News for hackers. Stuff that matters.
Re:USPS sells nearly $20B worth of money orders a year by EE84M3i on Sunday June 28, 2020 @07:43PM (#23672940)
Why is this surprising?
Re:USPS sells nearly $20B worth of money orders a year by teruakohatu on Sunday June 28, 2020 @07:52PM (#23673000)
It is surprising that in the day and age of online/phone banking so much money is transferred via. the post office. Postal orders have stopped being used in many other countries. My country (NZ) stopped them in 1986.

In New Zealand every few months another bank stops issuing and accepting checks.

Re:USPS sells nearly $20B worth of money orders a year by drocer88 on Sunday June 28, 2020 @07:55PM (#23673015)
Some people in the U.S. don't have bank accounts and may need to pay a bill.
Re:USPS sells nearly $20B worth of money orders a year by thecureforzits on Sunday June 28, 2020 @08:46PM (#23673285)
More like many. About 6.5% of US households do not have a bank account. There's also the concept of the "under-banked", which covers people who have them but still use non-bank fiscal implements such as payday loans and money orders. That number is about 19% of US households.

https://www.fdic.gov/householdsurvey/

Re:USPS sells nearly $20B worth of money orders a year by throwaway0a5e on Sunday June 28, 2020 @09:12PM (#23673436)
Poor people have no problem paying in cash for most services.

When an organization does a lot of business using money orders that's a red flag that it's an organization so in the wrong, so terrible, that it can't trust its employees not to skim cash and look the other way when they see each other skim cash.

Re:USPS sells nearly $20B worth of money orders a year by Spooky23 on Sunday June 28, 2020 @08:12PM (#23673125)
It shouldn’t, the US is a backwards country for retail banking. Patriot act made it much more difficult for people outside of the mainstream.

It’s really difficult to bank as a poor person. Post offices are everywhere with reasonable fees.

Re:USPS sells nearly $20B worth of money orders a year by Taniwha on Sunday June 28, 2020 @07:57PM (#23673032)
Not everyone in the US has a checking account or a credit/debit card - banks are picky if you are poor, for many people this is the only way they can pay bills by mail
Re:USPS sells nearly $20B worth of money orders a year by protomyth on Sunday June 28, 2020 @08:10PM (#23673107)
Given the increasing number of unbanked individuals, I don't find it surprising at all. Also, you cannot accidentally overdraft a money order.
Re:USPS sells nearly $20B worth of money orders a year by bluedino on Sunday June 28, 2020 @08:54PM (#23673318)
Money orders have many advantages over checks. You don't have to wait for someone to fill them out. Since they are printed when you buy them, you don't have to worry about people filling the check out wrong. Money orders clear in a pre-determined amount of time, checks take forever. You don't have to fill out deposit slips for checks.

They're just a pain in the ass.

Re:USPS sells nearly $20B worth of money orders a year by protomyth on Sunday June 28, 2020 @09:30PM (#23673539)
Well, the money orders sold at Walmart and the USPS do require you to fill out your and the recipient's information. The amount of money is pre-printed.
Re:USPS sells nearly $20B worth of money orders a year by throwawaywrench on Sunday June 28, 2020 @09:09PM (#23673418)
Are checks still a thing in the US?
Re:USPS sells nearly $20B worth of money orders a year by lh7777 on Sunday June 28, 2020 @11:05PM (#23673981)
Even for online bill pay, checks are still very much a thing. Payments to big financial institutions, like credit card and mortgage payments, usually go electronically and are more or less instant. But not everyone is set up to receive electronic payments -- when I pay my property taxes or dentist using online bill pay, my bank just prints out and mails them a paper check, and it takes a week for them to receive it!
Re:USPS sells nearly $20B worth of money orders a year by bluedino on Sunday June 28, 2020 @09:16PM (#23673458)
Yes, I only use a few of them a year. I bought a box of 500 of them back in 2006 or so and still have 2 unopened packages of them.

I pay my bills online but I've needed a check for things like government fees where they don't take credit cards (or charge a fee), paying the company who fixed my roof, etc. I've also gotten certified checks for things like a house downpayment.

Re:USPS sells nearly $20B worth of money orders a year by tjohns on Sunday June 28, 2020 @09:55PM (#23673669)
Yes. Rent is usually paid via check, and they're still useful when interacting with some government agencies via the mail.
Re:USPS sells nearly $20B worth of money orders a year by reaperducer on Sunday June 28, 2020 @08:10PM (#23673110)
It is surprising that in the day and age of online/phone banking so much money is transferred via. the post office

When the lights go out, when the internet stops, cash, checks, and money orders still work.

My country (NZ) stopped them in 1986.

Considering the number of earthquakes in New Zealand, I'd think that having multiple forms of redundant payment would be a benefit. I've been through enough natural disasters to know that putting all of one's money into one form of payment is a really bad idea.

Re:USPS sells nearly $20B worth of money orders a year by teruakohatu on Sunday June 28, 2020 @08:15PM (#23673139)
We still use cash, just not checks or money orders.

Modern mobile infrastructure is quite resilient against earthquakes. Towers are backed by generators and mobile phones have batteries. Payment terminals here are often mobile (3g) connected and contain batteries.

Re:USPS sells nearly $20B worth of money orders a year by reaperducer on Sunday June 28, 2020 @10:23PM (#23673808)
I've seen plenty of cell phone towers knocked over or disabled by earthquakes. And in emergencies, cell infrastructure is often gridlocked.

Maybe it's fine for NZ, but I have yet to go through a hurricane or tornado where the mobile networks didn't crumble. I've seen and read about blizzards, floods and sandstorms halting communications networks.

Re:USPS sells nearly $20B worth of money orders a year by gowld on Sunday June 28, 2020 @08:05PM (#23673078)
Western Union had 300 full service money transfer locations, as of 2018.

https://www.westernunion.com/nz/en/home.html

Re:USPS sells nearly $20B worth of money orders a year by _sbrk on Sunday June 28, 2020 @08:12PM (#23673121)
In respond to your comment on checks: Do a quick search on HN for "cashless" and you'll turn up a whole lot of reasons to have something other than credit cards. Even you Kiwis don't want that.
Re:USPS sells nearly $20B worth of money orders a year by tomlockwood on Sunday June 28, 2020 @07:56PM (#23673024)
American banking is surprisingly backwards to outsiders... I went last year and PayPass was like magic to the 7-11 attendant in SF. Transferring money between banks has been a non-trivial issue in America.
Re:USPS sells nearly $20B worth of money orders a year by reaperducer on Sunday June 28, 2020 @08:11PM (#23673116)
If a 7-Eleven clerk is your sample size, you might be surprised what they consider to be magic.
Re:USPS sells nearly $20B worth of money orders a year by SteveNuts on Sunday June 28, 2020 @08:58PM (#23673351)
The land of the rent-seeking.