bank won't accept Post MO
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
bank won't accept Post MO (by Caleb [MA]) May 12, 2024 6:35 PM
       bank won't accept Post MO (by MC [PA]) May 12, 2024 6:51 PM
       bank won't accept Post MO (by 6x6 [TN]) May 12, 2024 6:57 PM
       bank won't accept Post MO (by 6x6 [TN]) May 12, 2024 7:00 PM
       bank won't accept Post MO (by RB [TN]) May 12, 2024 7:16 PM
       bank won't accept Post MO (by plenty [MO]) May 12, 2024 8:33 PM
       bank won't accept Post MO (by Ray-N-Pa [PA]) May 12, 2024 9:26 PM
       bank won't accept Post MO (by MAT [PA]) May 12, 2024 10:15 PM
       bank won't accept Post MO (by Small potatoes [NY]) May 12, 2024 10:42 PM
       bank won't accept Post MO (by MikeA [TX]) May 12, 2024 11:44 PM
       bank won't accept Post MO (by BRAD 20,000 [IN]) May 13, 2024 12:05 AM
       bank won't accept Post MO (by GKARL [PA]) May 14, 2024 5:09 PM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

bank won't accept Post MO (by Caleb [MA]) Posted on: May 12, 2024 6:35 PM
Message:

I just got a notice that my bank won't accept older postal money orders.Because of fraudulent ones . I save them for emergency things. They are made out to my business,.not personal. Its just the way I like to do it,.and it served me for 32 years.

I Just used some for an unexpected 30K repair.

I do claim it as income but for a number of reasons I don't want to immediately put it in the bank.I have a bank account for each of my 9 muti buildings as it helps me see better income and out goes,keeping tract of 83 tenants on Quicken etc.

So I have lots of older PMO's,..I'm told I can go to the post office and have them renewed, but its a hassle and takes time...people behind me in line are also annoyed so I try not to do many at one time.

I don't see why if I have plenty of money in the bank to cover if any of the postal MO's are bad,(BTW all these years never had one ) ..why can't a bank just withhold applying them to my account until confirmed if they are fraudulent. or not. Of course you just get a smile and the "its policy" answer. (Meaning its our rule and we don't need to explain it to you or anyone ,..so shove it.) --73.126.xx.xxx




bank won't accept Post MO (by MC [PA]) Posted on: May 12, 2024 6:51 PM
Message:

If you don't need the money right away, put it in a savings account. Checks are only food gor so long, so why wouldn't MOs? --73.230.xxx.xx




bank won't accept Post MO (by 6x6 [TN]) Posted on: May 12, 2024 6:57 PM
Message:

I don't understand your process nor how a post office can fix it?

Maybe I should ask, what is a Postal Money Order? --76.129.xxx.xx




bank won't accept Post MO (by 6x6 [TN]) Posted on: May 12, 2024 7:00 PM
Message:

From the web search:

"A postal money order is a type of financial certificate issued on paper by the post office1. It is a safe alternative to cash and personal checks when sending money by mail234. U.S. Postal Service money orders are affordable, widely accepted, and never expire235. They were introduced in 1864 to provide a safe way for soldiers and others to send money over long distances5. Money orders are similar to checks, so they’re more secure to mail than cash3."

It says they never expire. --76.129.xxx.xx




bank won't accept Post MO (by RB [TN]) Posted on: May 12, 2024 7:16 PM
Message:

Quite the process.

How much money in interest did ya lose in 32 years ? --69.130.xxx.xxx




bank won't accept Post MO (by plenty [MO]) Posted on: May 12, 2024 8:33 PM
Message:

For real? --172.59.xxx.xxx




bank won't accept Post MO (by Ray-N-Pa [PA]) Posted on: May 12, 2024 9:26 PM
Message:

CDs and sweep accounts can also be loaded into accounting software.

IF you lose the CD paper, you just go to the bank - what happens if you lose a money order, especially one that isn't made out to anyone. --24.101.xxx.xxx




bank won't accept Post MO (by MAT [PA]) Posted on: May 12, 2024 10:15 PM
Message:

Stuff like that annoys me. If you want to continue the money order process, I think you’ll just have to tough it out and go to the post office during off peak hours and get them to renew.

My dad used to send us postal money orders for our birthdays, and they were a pain. Couldn’t deposit them on the app or at the ATM. Had to go into the bank. They’d take them, but put a couple days hold on it. The ones he sent were new, though. --107.123.xx.xx




bank won't accept Post MO (by Small potatoes [NY]) Posted on: May 12, 2024 10:42 PM
Message:

My bank takes extra time to verify money orders from the post office. Takes at least ten minutes. Too much fraud. --172.59.xxx.xxx




bank won't accept Post MO (by MikeA [TX]) Posted on: May 12, 2024 11:44 PM
Message:

So do you store these in a coffee can buried in the backyard? So many ways you can and will lose money with this system. Your bank is doing you a favor, just take them in and deposit them in your bank account. --209.205.xxx.xx




bank won't accept Post MO (by BRAD 20,000 [IN]) Posted on: May 13, 2024 12:05 AM
Message:

Caleb,

I respect thatyou found a system which akes you feel comfortable.

But times have changed. More and more banking limitations

AND that manager is a kid from our dumbed down schools.

I want SIMPLE. Every time you handle the money or numbers is a chance for mistakes.

With Quicken you don't need separate accounts for each building, they can separated by address. Again, simple.

Spend more time fishing or golfing and less time playing accountant.

BRAD

--73.103.xxx.xxx




bank won't accept Post MO (by GKARL [PA]) Posted on: May 14, 2024 5:09 PM
Message:

Almost better off just keeping cash if you're going to operate like that. --209.122.xx.xxx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: bank won't accept Post MO
Your Name:
Your State:

Message:
bank won't accept Post MO
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: