Over the last several years, the prominence and usage of money orders have been on a stark decline. However, they still stand out as a prominent payment method for people who are seeking more specificity than cash provides, with greater security than traditional checks. So, let’s delve into the payment method, and more specifically, answer if a popular convenience store, 7/11 does money orders.
The overall finance sector has seemingly been inundated with technology and progression. Although this is certainly a net positive, especially in the realm and development of digital assets, it can overshadow some tried and true payment methods. Among them, is the money order, which has fallen out of favor recently.
Moreover, 7/11 remains one of the most popular convenience stores in the United States. The store offers a host of options depending on the needs of a variety of consumers. Whether they need to fill up the tank of their automobile or are looking for a fresh snack, the store has provided all of those accommodations to its consumer base.
However, let’s delve into its financial offerings a little bit more. Specifically, let’s uncover if 7/11 does money orders.
What are Money Orders?
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Before we explore whether or not the 7/11 convenience stores do money orders, let’s first delve a bit further into the actual payment method. Indeed, a money order bears a lot of similarities to traditional checks. However, they are also very different. Subsequently, they deserve some explanation of their operations, benefits, and hindrances.
Specifically, these orders are certificates that are pre-paid with the intended amount. Therefore, these payment options are a lot like checks, except the amount specified has already been paid. This means that money orders, unlike checks are not prone to bouncing. However, it also allows an amount to be granted to one specific person, which is more specific than just using cash.
These kinds of orders are crucial for big purchases or payments to an entity that does not accept credit cards or personal checks. Additionally, these money orders allow a lot of privacy regarding your checking account information.
This kind of security and privacy is also implemented in how you access a money order. Most personal checks can be given fairly easily, with many people having access to a checkbook. Alternatively, these orders can only be issued to you for the specific payment that you intended.
Moreover, this issuing of the money order is another reason why it is so important to understand how to access one. Additionally, it is beneficial to know where you can purchase a money order, or where you can cash one.
Where to Find Them?
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Now, before we delve into 7/11 specifically, let’s explore some common places that you can use to obtain orders. First, and perhaps the most popular option, is your local post office. Indeed, this option is best if you need to mail your money order, adding to overall convenience.
There are over 30,000 post offices throughout the United States, which adds to the overall convenience. Moreover, when you do purchase a money order from a post office, you can buy them for a limit of $1,000. Additionally, you will be charged a $2 processing fee for any money order that exceeds $500.
Additionally, you are likely able to find money orders at your specific bank or credit union. These institutions should have these available to clients, and would only require you to inquire to the specific bank or branch about the possibility. However, it is important to mention that these financial entities will often charge a bit more when it comes to processing these money orders. Therefore, it may be beneficial to opt for a different issuer before seeking them out at your bank.
Finally, a popular place to purchase money orders is different retail or convenience stores. Indeed, firms like Western Union partner with a plethora of retail locations for this specific purpose. These include grocery stores like Kroger and retail locations like Walmart. So, let’s break down whether or not 7/11 is also included on that list.
Does 7/11 Do Money Orders?
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Boasting more than 8,500 locations across the country, it is important to know that 7/11 does accept money orders. Indeed, the company itself lists the payment method on the financial services portion of its website. There, it breaks down all of its financial services options, with money orders being listed.
Specifically, the company states that money orders are “safer than cash and simpler than checks,” when discussing the offering. Additionally, they note that the option is a fast and convenient way to spend money. Moreover, they inform prospective customers that they are required to use cash or a debit card to purchase the option from one of their thousands of locations.
Interstingly, 7/11 remains one of the most popular options when it comes to purchasing money orders. Specifically, they have an array of locations throughout various regions in the country. Most US consumers won’t be able to travel far through their local town or city without encountering a 7/11.
Additionally, a money order at one of their locations will only cost you around 1-3% of the total amount. However, this is also highly influenced by the overall location fo the store that you are presently in. These money orders also feature a minimum fee of $0.65. Moreover, the maximum money order amount available at one of the convenience stores is $500.
The purchase of these orders at the popular convenience store is due to its collaboration with both MoneyGram and Western Union. Depending on the location, the store works with these financial entities to offer financial services.
Things to Remember
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Now, it is also important to remember some things when cashing or purchasing your money orders. Firstly, different fees are incurred for every location that you purchase an order from. These things often vary depending on the location, and it is worth doing research before ordering them from one specific bank, retail store, or post office.
Additionally, money orders are required to pay for a money order with either cash or a debit card. Specifically, you are unable to purchase the order with a credit card because of the prepaid aspect of the order. These money orders are required to be paid in full, and they require funds to have purchased them before the order can be issued and granted to the eventual recipient.