A money order is a paper document used to make pre-specified payments. It is a prepaid payment order with a trusted payment method. Hence, it is considered as a safe and guaranteed form of payment.
JPMorgan Chase Bank, most commonly referred to as Chase Bank, is a well-known leading financial institution in the world. It is the largest provider of personal accounts, mortgages, loans, and business accounts. Chase Bank branches are located throughout the world, and its services include a range of convenience-based financial services to its users. It provides popular services to its bank customers including Chase money orders. This article highlights important information about Chase Money Order.
Policy and Terms
Money Orders are used as alternatives to personal checks. Chase Bank customers can buy a money order using funds in their open accounts. Its account holders can purchase its money orders at any branch during normal operating hours.
Chase non-banking customers can purchase a money order using cash. Their acceptable forms of payment may not include credit cards and debit cards. However, many locations permit non-banking customers to draw cash advances from their debit cards and credit cards using cash to buy their money orders.
Currently, customers are allowed to purchase Chase money orders in amounts not exceeding $1000 USD. Customers can buy only one money order per day. The transaction fee is $5 per item or to buy a money order worth $1000. The total number of money orders that a customer can buy within a week varies depending on whether each order is purchased within a timeframe of 24 hours.
Chase bank account holders can deposit money orders using Chase QuickPay service online. They can include an authorized user to their account. Its QuickPay service permits customers to transfer money from their account to others’ accounts through their online service or mobile app.
How to fill out a Chase money order?
In order to maintain accuracy and prevent any issues, customers should follow certain guidelines while filling out the Chase Bank money order.
Firstly, the customer should enter the recipient’s name in “pay to the order of” section. This person is the one to whom the money order is payable to. The customer should enter his or her own name in the “Sender” section. The customer can write notes about the money order in the memo, which is an optional section. For example, notes can include writings such as “Installment for the month of December” or “Locker fee payment”.
Customers should avoid overwriting, and they do not need to handwrite any money amount in the Chase money order. Customers should separate the upper white copy from the lower blue copy of the money order and keep the white copy to themselves for reference. The actual payment is the blue copy of the money order which can be submitted to the recipient or sent by mail.
Money orders can be processed through the Chase QuickDeposit option. It is a remote deposit solution that enables customers to deposit money conveniently online without stepping out of their homes. Money orders are scanned, and the images are electronically updated to Chase Bank for deposit into a savings account.