Q:
What does FBO mean on a bank account?
A:
Quick Answer
On bank accounts, the abbreviation FBO stands for “for benefit of.” When this phrase is used, it means that funds received by a party are intended to go toward another party. When FBO is used, clear instructions are given as to who should receive the funds.
Continue ReadingFull Answer
An FBO is when a wire transfer ends up in a bank account and that money is not going to stay in that bank account because it will be moved to another account.
An FBO can be a special bank account set up where donations are made for someone, such as a child with a terminal illness or family with a crisis.
Learn more about Credit & LendingSources:
Related Questions
-
Q:
Does making regular debit card payments help to build your credit score?
A: Making regular debit card payments does not help to build a credit score because debit cards are linked to checking accounts, and checking account history ... Full Answer >Filed Under: -
Q:
What are some features of SAFE Federal Credit Union?
A: Some features of SAFE Federal Credit Union savings services are compounded dividends earned on the average daily balance that are paid quarterly, itemized ... Full Answer >Filed Under: -
Q:
Can VISA Desjardins account holders access their accounts online?
A: VISA Desjardins account holders can access their accounts through the Desjardins website, according to Desjardins in 2015. They can register for such acces... Full Answer >Filed Under: -
Q:
How do you manage your Kwik Fill credit card account?
A: Holders of Kwik Fill credit card accounts may manage their account online through KWICKPAY, according to United Refining Company. Users must enroll and agr... Full Answer >Filed Under:
You May Also Like
-
Q:
How do you access My Discovery information?
-
Q:
What are some refinancing options at Nationstar Mortgage?
-
Q:
How long before a check becomes void?
-
Q:
What are some scholarships for private K-12 schools?
-
Q:
What do you do if your credit card is hacked?
-
Q:
How do you apply for a TD Infinite Visa card?
