Can You Cancel a Money Order If Lost?
Lost a money order? Understand the feasibility and process for cancellation, including necessary steps and potential outcomes.
A money order offers a secure way to send or receive funds, a prepaid financial instrument. This payment method ensures the money is available, unlike a personal check which can bounce. Individuals often choose money orders when a bank account is not used by one of the parties, or when a guaranteed payment is necessary. If a money order is lost after purchase, cancellation may be possible.
Determining Eligibility for Cancellation
A money order can only be canceled if the recipient has not cashed it. If it has been processed, recovering funds is significantly more challenging, and cancellation is generally not possible. Most issuers provide a tracking service, often online or via phone, where you can enter the money order’s serial number to confirm its current status. This initial check is a necessary step before proceeding with any cancellation request. Proof of purchase is also a fundamental requirement to even begin an inquiry into a lost money order.
Gathering Required Information and Documentation
To initiate a cancellation or refund, collect specific details and documents. The original purchase receipt is most important, containing the money order’s serial number, amount, and purchase date and location. You will also need the names of both the sender and the intended recipient. Should the original receipt be unavailable, some issuers may still allow a claim, but this often necessitates providing additional identification and can result in increased fees or a longer processing time.
Initiating the Cancellation Request
Submit a formal cancellation request to the money order issuer. Contact the issuer through their customer service, an online portal, or by visiting the original purchase location. Many issuers require a specific “Lost Money Order Claim Form.”
On this form, you will provide the previously collected details, such as the money order serial number, purchase amount, and dates. Depending on the issuer, you may need to submit a copy of your purchase receipt along with the completed form. Some issuers, like Western Union, allow requests to be submitted online or by mail, while others, such as the U.S. Postal Service, may require an in-person visit to a post office to start the inquiry process.
Understanding Fees and Processing Times
Canceling a money order typically involves a processing fee, which varies by issuer and may be deducted from any refund issued. For example, the U.S. Postal Service charges around $20.15 to replace a lost money order, while Western Union’s fees can range from $15 to $30, and MoneyGram’s fees are often around $12 to $18. It is important to confirm the exact fee with your specific issuer, as some may charge more if the original receipt is not provided.
Processing times for cancellation and refund vary significantly. Most issuers advise the process can take several weeks, often 30 to 60 days for a full investigation and refund. Refunds are commonly issued by check mailed to the purchaser’s address once the issuer confirms the money order has not been cashed.