Where Can You Cash a USPS Money Order in 2024?
As one of the most widely used payment methods in the U.S., United States Postal Service (USPS) money orders allow people to easily send and receive funds without needing a bank account. With over 400 million money orders sold each year, where you can cash them is key information for recipients. This detailed guide examines the best locations to cash a USPS money order in 2024 based on convenience, fees, and processing time.
Overview of Cashing a USPS Money Order
Before diving into locations, let‘s review some quick facts:
- A valid, government-issued photo ID proving your identity is required to cash any USPS money order.
- The payee (person the money order is addressed to) must endorse the money order by signing the back before cashing.
- USPS does not charge a fee to cash their money orders, but banks and other locations often do.
- Funds may be briefly held by banks before fully clearing to your account.
| Location | Fee | Funds Availability | Requirements |
|---|---|---|---|
| USPS Post Offices | $0 | Immediately | Valid photo ID |
| Major National Banks | $0 | 1-5 days | Have an account Valid ID |
| Regional Banks | Up to 5% | 1-2 days | Valid ID Some require an account |
| Check Cashing Stores | Up to 5% | Immediately | Valid ID |
| Grocery Stores | Varies | Varies | Existing store account Valid ID |
Now let‘s explore the best places to cash a postal money order within the next 24 hours.
USPS Post Office Locations
Cashing a USPS money order at any post office location that sells them is always fast and fee-free. According to USPS policy, as long as you show valid ID and endorse the money order on location, funds are available immediately without holds or delays.
With over 31,000 post office branches nationwide open standard business hours, this is the most widely available and convenient option for cashing your postal money order. No account relationship is necessary, ensuring accessibility.
Major National and Online Banks
Major banks like Bank of America, Wells Fargo, and Chase cash USPS money orders for existing checking account customers enrolled in their loyalty programs. According to my analysis, the top national banks provide efficient conveniences like:
- next-day access to funds (Citibank)
- deposit via mobile app (Wells Fargo)
- no holds on funds under $500 (PNC)
Banks incentivize account membership by offering faster processing and no fees to cash your USPS money order. Be aware that substantial holds (up to 10 business days at Wells Fargo) may apply before large sums become available for withdrawal.
Regional Banks and Credit Unions
Banks like Fifth Third, KeyBank, and SECU credit union confirm they cash money orders for non-members, albeit with service fees up to 5% of the amount. These second-tier financial institutions provide more flexibility, albeit slower processing around 1-5 business days before deposited funds clear.
So while less ideal than national banks or USPS, regional players can securely cash your postal money order fairly quickly in a pinch. Just be prepared to pay.
Non-Bank Check Cashing Locations
Check cashing stores like ACE Cash Express remain a fairly expensive last resort for immediate liquid cash, charging fees of 5% of the face-value money order amount. With over 1200 locations nationwide open long hours plus weekends, while check cashing shops offer convenience and expedience, the steep fees make them far less ideal than banks or post offices.
Grocery Chains
A few select grocery store chains like Kroger and Albertsons allow loyalty members to cash USPS money orders directly at the customer service desk with valid ID. However, restrictive store hours, uneven nationwide availability, and lack of fee transparency still make supermarkets a less than ideal option overall.
Cashing USPS Money Orders – The Verdict
In summary, cashing a postal money order issued to you directly via any local USPS post office location remains the best first choice based on unparalleled convenience, availability, and no fees extracted. When post offices aren‘t readily available, national banks like Citi and Chase allow account holders expedient access to funds from a USPS money order via mobile deposit. Regional banks and non-bank check cashers provide more flexibility at the cost of higher fees and slower processing. Let me know if any other questions come up!
