Wednesday, September 02, 2009

Cash, Check, But Not Money Orders, Please

Did you know that Western Union Money Orders are not considered cash? Did you know that Western Union Money Orders are easily duplicated and forged, thus making them less trust worthy? Especially because you can get them ANYWHERE?
Did you know that because of the forgery risk that your bank/credit union will put a 5 day hold on the funds?
Me either.
This is what my Kindly Credit Union Teller told me on Saturday when I went to deposit the rent from our Tenant. (he’s signed on for another six months, but that’s another blog entry.)
I usually deposit via ATM, so this was the first I’d heard of the 5 day hold. I’d always assumed that since a money order has to be purchased with cash that meant it was as good as money. Not so. Western Union money orders are viewed as checks and must go through a clearing process same as a check. When I told the Kindly Credit Union Teller that I had been making that deposit every month for about a year now, he got flustered and told me he would have to speak to his manager. His manager backed his story. And thusly I was told it would be best to have our tenant pay by Postal Money Order because those are the only REAL money orders and are much less likely to be forged.
Learn something everyday.

However, what I did not like our Kindly Credit Union Teller telling me is that, “I checked your balance and I can’t see where having this on hold would be a problem for you.” Um, sorry? How is that your call? You don’t know what my finical situation is and you should really refrain from commenting on it. I appreciate you explaining the whole reason for the hold, I do. But please, keep your comments about how my current bank balance should cover our finical situation for the next 5 days to yourself; because that is truly not something you should be expressing your views on. It’s just not.

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