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The main difference is that while a check is drawn on a bank account, a money order is essentially funded in advance.īut in most other respects, it works the same way. Money orders work much the same way checks do. Sometimes that’s just what you need! How Do Money Orders Work? It opens the possibility that your name and credit card account number could fall into the wrong hands.īut a money order enables you to make payment in a legally acceptable way, without the need to disclose any personal information. That’s all a potential thief would need to steal your identity.Īnd while credit cards are a more secure way to make a payment, they also carry the risk of identity theft. The check not only includes your name, but also the name of your bank, the bank routing number, and your personal account number. The second situation is where you want to make a payment, but you don’t want to risk disclosing any personal information.įor example, when you write a check, your personal information is at risk. Since it’s likely that most in the group don’t have a checking account, money orders are a convenient substitute for checks and electronic payments.

They don’t give a definition of what kind of bank relationship the under-banked have, but we can guess it may be people who have a savings account, but not a checking account.Ĭollectively, the un-banked and under-banked represent about 25% of all households. These are people who have a bank account, but make extensive use of non-bank financial services. These households are referred to as “un-banked”.Īn even larger number of households – 24.2 million, or 18.7% of all households – are considered “under-banked”. According to the FDIC 8.4 million households, or about 6.5% of all households in the country have no bank relationship. The first is when you don’t have a bank account. Money orders are most valuable in two situations. Know Where to Get Money Orders When You Need One!.Best Places to Get a Money Order Near Me.