I took a trip over to the local drugstore to procure a money order. The cashier then asked me for my drivers license so he could scan it in the system. I find this to be an interesting breach of privacy, and I'm curious whether there is a regulation that governs this.
My understanding of a money order is that it is a similar product as a certified check, it is simply a guaranty that the money on the paper is verified to be available?
Are there regulatory reasons for asking for IDs from money orders or is it a store policy rather than a regulation?