Yes, you can deposit a money order directly into your bank account
A money order works like a check when you want to put it into your account. You take it to your bank or credit union, hand it to a teller or use an ATM, and the funds appear in your account within one to three business days. The process is straightforward, but there are a few things you need to do first to make sure the deposit goes through.
The main difference between depositing a money order and depositing a check is that money orders are already paid for — the person who bought it gave cash or a card to the seller upfront. That means there is no risk the payment will bounce. Your bank treats it almost the same way it treats a check, though some banks process money orders slightly faster.
Key Takeaways
- You can deposit a money order at your bank's teller window, ATM, or through mobile deposit if your bank offers it.
- The money order must be signed on the back by the person who received it (the payee), and you will need to sign below that if you are depositing it for someone else.
- Funds from a money order deposit usually appear in your account within one to three business days, though some banks credit them faster.
- You will need your account number and routing number if you are mailing the money order to your bank, along with a deposit slip.
Endorsing the money order before you deposit it
Before you hand the money order to your bank, the person whose name is on the "pay to" line must sign the back. This is called endorsing the money order. If your name is on the "pay to" line, you sign it. If someone else's name is on it and they are giving it to you to deposit into your account, they sign it first, then you sign below their signature.
Some banks will not accept a money order that is not endorsed. Others will let you endorse it at the teller window. To be safe, endorse it before you go to the bank. Use a pen, not a pencil, and sign your name the same way it appears on your account at the bank.
Three ways to deposit a money order
At the teller window: Walk into your bank during business hours, hand the endorsed money order to the teller, and tell them you want to deposit it. They will take it, scan it, and give you a receipt. This is the most common way and takes about five minutes.
At an ATM: Some banks let you deposit money orders through their ATMs, the same way you would deposit a check. You put the endorsed money order into the slot, the machine scans it, and you confirm the amount on the screen. Not all ATMs accept money orders, so check your bank's website or call ahead if you are not sure.
By mail: You can mail the endorsed money order to your bank with a deposit slip. Write your account number on the deposit slip, put both in an envelope, and mail it to the address on your bank's website. This takes longer — usually five to seven business days total — because the money order has to travel to the bank and then be processed. Include a note with your phone number in case the bank has questions.
What information you need to have ready
If you are depositing at a teller window or ATM, bring your debit card or account number. The teller or machine will ask which account you want the money to go into if you have more than one.
If you are mailing the money order, you will need a deposit slip — a small form your bank provides that has spaces for your name, account number, and the amount you are depositing. You can pick one up at the bank, read it from your bank's website, or call and ask them to mail you some. Write the money order amount on the deposit slip in the space marked "checks" or "other," depending on what your bank's form says.
How long the deposit takes to show up in your account
Money orders usually clear within one to three business days. Some banks credit them the same day if you deposit before a certain time in the morning, but do not count on that. Business days are Monday through Friday, not counting holidays, so a money order you deposit on Friday afternoon might not show up until Tuesday.
If you need the money right away, ask the teller whether your bank offers next-day clearing for money orders. Some do, especially if you deposit early in the day. If you are mailing it, the process will take longer because the mail itself takes time.
What to do if the money order is damaged or lost
If the money order is torn, wet, or otherwise damaged, take it to your bank anyway. The teller can usually still process it if they can read the amount and the serial number. If the money order is completely destroyed or lost, you will need to contact the place where it was bought — usually a grocery store, post office, or check-cashing store — and ask them to issue a replacement or refund.
Keep your deposit receipt until the money appears in your account. If something goes wrong, the receipt proves you deposited it and shows the date and amount.
Mobile deposit: depositing without going to the bank
Many banks now let you deposit a money order using your phone through their mobile app. You take a photo of the front and back of the endorsed money order, open the app, select "deposit," and upload the photos. The app tells you the amount it sees and asks you to confirm.
Not all banks offer mobile deposit for money orders yet — some only allow it for checks. Check your bank's app or website to see whether money order deposits are available. If they are, this is often the fastest way because you do not have to leave home or wait in line.
Frequently Asked Questions
Do I need to endorse a money order if I am the person it was made out to?
Yes. Even if your name is on the "pay to" line, you still need to sign the back before depositing it. This is true whether you are depositing it yourself or someone else is depositing it for you.
What if the money order has someone else's name on it and I want to deposit it into my account?
The person whose name is on the money order must sign the back first. Then you sign below their signature. Some banks call this a "third-party deposit" and may charge a small fee or have limits on how much you can deposit this way. Call your bank ahead of time to ask.
Can I deposit a money order at a different bank than mine?
No. You can only deposit a money order into an account at the bank where you have the account. If you do not have a bank account yet, you will need to open one before you can deposit the money order.
What if my bank says the money order is fake?
This is rare, but it can happen. If your bank tells you the money order is counterfeit, contact the place where it was bought right away. Do not spend the money. The person who sold it to you may have made a mistake, or the money order may have been stolen before you received it.
Is there a limit to how much I can deposit?
Most banks do not have a limit on a single money order deposit. However, if you deposit a large amount — usually over $10,000 — your bank is required by law to file a report with the government. This is normal and does not mean anything is wrong. The bank will ask you what the money is for.