What does FBO mean on a bank account?


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 Reading

Full 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 & Lending

Related Questions