posted on September 13, 2002 04:39:23 PM new
I went to cash a western union bidpay money order today.Not alot but less than $500.00 my bank nor my nearest western union office would cash it.BEWARE of accepting their payments I am HIGHLY upset!
posted on September 13, 2002 05:01:14 PM new
can you tell us more??
why ??
is it bidpay or is it western union??
you better have it listed on ebay so more people will know
posted on September 13, 2002 07:05:39 PM new
your wester union will not cash it,
(technicaly it's not a western union order,
BidPay buyes them in bulk and resells them,
WU will only cash what has been sent through WU )
your bank will deposit it, not cash it,
if you want cash go to Amscot or money cashing place,
we've been taking BidPay for long time , and no problem at all.
posted on September 14, 2002 11:28:58 PM new
My bank wouldn't cash it they did say they would put a 15 day hold on it.WHY? If I were bidpay I'd disclose this in the auction agreement it seems to me they are REALLY slow to send the money to you and it will take an act of congress to get the bank to cash it.Sad I won't ever use them again.
posted on September 15, 2002 05:49:05 AM new
bank may want to see enough deposit in your bank account before they cash it.
as for 15 days hold,did you ask the bank why 15 days??also it wont hurt to ask bidpay why banks say 15 days?
may be it is not a money order,it is a draft which must be presented to the issuer first.
i know those nice blank checks you get in the mail from your credit card issuer to tap your credit line are not checks,they are drafts.
posted on September 16, 2002 07:36:22 PM new
This doesn't look like it is BidPay's fault. When I deposit a money order (including a BidPay money order), my bank will put a 3 day hold on it before I can actually use the money. This is to ensure the money order won't be stopped (if it is lost or stolen). I know of many other banks who also put a hold on money orders, just like they do checks. There are very few payment methods which have no way of being stopped, which is why some banks are hesitant not to put some sort of a hold on money orders/checks to make sure that they are valid. A 15 day hold is rather long, however, and I would check with your bank on why it is so long, as stopwhining suggests.
