Money Orders - Checks - Cashier's Checks
A money order is a method of payment which was introduced as an alternative for cash payments. The first money order was issued at the end of the 18th century in Britain, but it wasn't until 50 years later before money orders gained popularity and people started using them more often. A money order is basically a document, similar to a check, which has a specified amount of money that is supposed to be cashed out to the payee. Money orders are safer than cash, because they cannot be stolen, since only the entity (person, company, organization) can cash out the sum stated on the money order.
A check, or cheque (in UK English) is a document used to order a payment of a certain specified amount of money from the bank account of the drawer (the person who writes the check). The drawer fills the necessary information, such as the name and the address of the payee and thus orders the bank to pay the specified amount to the payee.
Cashier check, also known as bank check, banker's check, demand drafts and several other names, is a check which is guaranteed by a certain bank, with the name of the bank on a visible spot, usually the upper left-hand corner. The cashier check is considered to be a rather safe payment method, since the bank is the guarantor, rather than the customer. Basically, when a person gets a cashier check from a certain bank, the bank deducts the sum from the customer's account and then it's the bank's duty to cover the check. Unlike a personal check, where the customer still has the money on their account until the check is cashed out by the third party, with cashier's checks the sum is debited from the customer's account right away.
How to make a Deposit using Money Order / Checks / Cashier's Checks
Money orders / checks / cashier's checks are accepted by online sportsbooks as deposit methods, and in some cases, as withdrawal methods and in this article we are going to explain the details of sportsbook payments via money order / checks and cashier's checks.
In order to use either of the abovementioned methods, the first condition is to have an account with the sportsbook where you want to deposit. Then, if you want to use money order, you will need to contact the sportsbook, either via Live Chat, email or phone and they will provide you with the relevant deposit information. After that, you need to go to the closest money order merchant (make sure that it is accepted by the sportsbook) and hand in your cash in order to receive a money order. Then you need to send the money order to the sportsbook and you'll have the money available immediately after they receive the money order.
The procedure for checks and cashier's checks is more or less the same. You need to get your check issued by your bank and send it to the online sportsbook. Bear in mind that most sportsbooks accept cashier checks only, although there are certain sportsbooks that will accept personal checks, certified checks and e-checks as well.
Advantages of Money Order / Checks / Cashier's Checks
The main advantage of using money orders and checks is that a money order transaction is considered to be something almost the same as a cash transaction, and unlike credit cards, the transactions are very unlikely to be rejected. Another advantage of money orders and checks is the high level of safety. It is clearly stated on the document which two entities are part of the transaction and, due to this, money orders and checks practically cannot be stolen or abused, since no one else is allowed to cash out the money order / check. Most sportsbooks which accept them as deposit methods also accept them as withdrawal methods. Finally, checks and money orders have higher maximum deposit and withdraw amount limits compared to credit cards. BetOnline, for example, has a maximum deposit limit of $24,900 for checks and $9,000 for money orders and 5Dimes has no maximum deposit limit for money orders.
Disadvantages of Money Order / Checks / Cashier's Checks
The only disadvantage of using money orders / checks and cashier checks is the amount of time needed for a transaction to be completed. This is because the transaction requires sending the money order / check / cashier's check via post and this can take up to 10 working days. However, since services like FedEx are usually used, the procedure is often completed within 2-3 days, which is not that long.
We have already mentioned the safety as the main feature of money orders / checks and cashier checks. It can be said that this is the most secure payment method. As we have stated above, the fact that the names of the payee and the drawer are clearly stated on the document guarantees that nobody else is able to cash out the money order / check. Even if the transaction doesn't go through, although that's highly unlikely to happen, you will receive your money back.
Sportsbooks don't charge additional fees for money order / checks / cashier's checks deposits. The only fee that you are supposed to pay is the cost of the postal delivery of the money order / check / cashier's check and that depends on the distance between the place from where you send the document and the location of the sportsbook and the selected postal service, i.e. how fast do you want it delivered.
When it comes to withdrawals, the procedure is quite similar to the one for deposits. After requesting the payout via money order / check / cashier's check, the sportsbook would approve your request and send the document within 2 days. From that moment on it would take up to 7-10 days before you receive the document, if both you and the sportsbook are located in the USA. These withdrawals do come with a fee and it's sometimes a fixed fee and sometimes it depends on the amount that you are receiving. 5Dimes for example charge an escalated fee for check withdrawals, which may be $40, $60 or $80 and fixed $80 fee for money orders.
Almost every sportsbook offers a first deposit welcome bonus, and bettors who deposit via money order / checks / cashier's checks are entitled to them. At BetOnline this bonus is 25% and at 5Dimes it is 50%.