If you lose a money order, a replacement money order may be obtained if a refund and/or cancellation of the money order is not requested; this process also depends on the money order issuer.There are two types of money orders, Paper Money Orders (PMO), and Electronic Money Orders (EMO). When reporting lost money orders, some essential items and information are required to ensure the money order's replacement.
There are several aspects that determine what to do if you lose a money order. Moreover, in terms of regulation of money orders, necessary information, and steps to take if you lose a money order, there are steps and procedures to follow. A money order may or may not be able to be cancelled, refunded or reissued depending on the policy of the company that sold the money order, and what data is retained by you as pertaining to the lost money order.
I: Information needed in case of money order loss
Since money orders may already have been paid for, it is important to keep financial records of the money order transaction so as to be able to cancel the money order and obtain a refund or new money order if you lose the money order. The best way to retain the required information is to record it before losing the money order. Money order receipt stubs may be used for this reason and stapled to the transaction receipt. The following is information that may be required by the issuer of the money order to cancel payment.
• Money order number and issuer
• Dollar and cent value of the money order
• Date money order was issued
• Location and transaction number of money order issuer
If the above information is not on hand when you lose the money order there may be alternative solutions. Check bank records for transaction information if the money order was paid using a debit or credit card or check. If paid for with a check, locate the carbon copy of the check if there is one. These are all records of where your money went and may be helpful. Another option is to visit the location where the money order was obtained and ask them for the records as they too record transaction information. Additional information that may be required is below:
• Phone number and contact information on money order
• Payer and Payee(s) name and address
• Digital confirmation and/or transaction number if electronic
• Bank account number from which funds where or would be drawnIII: Steps to take if you lose a money order
Not all money orders have the same cancellation process as mentioned above. This means the rules are different for each money order that is lost. Some money order issuers are better able to track lost, stolen or to be cancelled money orders than others. If your money order issuer does allow cancellations or refunds some general procedures typically apply. For example, information on the money order itself may be needed to identify it.
• Read money order receipt if available
• Contact money order issuer
• Disclose required money order information to issuer
• Complete issuer instructions
• Pay fee if required
Since different money order issuers have varying costs, paperwork requirements and policies regarding lost money orders, the specific instructions for amending a lost money order may be found either at the issuer's web site, or via telephone if they are otherwise unavailable in person. The time it takes to reverse a lost money order can last several weeks depending on the issuer and processing time. In the case of electronic money orders, the money order may be harder to lose due to the digital storage of transaction information. In such case, the money order may not be lost in the traditional meaning of the word, but rather the transaction data or processing may have been delayed, deleted or not gone through. In such cases it is also important to have copies and/or records of the money order purchase, and the money order itself.
II: Regulation of money orders
Money orders are regulated by Article 3 of the Uniform Commercial Code (UCC). Section 3.117 indicates separate agreements between money order payer and payee can be made independently of the U.C.C. so long as that agreement falls into the provisions set forth within the U.C.C. These separate agreements may include modification or nullification of the money order. Separate agreements regarding what to if you lose a money order are up to the financial institutions that issue the money orders in compliance with title 3 of the Uniform Commercial Code.
In light of the above, the first thing to do when you lose a money order is to know the terms of agreement. Each money order may have different requirements, obligations and procedures for honoring the financial instrument. There are a number of money order issuers including the United States Postal Service (USPS) and several retail and money transfer corporations. The terms of agreement for these money orders can be found on the back of the money order itself, on the receipt stub or through the issuer of the money order.