Q:

What does FBO mean on a bank account?

A:

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.

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.

Sources:

  1. indiana.edu

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