I purchased a Money Gram Money Order for twenty dollars. I misplaced the money order then when I located it several months later I made it out to myself, signed it then cashed it through my local bank. Much to my surprize the money order was returned to my bank marked stopped payment. Note that I had never stopped payment nor reported the money order stolen.
After several failed attempts to reach Money Gram via phone I finally reached a representative for Money Gram who explained that after a period of time they loose their value if not cashed in. The representative stated that this was clearly stated in their service contract agreement on the back of the money order. Yes it is stated but certainly not clearly. Many individuals such as myself do not realize that there is a service contract on the back and that when you purchase the money order or sign it you are somehow agreeing to their service contract.
I feel this is deceptive. A contract should be clearly stated and the consumer informed of what they are agreeing to prior to purchase. When my bank ran the money order through a second time, only then did Money Gram make a partical payment. I ask the representative for Money Gram why they did not make the partical payment the first time my bank ran the money order through and they could not explain. I was charged a twenty dollar bank fee for return check because they refused to pay the first time. Most lawfirms would not file suit over such a small amount.
It is just not cost effective, however if several individuals who have had the same experience were to file a class action law suit then these companies could be forced to change their business habits. Consumers have a right to be informed when they are entering into any contract or agreement. The retailer should also have to inform the consumer or be held accountable as well the company. Decptive it what Money Gram money order service contract is.
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