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If you’re a member of BECU (Boeing Employees’ Credit Union) and you’re wondering whether they provide money order services, you’re not alone.
Many people use money orders for secure payments, especially when dealing with large transactions or situations where personal checks aren’t an option. However, if you’ve been searching for the answer to the question, does BECU do money orders? you’ll find that the answer is no.
While BECU does not offer money orders, they do provide an alternative service that might meet your needs—cashier’s checks. In this blog post, we’ll explore why BECU doesn’t provide money orders, what alternatives they offer, and how cashier’s checks differ from money orders. Let’s dive in.
Does BECU Offer Money Orders?
The straightforward answer to the question, does BECU do money orders? is no. According to their official website, BECU does not offer money order services to their members. This means if you need to purchase a money order, you will have to go elsewhere.
Common places where money orders are available include the post office, grocery stores, and other financial institutions such as banks and credit unions that specifically offer this service.
Why Doesn’t BECU Offer Money Orders?
There are many reasons why financial institutions choose not to offer money orders. For BECU, one primary reason could be that the service isn’t widely used by their members, or they may simply choose to focus on other products that align with the needs of their clientele.
Instead of offering money orders, BECU offers services that are deemed more secure and reliable, such as cashier’s checks.
BECU Cashier’s Checks: A Secure Alternative
Even though BECU doesn’t offer money orders, they do provide cashier’s checks to their members. Cashier’s checks are a great alternative, especially for larger transactions or payments where you need a more secure form of payment.
Here’s a closer look at what cashier’s checks are and why they might be a better option for your financial needs.
What is a Cashier’s Check?
A cashier’s check is a type of check issued by a bank or credit union on behalf of a customer. The money for the check is taken directly from the institution’s funds, which makes it a safer and more reliable form of payment compared to personal checks.
Because cashier’s checks are backed by the financial institution’s own funds, they are often considered a more secure option for large transactions.
At BECU, you can easily obtain a cashier’s check by visiting a Financial Center. The process is quick and simple, and cashier’s checks are available for various purposes, such as real estate transactions, vehicle purchases, and more.
Why Choose a Cashier’s Check?
Cashier’s checks are preferred over money orders in many cases for the following reasons:
- Higher Limits: While money orders often have maximum limits (typically around $1,000), cashier’s checks don’t have such restrictions. This makes them ideal for larger transactions.
- Better Security: Cashier’s checks are more secure than money orders because they are backed by the issuing bank or credit union, reducing the risk of fraud.
- Widely Accepted: Cashier’s checks are widely accepted by individuals, businesses, and financial institutions, making them a preferred method of payment for significant purchases.
- Quick Processing: Cashier’s checks are processed quickly and are less likely to bounce than personal checks, ensuring that your payment is accepted without delays.
How to Obtain a Cashier’s Check from BECU
If you’re interested in getting a cashier’s check, BECU makes the process simple. You can visit a BECU Financial Center in person or, in some cases, request the check by phone or online. Keep in mind that there may be a small fee for obtaining a cashier’s check, depending on your account type and membership status.
BECU provides cashier’s checks for both members and non-members, although the fees may vary. For members, the process is straightforward, and fees are often waived for certain account types.
Shared Branching: Limited Services at Other Locations
While BECU is a member of the shared branching network, which allows you to access certain services at other credit unions across the U.S., it’s important to note that shared branching does not include money order services.
This means that even if you’re near a participating credit union, you won’t be able to purchase a money order through the shared branching network.
Instead, shared branching is primarily used for basic banking services like deposits, withdrawals, transfers, and account inquiries. So, if you’re looking to purchase a money order, you will still need to go to another location like the post office or a bank that offers this service.
Cashier’s Checks vs. Money Orders: What’s the Difference?
Now that you know BECU doesn’t offer money orders but provides cashier’s checks as an alternative, it’s important to understand the key differences between these two options. Here’s a breakdown:
1. Issuer
- Money Orders: Money orders can be purchased at various locations, including the post office, grocery stores, and convenience stores. They are issued by a third-party organization or financial institution.
- Cashier’s Checks: These are issued by a bank or credit union (like BECU) on behalf of a customer. The check is backed by the bank’s own funds, making it a more secure payment method.
2. Security
- Money Orders: Money orders are less secure than cashier’s checks because they are typically not backed by the issuing financial institution’s funds, making them more vulnerable to fraud.
- Cashier’s Checks: These are considered more secure because they are drawn from the bank’s funds, reducing the risk of counterfeit or bounced checks.
3. Payment Limits
- Money Orders: Most money orders have a limit, usually around $1,000. This means they are better suited for smaller transactions.
- Cashier’s Checks: Cashier’s checks don’t have the same limits as money orders, so they are ideal for larger transactions like purchasing a home or a vehicle.
4. Fees
- Money Orders: Typically, the cost of a money order is lower than that of a cashier’s check, making them a more affordable option for smaller transactions.
- Cashier’s Checks: Cashier’s checks tend to come with a fee, which varies depending on the institution and your account type. However, they provide higher security and larger payment capabilities, which often justifies the cost.
5. Where to Buy
- Money Orders: Available at post offices, grocery stores, and some financial institutions.
- Cashier’s Checks: Only available at banks or credit unions, such as BECU.
Alternatives to Money Orders at BECU
In addition to cashier’s checks, BECU offers other services that could be helpful if you’re seeking a safe way to make a payment. Some of these alternatives include:
- Wire Transfers: If you need to send money quickly, wire transfers are another secure option. BECU offers domestic and international wire transfers, which are commonly used for large payments.
- ACH Transfers: Automated Clearing House (ACH) transfers are another secure way to transfer funds between banks. While ACH transfers are typically slower than wire transfers, they are often more affordable.
- Personal Checks: While personal checks are not as secure as cashier’s checks, they can still be used for payments. Just be sure that there are sufficient funds in your account before issuing one.
- Online Payment Platforms: BECU also provides digital banking services, allowing members to make payments and transfers online. You can send funds via services like Zelle, which is integrated into BECU’s online banking platform.
Frequently Asked Questions
Here are some of the related questions people also ask:
Does BECU offer money orders?
No, BECU does not offer money order services. They focus on providing other financial services like cashier’s checks.
What is the difference between a cashier’s check and a money order?
A cashier’s check is issued by a bank or credit union and is backed by their funds, making it more secure. Money orders are typically issued by third-party organizations and often have lower limits.
Can I get a cashier’s check from BECU?
Yes, BECU offers cashier’s checks to its members. You can obtain one by visiting a BECU Financial Center.
How do cashier’s checks work?
A cashier’s check is a payment method issued by a bank, where the funds are guaranteed by the bank. The check is often used for large transactions, providing more security than personal checks.
Where can I buy a money order if BECU doesn’t offer them?
Money orders can be purchased at locations like the post office, grocery stores, and other financial institutions.
What are the fees for a cashier’s check at BECU?
The fees for a cashier’s check at BECU vary depending on your account type. Members may receive discounts or fee waivers depending on their banking relationship.
Does BECU offer wire transfers?
Yes, BECU offers wire transfer services, both domestic and international, for secure and quick money transfers.
Can I use Shared Branching to get a money order?
No, Shared Branching at BECU does not include money order services. Shared Branching allows access to basic banking services like deposits and withdrawals, but not money orders.
What are some alternatives to money orders at BECU?
Besides cashier’s checks, BECU offers alternatives like wire transfers, ACH transfers, and digital payment options like Zelle for making secure transactions.
The Bottom Line
To wrap things up, if you’ve been wondering, does BECU do money orders? the answer is no. BECU does not offer money orders, but they do provide cashier’s checks as an alternative for secure payments.
Cashier’s checks are a safer and more reliable option for large transactions compared to money orders. While BECU doesn’t offer money orders, they do have various other banking services, such as wire transfers and ACH transfers, to meet your needs.
If you’re looking for a secure way to pay for large purchases or conduct transactions, a cashier’s check from BECU is a great option. Make sure to explore all of BECU’s services to find the best fit for your financial needs.