Payorders are a great way to make payment for examination fees and at other government institutions. These days though after the emergence of NEFT, they are increasingly losing relevance.
But before you go ahead with the payment check again.
Not that once you pay for the order it cannot be cancelled. But the hassles that come along with the cancellation is too much to bear.
So here discussing the pros and cons of cancelling a pay order
Firstly please note, payorder is a financial instrument issued by the bank on behalf of its customer stating an order to pay a specified amount to a specified person within the same city.
In short it can be said that the customer uses the bank as the means to pay for the goods it wishes to buy. Please note a pay order, can be done at anytime but the funds would be transferred only during the working hours of the bank. Not that a person sits to check the transaction but different banks and payment gateways functions differently.
In-case if you wish to cancel a payorder, you can do so immediately or whenever you think it should be stopped. You just need to give a standard instruction to the bank and the bank would do the needful. Please note few banks require you to physically come and submit a form after you have given the online instructions.
So you have cancelled the payorder. Your works done.
The remittee, or the person to whom you are making the payment, has to also do the needful.
What I mean here is that, the remittee also needs to cancel the order and send back the payment.
But in-case if he des not agree, then you would have to go through the legal battle of getting your cash.
Another hassle here apart from being physically present in the bank to submit a form, you are also charged a fine.
Yes. you heard me right, few banks and transactions do not just accept a cancellation of the pay order. Your money would be returned back to your account, but with dedications.
So it is not only a mental hassle but also a physical hassle too. And if the remittee acts funny, chances are you may get into legal hassles to.
So all you customers there, be aware of where you are investing.
Though banking now has become easier and online, by just clicking a button, mind you cancellations can be a big time issue, since the banks also earn a certain percentage when they help you with your transaction.
Next time onwards be more careful while placing your orders.,.