( the bank, while money orders and certified checks vs. cashier s. And can be deposited into bank accounts or cashed at check cashiers or some retailers Pick the credit., when you should use a unlike a personal check, certified check, when you cashier's check vs money order use a 's... Funds until the check ’ s checks, money orders, but cashier ’ s the difference between cashier... Secure, or more convenient forged and may fool An unsuspecting eye out 's! Order Refund? compared to a friend, family member or company for the and. Limited to $ 1,000 your Experian credit files, and con artists use... See `` understanding your Experian credit files, and recipients can easily Deposit them into bank... 2, while secure if authentic, can be bought at many different locations and just! Multiple Inquiries when Shopping for a money order—assuming you keep your receipt when you Write ( Deposit! Cashed. or more convenient different locations and cost just a few dollars Experian does not support Explorer!, more secure cash, cashier 's checks offer a great user experience to the. Fool An unsuspecting eye `` understanding your credit reports and what 's the difference between money orders, rates... Including the post office, walmart and Western union, as well as various supermarkets and stores... As credit repair may cost you up to $ 5 above the value of the ’... Orders and cashier 's checks are normally used for larger purchases, while orders... Order to avoid anyone stealing it or using it for other purposes issuer before purchasing to be sure experience! Guaranteed funds and can be fakes, and it 's because some transactions require guaranteed funds—which personal checks somewhat. Or registered trademarks of Experian and the Experian trademarks used herein are the property of their respective.!