Go Banking Rates notes that the main differences between a money order and a cashier's check are how each is purchased and how much money each can be written for. A money order can be purchased at retail outlets, the post office and check-cashing services for a small fee. The money order is secured by an upfront cash payment. Cashier's checks can only be purchased at a bank.Continue Reading
About.com reports that a cashier's check is secured by the funds in a customer's account. The cashier's check is guaranteed by the bank to be valid. Cashier's checks can be used for large purchases, such as the down payment on a house or car. A money order may have a financial limit, such as $1,000, depending on the issuer.
Anyone with the cash for it can purchase a money order while a cashier's check may only be available from a customer's bank. Someone who does not have a bank account may not be able to purchase a cashier's check. My Bank Tracker notes that some banks may be willing to issue a cashier's check for a non-bank customer if the person has the full amount of the cashier's check available in cash. The bank may also charge a larger fee for issuing the cashier's check than it would for a bank customer.Learn more about Personal Banking
After sending a Western Union money order, you can track the status of your order online by using the Western Union MTCN tracking number, which is a unique number assigned to each money transfer. Access the Track feature on the company website, and follow the supplied directions.Full Answer >
You can tell a fraudulent cashier's check only after it has been deposited into your bank account. Your bank determines if the check was fake after it gets returned unpaid by the depositing bank.Full Answer >
Purchasing a cashier's check immediately transfers the monetary amount of that check from the buyer's account into the bank's account, where it remains until the recipient cashes the check, explains About.com. Because the bank verifies the funds before issuing the check, cashier's checks are more secure than personal checks.Full Answer >
A cashier's check does not have an expiration date and is guaranteed by the issuing bank until the check is paid. The funds of a cashier's check generally must be turned over to the state's unclaimed property custodian after a period of time, according to the state's abandoned property laws.Full Answer >