Term of the Day money order

Term of the Day

money order

Financial instrument, issued by a bank or other institution, allowing the individual named on the order to receive a specified amount of cash on demand. Often used by people who do not have checking accounts. One of the main benefits of a money order is that it is more trusted than a personalcheck, because it is prepaid. Money orders can be obtained at many locations, including a post 

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Usage Example
Certain people who do not have a stable income or checking account will utilize a money order to pay for large purchases because a money order is a trustworthy form of payment.