What Is an Fbo Account?

Answer

Fbo is a banking abbreviation meaning for benefit of. Therefore, a banking account opened as a fbo would more than likely be a donation account in which money is given to the person the account is set up for. This is often done for a child diagnosed with a terminal illness for a family dealing with a sudden and tragic death.
Q&A Related to "What Is an Fbo Account?"
FBO is commonly-used banking shorthand for the phrase "for benefit of, and is used when funds are transferred to a primary account (often as a matter of convenience) but are
http://www.ehow.com/info_7757142_fbo-mean-bank-acc...
(In reference to) A check is issued in my name then FBO my mother's name. She passed a few years back. For Benefit of , when is written in a check, meaning that the check final beneficiary
http://wiki.answers.com/Q/What_does_FBO_stand_for_...
For the Benefit Of. Usually the Trustee is managing the Trust For the Benefit Of someone or something else.
http://answers.yahoo.com/question/index?qid=200704...
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You cannot cash a check that has FBO on it. The check also cannot be deposited in your bank account. The term FBO on a check stands means For Benefit Of. ...
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