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Author Topic: Postal Money Order only  (Read 29937 times)
K0YHV
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Posts: 179




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« on: June 20, 2012, 11:04:06 AM »

Anyone else tired of sellers who only want a Postal Money Order for payment?  Let's see, the government (which runs the post office) is 16 trillion dollars in debt.  You trust a payment backed by them more than a MO from my bank which is required by law to be solvent? 
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W9KDX
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Posts: 770




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« Reply #1 on: June 21, 2012, 05:14:35 AM »

You need to look up the rules and regulations dealing with bank checks and other forms of money transfer.

The Postal Money Order is the only form of payment I have found that will give me cash with no recourse other than fraud on my part.  Even a bank cashier's check will only be honored by the issuing bank unless you have an account at the bank.  Other banks require an account and months later, they will take funds back from your account if there is a problem with any type of check.  You can wait for weeks to see if a check clears and still get stung later.  There is really no amount of time that will guarantee you haven't been defrauded.  Just ask those people caught in the Nigerian scams.  Even calling the bank to see if funds are available is no guarantee.  

Also, the PMO cannot have a stop payment placed on it, only a report of loss.  I can stop payment on a cashier's check just like a regular check.  They are not any better when it comes to receiving payment.

The funds behind any bank are irrelevant.  In the case of bank drafts, it is the funds in the account, which are not related to the bank's money.  In the case of the PMO, the important factor is the money in the Post Office cash drawer.  If I take it to a bank, your choice, and it is bad, I lose my money.
« Last Edit: June 21, 2012, 05:26:11 AM by W9KDX » Logged

Sam
W9KDX
N9LCD
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Posts: 170




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« Reply #2 on: June 21, 2012, 07:17:56 AM »

Postal money orders are a pain in the posterior for any large amount, say over a couple of hundred dollars.

First, I have to go to the bank and cash a check to get the cash.  (Sorry, my ATM card is only good for $300 per day.)  Then, drive to the post office and WAIT -- especially if it's passport season.

As for the Post Office cashing money orders, yeah, they'll do it -- ONLY IF THE WINDOW CLERK HAS ENOUGH CASH!  That's a problem at the local P.O. because almost everybody uses debit or credit cards.

On the plus side, if the P.O. can't cash a money order, at least they'll confirm its validity.

Oh yeah, and you CAN'T use your smart phone to deposit a postal money order. 

Look at it this way:  No payment method is perfect.  IF YOU'RE PAID IN CASH, WATCH OUT FOR COUNTERFEITS!

N9LCD

 
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K1CJS
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Posts: 6034




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« Reply #3 on: June 26, 2012, 04:20:01 AM »

Like the others said, Postal Money Orders are all but guaranteed while most other forms of payment are not.  The nice thing about the PMOs are that they can be verified at the Post Office, and if the PO doesn't have the cash, you can still deposit that money order into your bank account and have the funds the next day--right in your account.
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KG4NEL
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Posts: 373




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« Reply #4 on: June 26, 2012, 06:53:48 AM »

Of all the gripes I have with the PO, my experience with money orders has been decent.

But once Paypal came along, I didn't have a use for them for small transactions. And for the big ones, I write checks - I'm patient, I don't mind waiting for it to clear.
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K7EDL
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Posts: 11




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« Reply #5 on: June 26, 2012, 03:21:29 PM »

Nice thing about PMO if you commit fraud while accepting one as payment it is a federal offence, the post office has their own police officers (postal inspectors) who will follow up on the probem.   

Eric
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W4VR
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« Reply #6 on: June 27, 2012, 01:41:35 PM »

Some folks prefer Postal Money Orders, others prefer Bank checks.  I've used both and never had any problems.  In recent sales of my equipment I have used PayPal, and currently that seems to be the method of choice with most ham buyers that have PayPal accounts.  The only problem I have with using PayPal is they charge a hefty fee to the seller.  I sold a PROIII for $1700 a couple of years ago and PayPal charged me a $50 fee.
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WB6DGN
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Posts: 617




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« Reply #7 on: June 28, 2012, 02:24:29 AM »

Quote
I sold a PROIII for $1700 a couple of years ago and PayPal charged me a $50 fee.

That's only 3%!  I'll bet most people would be tickled pink if their sales tax was only three percent!  What is a fair price to charge for such a service?  NOTHING???  Yeah, I know.  EVERYBODY wants everything for nothing, especially hams.  PayPal employs a large staff.  I'll bet they would like that staff to work for NOTHING.  I'll bet YOUR employer would like YOU to work for NOTHING too.  You gonna do that?
THINK ABOUT IT.
Tom
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KG4NEL
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Posts: 373




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« Reply #8 on: June 28, 2012, 05:17:37 AM »

Some folks prefer Postal Money Orders, others prefer Bank checks.  I've used both and never had any problems.  In recent sales of my equipment I have used PayPal, and currently that seems to be the method of choice with most ham buyers that have PayPal accounts.  The only problem I have with using PayPal is they charge a hefty fee to the seller.  I sold a PROIII for $1700 a couple of years ago and PayPal charged me a $50 fee.

Whether it's condoned by PP or not, it's pretty much assumed that with PP the buyer will eat the seller's fees.
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AG6WT
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Posts: 448




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« Reply #9 on: June 28, 2012, 08:55:25 AM »

Some folks prefer Postal Money Orders, others prefer Bank checks.  I've used both and never had any problems.  In recent sales of my equipment I have used PayPal, and currently that seems to be the method of choice with most ham buyers that have PayPal accounts.  The only problem I have with using PayPal is they charge a hefty fee to the seller.  I sold a PROIII for $1700 a couple of years ago and PayPal charged me a $50 fee.

I think in Paypal's view, you are a vendor engaging in a credit card transaction. That's how Paypal makes money. If you weren't aware, retail stores have to pay a fee of 2-3% for every credit card purchase. This is why you see stores and gas stations sometimes offering a cash discount.

If the fees bother you, either ask more for the item to cover the fees or state in your ad that you'll only accept cash or a money order (were the person sending the m.o. had to pay to fee to acquire the check). As a seller you can do this.
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N9AOP
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Posts: 141




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« Reply #10 on: June 29, 2012, 08:21:03 AM »

For large ticket items I prefer a bank to bank wire transfer.
Art, N9AOP
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WA4NJY
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Posts: 109




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« Reply #11 on: June 30, 2012, 12:08:15 PM »


Has anyone used a Wal-Mart money order?

Ed
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K1CJS
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Posts: 6034




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« Reply #12 on: July 01, 2012, 08:35:42 AM »


Has anyone used a Wal-Mart money order?

Ed

Yes.  I did--once.  Got one for a piece of sold equipment, went to Wal-Mart to cash it--and they wouldn't cash it!  I deposited it into my checking account and it cleared three days later.  Never again! Angry
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KE4YOG
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Posts: 182




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« Reply #13 on: July 01, 2012, 11:00:01 AM »

Selling a 1700.00 dollar radio would result in a 51.00 charge. That is 3%. I try to price anything I sell for a price that will cover the PayPal expense. Do I give discount for MO? No because then I have to take to the bank or USPS office.
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K8AC
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Posts: 1471




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« Reply #14 on: July 09, 2012, 05:33:42 AM »

Interesting comments.  Regarding Walmart money orders: They're apparently easy to duplicate/forge and are often bogus.  Regarding Paypal and fees: I cheerfully pay the 2-3% fee when I sell something online.  I can find a buyer for something selling for $2,000, receive payment via Paypal, and ship it out the next day.  If I didn't accept Paypal, the sell cycle would be considerably longer.  If you're a Paypal user and haven't read the agreement you are a party of, you should do so.  In that agreement, you accept the fact that the fee is imposed, and you agree NOT to pass that on to the buyer.  I would never buy anything from a ham who insists that the buyer pay the fee, as he is already violating a legal agreement just  because he knows he likely won't be penalized.  Is that really someone you want to do business with?  Regarding cashier's checks: While once my preferred method of doing business, they're simply to easy to forge and the recipients liability extends far beyond a couple of days.  Often these things go a couple of weeks  before being detected by the banking system and then the recipient has a problem.  For the 2-3% Paypal fee, you at least have some possibility of recovering your funds should your ham friend decide to screw you over.  Read the forum here on buyers/sellers to see how often that happens. 
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