Suntrust Money Order (Transfer Fees, Rates & Restrictions, etc)
SunTrust Banks buys and sells money orders. A SunTrust account is not required to purchase or cash a money order at most branches. Fees are generally $5 for SunTrust account holders and $10 for non-account holders. See the table below for more information on SunTrust’s money order policy.
What are Money Orders?
A money order is a very traditional but straightforward method of payment.
You can compare them to cheques, but unlike cheques, they will not bounce.
Money orders are a type of paper payment guarantee that can be obtained using cash, credit, or debit cards.
You can now purchase a money order at almost any retail establishment.
However, there are several banks that issue money orders.
Truist Bank, also known as Truist Financial Corporations, is an American bank formed by the merger of BB&T and SunTrust Banks.
While SunTrust and BB&T have merged to form Truist, the two banks’ respective products will continue to be available for the time being.
Customers can open SunTrust money market accounts, CDs, savings accounts, and checking accounts.
SunTrust also offers loans, credit cards, mortgages, investment services, and other financial services.
SunTrust provides a more personalized banking experience to its customers.
Every customer service representative is friendly and helpful, whether you contact them by phone or through the website’s live chat feature.
Truist Bank is a commercial bank that specializes in asset management and mortgages.
Furthermore, it has over 2,700 branches in more than 15 states across the country.
Does Truist Bank, on the other hand, accept money orders?
Does Truist Bank Accept Money Orders?
Unfortunately, Truist Bank does not accept money orders as of 2022. It does, however, accept money orders.
Alternatively, you can go to a store that accepts MoneyGram or Western Union.
These stores will cost you between $1 and $4 and accept cash, credit, and debit cards.
You can also try large retail outlets such as Walmart and Safeway, which charge extremely low exchange fees of less than $1.
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But Why Does Truist Bank not Accept Money Orders?
Truist Bank accepts cashier’s checks instead of money orders.
In terms of payment, a cashier’s check is nearly identical to a money order and is almost instant and guaranteed.
Unlike a money order, a cashier’s check can be used for transactions over $1,000, but you must have a bank account to purchase one.
Truist Bank is one of many financial institutions that prefers cashier’s cheques to money orders.
Are There Any Transfer Restrictions?
Yes. Truist has increased the amount of money it can transfer between bank accounts.
SunTrust and BB&T have different transfer restrictions.
Truist says it’s unclear whether these transfer restrictions will remain in place for all Truist accounts for the time being.
SunTrust’s current outbound transfer limit is $2,000 per business day or $10,000 per rolling 30-day period.
BB&T has a $5,000 daily transfer limit and a $12,500 30-day transfer maximum.
Has Truist Bank Ever Issued Money Orders?
Truist Bank has never offered money orders.
And, because they have a cashier’s cheque alternative to money orders, it’s possible that they won’t do money orders in the future.
They also do not give money orders, but they do accept them.
You can easily cash money orders at any Truist Bank branch.
SunTrust Banks, however, offered money orders to its customers prior to the merger of BB&T and SunTrust Banks.
They charged a $5 fee for regular customers and no fee for premium customers.
So, if Truist Bank does not provide money orders, does it provide money transfers?
Is Trust Bank a Money Transfer Service?
You can transfer funds from your Truist Bank account in various ways. They are listed below:
You can instantly transfer funds electronically from one Truist Bank account to another.
Transfers to other bank accounts, on the other hand, may take up to 2-3 business days.
You can also use a cashier’s cheque, a great alternative to a money order.
However, there will be an additional $10 exchange fee.
Truist Bank also provides international wire transfer services.
Such transfers, however, would incur a fee of $65 (for BB&T account holders).
And $50 (for SunTrust account holders), or even more (depending on the transaction).
Where Can I Get a Money Order?
Money orders are available at most convenience stores, retail stores, pharmacies, supermarkets, and other locations.
You can purchase money orders at the following locations:
- United States Postal Service
- Publix
- Safeway
- Kroger
- 7-Eleven
- CVS
- Walmart
- Any local financial institution.
You can also go to any store that accepts MoneyGram or Western Union.
Money orders from these locations are very inexpensive, typically costing between $1 and $5.
Also, even if these retail stores accept money orders, some of them may not cash them for you.
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Frequently Asked Questions
1. How Much is a Money Order at SunTrust Bank?
They will charge customers $5 and non-customers $10.
2. Does SunTrust Offer Free Money Orders?
They entitled accounts with Truist Asset Management to one no-fee official check or money order per month.
3. Can I Get a Money Order From my Bank?
You can purchase money orders at banks and credit unions, as well as a variety of other locations such as big box stores, post offices, and even some gas stations.
4. Does Truist do Money Orders?
Truist Bank doesn’t do money orders.
5. Can I Get a Cashier’s Check at Suntrust Bank?
You can obtain a cashier’s check by visiting your bank branch or credit union, or by visiting its website if these checks are available online.
More FAQs
6. How Much Does it Cost to Get a Money Order?
The following is how USPS Money Order pricing works: $1.45 for $0.01 to $500. $1.95 for $500.01 to $1,000.
Postal Military Money Orders are $0.50.
7. Who has the Cheapest Money Order?
Walmart has some of the best money order prices, charging a maximum of 88 cents with valid government-issued photo ID for amounts up to $1,000.
8. Can I Buy a Money Order with a Debit Card?
You can purchase money orders with cash or a debit card at the post office, Walmart, Western Union, and your bank or credit union.
9. Can I Purchase a Money Order with a Credit Card?
Only 7-Eleven stores and Western Union accept credit cards when purchasing money orders.
10. Can I do a Money Order Online?
Money orders are now available online, though they differ from those purchased in person.
SunTrust may be a good option if you prefer a smaller, more personal bank that greets you by name when you walk in.
Before choosing a bank, read the fine print and understand what you will earn on your account.
Think about your goals and, most importantly, how much the account will cost you.
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