biskitsandgravie
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posted on July 10, 2002 09:33:42 PM
In the past two weeks I have had two money orders bounce. One from a convenience store and the other a Canadian postal money order is US dollars.
My bank said that they have had Canadian postal money orders bounce before. I asked the postoffice about it, since someone told me they could be cashed there, and the clerk said the same thing as my bank.
I have never had a problem with money orders before. Is this common?
Thanks
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feistyone
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posted on July 10, 2002 10:18:17 PM
That's the first time I've ever heard of a bounced money order, but I guess it is possible.
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dadofstickboy
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posted on July 10, 2002 10:52:53 PM
Sounds like the Canadian P.O. needs a rate hike too.
And the 7-11 got robbed all the money is gone.
[ edited by dadofstickboy on Jul 10, 2002 10:54 PM ]
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bidsbids
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posted on July 10, 2002 11:13:48 PM
Over the years I have seen a few threads on bounced money orders on message boards.
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sanmar
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posted on July 10, 2002 11:41:32 PM
It is very obvious that the US MO was not from USPS. This not common, but it does happen with some of these 2 bit outfits. I don't know why a Canadian Postal MO would bounce,unless it was counterfeit.
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tomwiii
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posted on July 11, 2002 03:04:35 AM
NB: International Postal MOs SHOULD be cashed at the PO oNLY!!
If it APPEARS invalid, have your clerk MANUALLY input the numbers!
This happened to me last week with a Molson-MoosePoo Country Money Order! I asked him to re-enter the numbers MANUALLY as opposed to sending the MO through the machine!
There is a glitch in the PO software right now with IPMO's!!
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kyms
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posted on July 11, 2002 05:41:17 AM
I had a Canadian MO bounce a few months ago. -The deadbeat never did pay up...grr
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capolady
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posted on July 11, 2002 06:16:06 AM
I must be having a brain fart!!! If someone purchases a money order how can it bounce? If there are insufficient funds to clear it how can this be the buyers fault? Could someone please clear this up for me?
Thanks
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bidsbids
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posted on July 11, 2002 06:35:59 AM
There are many small money order firms as well as the biggies like Western Union, Walmart, 7-11, etc. The payer doesn't default the money order company does.
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stopwhining
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posted on July 11, 2002 07:47:21 AM
bidsbid is right,the company which issues these money orders go bellyup and have no cash in their account to honor these money orders.
buy your money order from a bank or big supermarkets,or western union,the issuers are better capitalised.
as for canadian postal money order,i have never heard of default,both banks and post office should cash them for you.
same goes with japanese postal money order
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biskitsandgravie
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posted on July 11, 2002 08:43:42 AM
I have deposited Canadian Postal money orders in my account before with no problem. My bank said it bounced.
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gkwan99
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posted on July 11, 2002 08:58:57 AM
I tried to deposit a Canadian money order last year at my credit union. They took it like a normal MO or check. A month later I get it returned to me (with the amount deducted from my account of course) from my credit union. It was returned because they said that Canadian money orders can't go through the Federal Reserve system, and thus they couldn't get the money for it (i.e. there was no way for the credit union to "cash" it).
So, I just go the Post Office to get Canadian money orders cashed.
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mrspock
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posted on July 11, 2002 10:31:52 AM
they might also have bounced becouse they were bogus...
very doubtfull that a real money order could bounce banking is a highly regulated business and funds would have to be put in escrow as collected
I first heard of this when I despratlet needed a motherboard , I fedexed a money order to a computer supply house I called the next day to confirm they received it and that the board would ship they told me they held money orders just the same as checks and it wouldnt ship for 10 days...
spock here......
Live long and Prosper
[
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termite623-07
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posted on July 11, 2002 12:03:55 PM
Was the Canadian Money Order in US Dollars or Canadian Dollars. I insist in my TOS that all Money Orders be in US Funds. If the Federal Reserve couldn't handle this MO it could be in Canadian Dollars.
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biskitsandgravie
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posted on July 11, 2002 12:57:20 PM
The Canadian money order was in US dollars.
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fonze
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posted on July 11, 2002 03:30:43 PM
Maybe they were stopped or reported lost or stolen. How long did they take to bounce back to you after they were cashed? How much were they for? It only costs 8 or 10 dollars to stop payment sometimes.
Mel
[ edited by fonze on Jul 11, 2002 03:31 PM ]
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biskitsandgravie
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posted on July 11, 2002 08:18:55 PM
It was about 6 days. The face value was $40.50 for the canadian money order. The other was for $15.74, I think.
Not huge amounts at all.
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breinhold
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posted on July 11, 2002 08:35:48 PM
according to my bank a money order takes the same amount of time to clear as a check. I was told this is due to m.o.'s getting stolen all the time.
I checked into it when I first started ebay.
I do not know what other banks may say but that is what my banks policy is and I would think most.
I accept m.o.'s but never claim in my terms that I ship next day
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JWPC
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posted on July 12, 2002 08:34:23 AM
On "outside the USA" I only accept International money orders. But, I have had both foreign and domestic MO's bounce over the years. Personally, I HATE money orders, as it is possible for them to get lost in the mail, and the buyer then blames the seller who never got it, and it becomes a mess.
I prefer credit card charges through us directly or via PayPal – charges are clean fast, and there is a written record.
BUT, when we do receive MO's we put them through our bank just like checks and any other type of deposit - never a problem in our bank accepting International Money Orders, in U.S. Dollars.
We never post on the "FREE Canadian eBay Board Day," because one has to agree to accept payment in Canadian funds, and we can't cash Canadian funds in our part of the country.
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JACKSWEBB
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posted on July 12, 2002 05:44:36 PM
NEVER, NEVER, NEVER DSPOSIT THOSE OUT OF COUNTRY CHECKS. THE BANKS CHARGE YOU. I KEPT SEEING THOSE FORIEGN DEPOSIT CHARGE FEES BUT THOUGHT AH, WIN SOME LOSE SOME. THEN I TOLD JAPANESE BUYER HE WOULD HAVE TO WAIT TILL HIS JAPANESE POSTAL MONEY ORDER CLEARED THE BANK. HE IMMEDIATELY REPLIED,,,,,DON'T TAKE IT TO A BANK THEY WILL CHARGE YOU!!!!!! TAKE IT RIGHT TO THE POST OFFICE. HE TAUGHT ME A THING E'R TWO. POST OFFICE FROM NOW ON. NEVER DEPOSIT THEM. I WON'T. .2 CENTS.
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biskitsandgravie
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posted on July 12, 2002 07:29:36 PM
My bank has never charged me to deposit foreign money orders.
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ok4leather
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posted on July 12, 2002 07:33:16 PM
Yup - I deposited one in my bank and had it returned as "foreign exchange item" with a five dollar charge - It was all stamped up and canceled by the bank - Took it to the post office and they cashed it stamp marks and all.
Ok4
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