It may be possible to cancel a money order before it’s cashed and seek a refund. A money order is a type of payment that’s very secure because the payer purchases the money order with cash upfront. That way, the recipient doesn’t have to worry about the payment not going through, unlike a check that could bounce.
If, for any reason, the payer needs to get the money order refunded, that can be done before the recipient cashes or deposits the money order. Read on for more insight into how to get a money order refund and other important considerations about canceling or returning a money order.
Currently, SoFi does not offer money orders to members.
Table of Contents
Key Points
• A money order is a secure form of payment that the payer purchases upfront with cash.
• If the money order is lost or stolen or the payment is no longer needed, you may be able to cancel it as long as the payee hasn’t deposited or cashed it.
• To get a refund, you’ll need to submit a completed cancellation form along with your receipt and ID.
• The fee for canceling a money order is typically between $5 and $30.
• It can take up to 60 days to receive your refund.
Why You Might Need to Return a Money Order
These are a few common reasons for requesting a refund on a money order.
• When a money order is lost. If for whatever reason the money order is lost in the mail, it’s wise to act as quickly as possible to ensure the wrong person doesn’t try to cash it. Luckily, money order issuers typically have a protocol established in the event that a money order is lost, similar to how a bank can help you if a check written against your checking account gets lost.
The issuer can either cancel the payment, replace the money order, or refund the money order. These services do come with a fee, but it’s usually much lower than what the loss of the money order value would be.
• When a money order is stolen. If a money order is stolen or a type of bank fraud occurs, the issuer can take steps to cancel, replace, or refund the money order. Again, it’s important to make this request quickly before the thief gets a chance to cash the money order.
• When the payment is no longer necessary. In some situations, you may decide you no longer need the goods or service you used the money order to pay for. In this situation, you may want to cancel it and request a refund from the issuer before it’s cashed instead of trying to get a refund from the payee after they deposit it in their bank account or cash it.
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What Do You Need for a Money Order Refund?
If you decide you want to get a refund for a money order you purchased, it can be a wise move to first track the money order and see if it’s been cashed. If it hasn’t, you can then contact the issuer of the money order so they can share what’s required to issue the refund. Most money order issuers require the following things in order to refund a money order:
• The receipt. The easiest way to start the refund process is to present the money order issuer with the receipt. If you don’t have the receipt, you can likely contact or visit the physical location where you purchased the money order to talk through their options for moving forward. With most issuers, you can submit a research request form to have the details of the money order confirmed; there’s often a fee for this service.
• A completed cancellation request form. Next, you usually need to complete and sign a cancellation request form in order to cancel the money order so you can qualify for a refund. Once the money order is canceled, you can request either a refund of the purchase price or a replacement money order.
• Method of identification. Usually, presenting your ID is necessary to cancel a money order.
• Money to pay the cancellation fee. Most money order issuers charge a cancellation fee, and that fee can increase without a receipt. Currently, fees may range from about $5-$30, depending on the provider and the amount of the money order.
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Process of a Money Order Refund
Here’s a step-by-step guide on what to do when refunding a money order.
Step 1. Find the Receipt
It’s important to hold on to the receipt for a money order in case you end up wanting to return it. It can still be possible to return the money order without a receipt in some cases, but the process may not be as seamless.
Step 2. Submit a Cancellation Form
In order to qualify for a refund, the money order first needs to be canceled. To cancel a money order, you usually need to complete and sign the cancellation form. At this point, you typically need to show your ID, so this will probably take place in person at the money order purchase location. When you submit a cancellation form, you may have the option of requesting a refund.
Step 3. Pay the Cancellation Fee
It’s important to be aware that canceling a money order usually comes with a fee, and that fee can increase when you don’t have the original receipt, as noted above.
How Long Does a Money Order Refund Take?
How long it takes to refund a money order depends on the issuer, but this process can take up to 60 days.
How Much Does It Cost for a Money Order Refund?
How much it costs to get a refund for a money order depends on the fee structure charged by the issuer. All issuers set their own fees, and some may charge more if someone doesn’t have a receipt for their money order. That being said, it can cost about $5-$30 to get a refund for a money order with a face value of $5 or more.
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The Takeaway
A money order can often be refunded if it has not yet been cashed. You may want to pursue this process if a money order has been lost or stolen or if it was used to pay for goods or services that you have not yet received or are not satisfied with. There are a few steps to the process, and you may have to pay a fee, but it’s usually minimal and likely worth it to get the original amount of money back.
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FAQ
Can you get a refund for a money order that has been accepted?
Once a money order has been deposited or cashed by the recipient, it’s not possible for the issuer to offer a refund. Because of this, it’s vital to be certain that you want to issue a money order before committing to buying one.
How long do money orders last?
One good thing about money orders is that they don’t expire, so the payee can wait a while to cash them. That being said, it’s important not to wait too long to cash or deposit a money order. Usually, if a money order hasn’t been cashed after one-to-three years, a nonrefundable service charge is deducted from the principal amount of the money order and may continue to be charged, which can diminish and even deplete the value of the money order.
How can I tell if someone has cashed the money order?
If you’re not certain whether the recipient of your money order has cashed it, you can check the status of the money order with the issuer. Usually, this can be done online on the money order issuer’s website. You may need to provide information such as the money order’s serial number and the issued amount in order to confirm whether it was cashed or not.
About the author
Jacqueline DeMarco
Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.
Photo credit: iStock/MicroStockHub
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