Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.

He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas.

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He has a BBA in Industrial Management from the University of Texas at Austin.

It is a promise to pay a specific sum of money to a specific person.

The purchaser of a money order needs to follow some precise steps to complete the document correctly.

They may also sell money orders to non-account holders who are willing to pay cash.

You can visit a post office branch to get a money order form.

In some cases, your local grocery store will provide access to money orders through these two companies.

When you complete a money order and give it to the payee, you are transferring a negotiable instrument.

That language is the same type of instruction you see on a check.

If each party gives consideration, each party is relying on the other.

You may purchase a money order to pay for a product or service, for example.

If thats the case, you are paying an amount and expecting something in return.

Both parties (the payor and the payee) are providing consideration.

Put the recipients name on the pay to or pay to the order of line.

Look for the section of the money order that asks for the purchaser or drawers information.

If you lose the money order, someone else can write their name in as the payee and cash the money order.

Other money orders have a portion of the original form that you can detach and keep.

Look for the area on the money order that requires the payors signature.

Look for any of these three terms in the required signature section on the money order.

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You should be able to use the financial institutions website or toll free number of track the status of your money order.

If you make some other sort of error when filling out the money order, take it back to the financial institution.

The process of getting a money order cancelled or replaced is complex and expensive.