FlyerTalk Forums - View Single Post - Banks that allow Money Order deposits via Smartphone or ATM(2014-2016)
Old May 26, 2016, 2:35 am
  #1179  
JessicaSmith
 
Join Date: Mar 2015
Posts: 6
Money Orders deposits via ATM won't work for all applications, but it should work for most.

Warnings about MO's & bank accounts:

Always keep copies of everything you do and get receipts where possible. This way if something goes wrong you have a paper trail to help rectify the situation.

Start small and only do amounts you are comfortable with having frozen, in case of a shut down or dispute.

Check that the bank is FDIC insured or has NCUA insurance if it's a credit union.
Spread your money orders around different accounts.

If you sign up for a new bank account be wary of monthly fees and early account closure fees (most banks charge this if you cancel your account within the first)

Some banks will do a hard credit pull when you open a new account, all banks will do a ChexSystems inquiry.

Too many ChexSystems inquiries in a short time frame can result in a fraud flag or similar being placed on your ChexSystems account. This will make it difficult to get accepted with other banks/lenders that check ChexSystems.

It's also a good idea to familiarize yourself with structuring laws to ensure you're not violating them.
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