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FBO Mr. Kite

Transfers between retirement accounts commonly use the FBO designation. As an example, suppose Mr. Kite, who has worked at the Acme Gunpowder Company for 15 years, is laid off. Because Mr. Kite has not yet reached age 55, he wants to roll over his company's 401k retirement plan to an individual retirement account, thereby avoiding an immediate tax bill. Accordingly, Mr. Kite requests a trustee-to-trustee transfer, in which the 401k custodian sends the retirement assets directly to the IRA custodian. The Acme pension custodian will make the check or electronic transfer payable to the IRA custodian, FBO Mr. Kite.

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Although the check will most likely be sent to you, the payee should look something like this. Deposit your FBO check.

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Source: ehow.com

Category: Forex

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