money order

Definition

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 personal check, because it is prepaid. Money orders can be obtained at many locations, including a post office, grocery store, or bank, and may require a small fee.

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