The financial services offered at Walmart have grown in recent years, with the MoneyCenter providing a range of options for customers. However, one notable omission from their services is the ability to obtain cashier’s checks.
While money orders are available for purchase, it’s important to understand the differences between these two instruments and why money orders may be a better choice for certain transactions.
Cashier’s checks and money orders are both types of payment instruments that can be used to make secure transactions. However, there are important differences between the two, including their cost, availability, and limitations.
In this article, we will explore these differences and why getting money orders instead of cashier’s checks at Walmart may be the smarter option for your financial needs. By examining the features and limitations of each instrument, we will provide you with the information you need to make an informed decision when it comes to choosing the right payment instrument for your next transaction.
MoneyCenter Services
Although Walmart MoneyCenter does not provide cashier’s checks, customers can still purchase money orders as a part of their available services. Money orders can be a convenient option for individuals who do not have a bank account or need to make a payment that cannot be completed by cash or personal check.
Walmart MoneyCenter offers money orders for a small fee and customers can purchase them with cash, debit card, or Walmart MoneyCard. Money orders are also a more secure option compared to personal checks because they are prepaid. This means that the money is guaranteed to be available when the recipient goes to cash or deposit the money order.
Additionally, money orders can be tracked, which can provide peace of mind for both the sender and recipient. Walmart MoneyCenter’s money orders have a maximum limit of $1,000 per money order and customers can purchase up to $3,000 in money orders per day.
Comparison with Cashier’s Checks
In terms of reliability and security for larger transactions, cashier’s checks issued by banks or credit unions may be a more suitable option than the money orders available at Walmart MoneyCenter. Here are some reasons why:
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Cashier’s checks are issued by reputable financial institutions and are backed by their own funds, making them more secure than money orders.
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Cashier’s checks also usually have higher maximum amounts than money orders, making them a better option for larger transactions.
However, it’s important to note that cashier’s checks often come with fees and may require a bank account, which may not be accessible to everyone. Additionally, money orders can still be a convenient and cost-effective option for smaller transactions.
Ultimately, the decision between cashier’s checks and money orders depends on the specific needs and circumstances of the individual.
Limitations and Alternatives
The limitations of Walmart’s MoneyCenter services suggest the need for alternative options to obtain a secure and reliable form of payment for larger transactions. While Walmart MoneyCenter offers money orders, they cannot provide cashier’s checks. Cashier’s checks are issued by banks or credit unions and are considered more reliable and secure for larger transactions such as buying land or vehicles.
To provide a more comprehensive understanding of the differences between money orders and cashier’s checks, a table is included below:
| Money Orders | Cashier’s Checks | |
|---|---|---|
| Issued by | Retailers, Post Offices, Banks, Credit Unions | Banks, Credit Unions |
| Maximum Amount | $1,000 – $10,000 | No Limit |
| Fees | $0.70 – $1.25 | $0 – $10 |
| Security | Not as secure as cashier’s checks | More secure than money orders |
Overall, while Walmart MoneyCenter offers a variety of financial services, it is important to consider the limitations and explore alternative options such as obtaining a cashier’s check from a bank or credit union for larger transactions.