Do money orders expire? You may be wondering this question, especially if you have a money order that has not been cashed for months or years.
Instead of keeping you waiting, the short answer is “No!”
But, there are important nuances to consider and fees may apply depending on your specific situation.
We’ll cover these nuances and answer the most common questions we receive about money orders below.
This article is part of our free series on “What is a money order?” including answers to common questions, unique opportunities, and more.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Do Money Orders Expire?
- How to Cash a Money Order
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Do Money Orders Expire?
No, money orders do not expire. Instead, money orders retain their value indefinitely. However, depending on the entity that issues the money order, it is possible that an administrative penalty may apply when money orders are not cashed within one year from the date of issue.
How to Cash a Money Order
To cash a money order, you will need to take the money order to the physical branch of the issuing body or to a local post office. In order to cash a money order, you will need to present the money order, and government-issued identification, and endorse the money order in person by signing the money order with the teller.
That’s the entire process to cash a money order. In fact, the most important step is receiving the money order in the first place. Once the money order is in your possession, it is effectively cash, which you can convert whenever you like.
Here’s another look at the steps to cash a money order, presented a bit differently:
How to Cash a Money Order
- Take the money order to your local post office
- Present the money order to the attendant
- Provide them with a copy of government-issued identification
- Endorse the money order in front of the attendant
- Receive your preferred form of payment
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into if money orders expire. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Can You Cash Money Orders After a Year?
Yes, you can cash money orders after a year. In fact, money orders do not expire, which means you can cash a money order regardless of the date of issue. However, money orders that do not return for processing after one year may have an administrative fee applied to the balance.
Who Cashes Money Orders?
Money orders can be cashed directly at your local post office, large retailers, or other companies that issue money orders. However, in most cases, it is best to take a money order back to the original issuing entity in order for it to be cashed. For example, if you receive a MoneyGram money order, it is best to take the money order to MoneyGram for processing.
How Long Is a Money Order Good for?
A money order is good for as long as you want to hold onto it, this is because money orders hold their value indefinitely. That said, certain issuing bodies may charge fees if a money order is not returned for cash within one year of the original issue date.
How Do You Correct a Mistake on a Money Order?
You can correct a mistake on a money order by returning to the issuing body (e.g. the post office), presenting the money order, your government-issued identification, and asking them to either cancel or refund, and then reissue the money order. Of course, doing so will result in a second money order being processed and additional fees may apply. However, this is the only way to correct a mistake on a money order.
What Happens to Money Orders if It Is Not Cashed?
If a money order is not cashed, nothing happens to it. In fact, money orders will retain their value indefinitely. So, as long as you keep the physical copy of the money order, you will be able to cash a money order for face value. That said, there may be penalties applied to money orders that are not cashed within the first year of it being issued.
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