Yes, you can deposit a money order into your bank account
Most banks accept money orders as deposits, and the process is straightforward. You can deposit a money order the same way you would a check — either in person at a branch, through an ATM if your bank offers mobile deposit, or by mailing it to your bank. The money order must be made out to you or to you and another person, and you'll need to sign the back of it before depositing.
The main difference between depositing a money order and a check is that money orders are considered more find because they're prepaid. This means your bank may clear the deposit faster — sometimes within one business day instead of the three to five days a check typically takes. However, timing varies by bank and the amount involved.
Key Takeaways
- You can deposit a money order at a bank branch, through an ATM with mobile deposit, or by mail, just like a check.
- The money order must be made payable to you or to you and another person, and you must sign the back before depositing.
- Money orders often clear faster than checks because they're prepaid, sometimes within one business day.
- If a money order is made out to someone else, that person must endorse it to you, and some banks may not accept third-party endorsed money orders.
- You'll need your account number and routing number if depositing by mail, and your bank may require you to write your account number on the back of the money order.
Signing the back of the money order
Before you deposit a money order, you need to sign the back in the endorsement area — the blank space on the reverse side. This is the same step you'd take with a check. Your signature tells the bank that you're the rightful owner of the money order and that you're authorizing the deposit.
Some banks also ask you to write your account number on the back of the money order, below your signature. This helps the bank route the funds to the correct account if there's any question during processing. Check with your bank about whether they require this step, or look for instructions posted at the ATM or in your bank's mobile app.
Depositing in person at a branch
Walking into your bank with a signed money order is the most straightforward method. Hand the money order to a teller along with your account information, and they'll process it for you. The teller will verify that the money order is legitimate, check that it's signed, and enter it into the system. You'll receive a receipt showing the deposit amount and the expected clearing time.
This method works well if you have questions about the process or if the money order has any unusual features — for example, if it's made out to two people or if there's a discrepancy in the amount. The teller can address these issues on the spot.
Using mobile deposit or ATM deposit
Many banks now offer mobile deposit, which lets you photograph the front and back of a signed money order using your phone and submit it through the bank's app. This is faster than going to a branch and works at any time of day. The app will guide you through taking clear photos and will tell you the expected deposit time.
Some banks also allow deposits through ATMs. You insert the signed money order into the machine, and it scans and deposits it to your account. Not all ATMs accept money orders, so check your bank's website or app to see whether this option is available at your bank's machines.
Depositing by mail
If you can't visit a branch or use mobile deposit, you can mail a signed money order to your bank. Include a deposit slip (available from your bank's website or a branch) with your account number written on it. Put the money order and deposit slip in an envelope and mail it to the address your bank provides for deposits by mail.
Mailing takes longer than other methods — the money order may take several days to arrive, and then several more days to clear. Write your account number on the back of the money order as well, in case the deposit slip gets separated from it. Keep a copy of the front and back of the money order for your records until you see the deposit appear in your account.
What happens if the money order is made out to someone else
If a money order is made out to another person and they want to give it to you, that person must sign the back first. This is called a third-party endorsement. They sign in the endorsement area and write "Pay to the order of [your name]" above their signature. Then you sign below their signature.
However, many banks do not accept third-party endorsed money orders because of fraud concerns. Before you accept a money order made out to someone else, contact your bank and ask whether they'll deposit it. If your bank declines, the original payee may need to deposit it into their own account and then transfer the funds to you another way.
How long it takes for the money to be available
Money orders usually clear faster than checks because they're prepaid — the sender has already paid the issuer upfront. Many banks make the funds available within one business day, though some may take two to three days depending on the amount and the bank's policies.
Large money orders may take longer to clear. If you deposit a money order for a significant amount, ask the teller or check your bank's app to see when the funds will be available. The bank will place a hold on the deposit until it clears, meaning you won't be able to withdraw the money until that time has passed.
Frequently Asked Questions
Do I need to do anything special if the money order is for a large amount?
Large deposits may trigger additional verification steps. Your bank may ask for identification or information about where the money came from. This is a standard anti-fraud measure. Be prepared to explain the source of the money order if asked.
What if I lose the money order before I deposit it?
Contact the issuer of the money order — usually a bank, post office, or check-cashing service — right away. You'll need the receipt or confirmation number from when you purchased it. The issuer can issue a replacement or refund, though the process may take several weeks.
Can I deposit a money order to someone else's account?
No, you cannot deposit a money order into an account other than your own or a joint account. The money order must be made payable to you. If you want to give money to someone else, deposit it into your account first, then transfer it to them.
What if the money order is damaged or torn?
Contact your bank before attempting to deposit a damaged money order. Some banks will still accept it if the damage is minor and the amount and payee information are still legible. Others may refuse it. If your bank won't take it, contact the issuer about getting a replacement.
Is there a fee to deposit a money order?
Most banks do not charge a fee to deposit a money order. However, some banks may charge a fee if you're not a customer or if you're depositing at an ATM that doesn't belong to your bank. Check your bank's fee schedule or ask a teller.