Postal Order - How do i cash one ?

[Kayleigh]

I have received a postal order for something I sold on Ebay when i specified cheque or paypal only. Can I put a postal order into the bank as I would a cheque ? Or do i have to cash it in a Post Office ?

Is a Postal order cleared funds ??

You should be able to pay it in to the bank - the paying in slips usually say Cheques/Postal Orders.

I had one of these for the first time ever 2 weeks ago too and I paid it in at HSBC with no problem.

You can pay it into the bank but it takes the same amount of time to clear as a normal cheque ( IME anyway). If you take it into a post office you can get the cash straight away.
HTH

Thank you so much. Will stick it in bank tomorrow as already other cheques to pay in too.

Kayleigh, I've received postal orders from Ebay too and if they are not crossed you can cash them at the post office. If they have your name on the front you can cash them at the PO but if the buyer has put lines across the bottom (under your name)on the front then you have to put them through your bank and wait for it to clear.

Can a postal order bounce or is it a confirmed payment? Is it ok to send the goods straight away or should i wait for it to clear if i bank it ?

Afaik it's like cash, because you have to give cash to the post office to buy the order. Bit like a gift voucher.

ah, that's great. Thanks lou.