What is the Bank of America Money Order Fee?
Now, people not only from the country but, from different parts of the world have asked what is the order fee of Bank of America. The order fee depends on the bank that the customer selects. Mostly, the order fee of all commercial banks in the country is $5. The order fee is kept by head department of commercial banks so that there is no confusion created. ..
Bank of America does not offer money orders in all parts of the country. If the terms and conditions are not met, then the order fee may go up or in some cases, the money order might not take place. Interestingly, money orders are not available in all parts of the country by Bank of America. Unfortunately, we do not know the exact reason for doing so for customers in the country. ..
Money Order Charges
There are different money order charges for different banks and transactions amounts. The most common charge is 10 percent, which applies to the total amount of the money order being sold or sent.
Now, if the money order is done by the bank itself then the fee might be slightly lesser as compared to an individual doing it by himself. The lesser the money is sent the lesser will be the fee charged from the bank or the one who is doing all the work for the individual.
If you want to send money orders worth less than $500, the fee is $1.65. But if the money order is worth more than that, the fee is only charged if it’s over a certain amount. If the fee is charged more than this, then you can complain to the bank department that handles that particular issue. ..
Beginning January 1, 2017, the United States Postal Service (USPS) will begin charging a $2.20 fee on all money orders sent above $500. This fee will apply to both individual and service-person money orders. In total, 10% of the amount sent will be cut from each transaction, regardless of the value. The USPS charges a lower money order fee to service people than it does to the general population, in an effort to offset some of the costs associated with providing this service. ..
The average bank charges for a money order are quite lower than one could even think of. Only ten percent of the total transaction amount is cut from the money order fee, and nothing else is divided.
Bank of America Money Order
Bank of America Corporation does not have a money order feature for its customers in the market. This is true for many banks in the country and around the world, but Bank of America Corporation is one of them. Many people believe that this is because Bank of America Corporation does not have enough money to offer such a service specifically to its customers.
Some financial institutions are not interested in providing money order services to customers because they feel that these transactions may be fraudulent. This is one of the reasons why some financial institutions do not offer this service to their customers.
A money order is a paper document that is much like a check. The check is written for a specific amount that will be transacted and it must be signed by the payer. But, money orders work differently than checks. In money order, the person sending the money knows that the money will be delivered to the recipient no matter what. This makes it more secure than checks, which can get bounced if they are not deposited in a bank. ..
Cheapest Place for Money Order
Bank of America might not money order for customers, but other banks do so. Interestingly, other banks do them with a very low money order fee as compared to the average fee kept by the government. Banks are the only place where one could do their money order at a low cost.
There are a few other options for people who don’t want to use banks. Some providers work from their homes, so it’s easy to do a money order. ..
Conclusion
Bank of America is a very good bank as compared to other commercial banks in the country. The services offered by this bank are unique, and they are highly responsive.
