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What does FBO stand for in this context?
Posted by: Seacrest
Date: June 04, 2010 06:20PM
Payable to:
NAME OF BANK & TRUST CO
ROLLOVER IRA FBO
RYAN SEACREST
123 MY ADDRESS AVE
CITY, ST 10101

The moron at the bank credit union told me I couldn't deposit a check made out this way.





Live from Berserkeley, California | Originally from the City of Brotherly Freakin' Love | WEEEEEEEEEE! Stuff, yo.
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Re: What does FBO stand for in this context?
Posted by: ztirffritz
Date: June 04, 2010 06:21PM
[en.wikipedia.org]



**************************************
Nothing to see here, move along.
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Re: What does FBO stand for in this context?
Posted by: Seacrest
Date: June 04, 2010 06:27PM
nah, that's FOB.
Fresh of the Boat.

[en.wikipedia.org]
There doesn't seem to be a term that would apply to financial documents there.

Quote
ztirffritz
[en.wikipedia.org]





Live from Berserkeley, California | Originally from the City of Brotherly Freakin' Love | WEEEEEEEEEE! Stuff, yo.
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Re: What does FBO stand for in this context?
Posted by: Mike Johnson
Date: June 04, 2010 06:29PM
For Benefit Of
[www.ehow.com]
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Re: What does FBO stand for in this context?
Posted by: AlphaDog
Date: June 04, 2010 06:29PM
Quote
ztirffritz
[en.wikipedia.org]

The link is for "FOB:, so I don't see the relevance. ???

I did some searching, and I'm not sure you really want to cash that check. You might, but seeing that it also says "IRA Rollover" on it, you might not. Normally a check that has been issued for the purpose of moving money from one tax deferred investment account to another should be moved from company to company. If the owner of the investment account gets their grubby paws on the money, the tax sheltered status is lost. My late husband had a client who did this once, and that was one mighty, mighty unhappy man when he found out what he'd done.

Since the bank wouldn't cash it, use the break to make sure you really want to cash it.

Edit: I reread your original post and see you wanted to deposit it at the credit union. I used the word "cash" in my post, but the point I wanted to get across was that you should not put that money in a private account, if that was your intention.



Edited 1 time(s). Last edit at 06/04/2010 06:33PM by AlphaDog.
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Re: What does FBO stand for in this context?
Posted by: Seacrest
Date: June 04, 2010 06:31PM
Thanks.
That was my first guess.
I shoulda put IRA in my google search.

Quote
Mike Johnson
For Benefit Of
[www.ehow.com]





Live from Berserkeley, California | Originally from the City of Brotherly Freakin' Love | WEEEEEEEEEE! Stuff, yo.
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Re: What does FBO stand for in this context?
Posted by: ztirffritz
Date: June 04, 2010 06:34PM
I thought that maybe it was a typo.



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Re: What does FBO stand for in this context?
Posted by: Seacrest
Date: June 04, 2010 06:35PM
Quote
AlphaDog
Since the bank wouldn't cash it, use the break to make sure you really want to cash it.

Yep, I did more research, and it was from some kind of settlement I won in a class action.
Now I am supposed to mail it back to them, because the institution that held my account has been absorbed by God-knows-who.
It's not a large enough sum for all that trouble, actually.





Live from Berserkeley, California | Originally from the City of Brotherly Freakin' Love | WEEEEEEEEEE! Stuff, yo.
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Re: What does FBO stand for in this context?
Posted by: rgG
Date: June 04, 2010 07:10PM
Yep, For Benefit Of.

A long time ago, I was involved in the dispersal of money from a closed pension plan and I cut a ton of IRA trustee to trustee transfer checks with FBO designations.





Alpharetta, GA (Atlanta suburb)



Edited 1 time(s). Last edit at 06/04/2010 07:12PM by rgG.
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Re: What does FBO stand for in this context?
Posted by: Seacrest
Date: June 04, 2010 07:46PM
Quote
rgG
Yep, For Benefit Of.

A long time ago, I was involved in the dispersal of money from a closed pension plan and I cut a ton of IRA trustee to trustee transfer checks with FBO designations.

Did you send any to Mr. Kite?





Live from Berserkeley, California | Originally from the City of Brotherly Freakin' Love | WEEEEEEEEEE! Stuff, yo.
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Re: What does FBO stand for in this context?
Posted by: Racer X
Date: June 04, 2010 07:51PM
KeyBank screwed my ex wife by issuing a check instead of a rollover check. WE immediately deposited it into her new IRA account, but since it was a check, they claimed it was income, and lied about it to the IRS 2 years later. The IRS believed Key Bank, and not us and our broker. That way they could get a $1K fine out of her. Both her and our broker had originals as proof, and Key Bank was even lying about the dates. We had the original dated check stub for Jeebus' sake. Once again, the IRS believed the bank. They wanted the penalty money more than they wanted to obey the law.

Be damn sure what you are doing with that check, and cover your ass.
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Re: What does FBO stand for in this context?
Posted by: Linda2
Date: June 04, 2010 08:36PM
I just went through this same thing about two weeks ago. I closed out an annuity and asked that they send the check (made out to me, of course) to my lawyer's office. They actually made the check out to my lawyer FOR THE BENEFIT OF me.

We had to send the check back and have the company reissue it. I advise you to do the same.
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Re: What does FBO stand for in this context?
Posted by: Jimmypoo
Date: June 05, 2010 10:24AM
Quote
Racer X
KeyBank screwed my ex wife --- cover your ass.


Sheesh. Who hasn't??



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