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.Know More
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 in Credit & Lending
An existing Discover Card account can be checked by going to Discover.com and filling out the login information fields to gain access to the account details. Once the account home page is accessed, members can check their balances, available credit lines and recent transactions.Full Answer >
A non-bank financial intermediary is a financial services firm that does not accept deposits from the general public. It may offer a variety of financial services including leasing, factoring, pension funds, mutual funds and insurance plans. Some non-bank financial intermediaries are also venture capitalists.Full Answer >
Used by financial institutions in the United Kingdom and Ireland, 6-digit bank sort codes represent the bank and the bank branch. Issued for both savings and checking accounts, bank sort codes appear on personal checks, debit cards and on bank statements. Financial institutions started using these codes in the 1960s to maintain accuracy as the popularity of automated banking processes increased.Full Answer >
According to the Federal Trade Commission, a person facing foreclosure can give his house back to the bank with a deed in lieu of foreclosure. In exchange for signing over the deed to the home, the bank forgives the debt owed on the home.Full Answer >