In the age of digital payments, the basic money order could seem old-fashioned. With the capability to instantly transfer money through apps or pay using a debit or credit card or write a personal check or even pay in actual cash so why should you ever utilize a money order?
While those days of money orders being an everyday form of payment are over, money orders still serve an important purpose that isn’t easily duplicated by other types of payment, regardless of how sophisticated financial technology might be.
Here’s what you need to know about what a money order is and how to fill out a Chase money order.
What is a Chase Money Order?
Similar to a check, a money order can be described as a paper type of payment. It is however important for a chase customer to note that money orders are different from personal checks. The reason being that the payment is guaranteed. Another interesting fact is that contrary to checks, money orders don’t bounce. It’s because you purchase money orders with the aid of cash or another type of payment that is guaranteed.
Chase money order is a paper form of payment that comes from Chase Bank, an American national bank. Chase Bank has stipulated certain guidelines regarding the use of money orders. And as a chase customer, you need to do well to adhere to them to avoid any issues later on. For instance, when filling out a Chase money order you must, in the “pay to the order of” section, note the name of the recipient as well. In the “Sender” section write down your name. You may also add an optional note in your memo.
Information Needed to Fill Out a Chase Money order
The information required to fill out the money order is dependent on the company that issues the money order, which in this case, is chase bank. Here are the important details that you would need when trying to fill out a chase money order:
- Name of the person who pays
- Address of the Payee
- The amount of payment
- Name and Address
- The reason for the payment, or the account number
Four Reasons why you should consider using the Chase Money Order
In a world dominated by convenience, it could appear that there isn’t any place for bank customers that still make use of money orders. There are however many great reasons to use money orders instead of alternative methods of payment:
- If you are an underbanked or an unbanked individual, they offer you access to additional options for making payments. . If you do not have the funds to open a checking account and don’t have a checking account, the money order will help fill in the inconsistencies.
- They’re a secure method of payment that you can send via the mail. It is important to note that cash that is sent by mail could be stolen. Personal checks will include the bank account number that you might not want to share with the person who will be receiving it. Money order isn’t always a target as cash and provides no personal banking details to the recipient.
- They are safer as opposed to carrying cash. If you have to buy a costly product, you might feel uneasy carrying cash. For example, if you purchase a sofa through people on sites such as Craigslist and Facebook Marketplace, you may decide to carry the purchase with a money order to pay for the purchase instead of cash.
- They are the most popular form of payment for certain transactions. Certain sellers ask for money order in a bid to guard themselves against bounced checks.
Practical Guide on How to Fill Out a Chase Money Order
Online money orders are not accepted by Chase bank, this then implies that the customer would need to pay the chase bank branch a visit.
There are a few requirements you need to complete before you can get the money order from Chase bank.
The initial condition to receive a Chase money order must be you must be a member of an active Chase checking or savings account.
You must also have sufficient money in your account to cover the money order that you’ll be placing.
However, when Chase bank is satisfied that there is a sufficient fund in your account the cashier will print out your money order with the exact amount you’ll need.
Then, write the name of the person who will be the recipient of your money order on the “Pay to the order of” line, and your money order is now ready to use. Be sure to keep the receipt for your money order to monitor or even cancel the money order at a later date.
What is the cost of a Chase Money Order?
If you’re a Chase checking account holder, you are able to purchase money orders for as much as $1,000. Based on the kind of Chase checking account you have, there’s a small fee that you must pay. Look at the table below.
|The Chase Checking Account Type That can be used by the chase customer
|Cost of the Money Order
|Chase Premier Plus Checking account
|Chase Premier Platinum Checking account
|Chase All Checking account
|Chase College Checking account
|Chase High School Checking account