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The check is not for the guardian. The check is for the benefit of the minor and must be used for that. They can be held accountable to the court.
For Bank Only
You should not cash the check since it is not addressed to you. In any case, the reason you are rolling it over is to avoid the tax consequences and penalties for cashing out your 401K. It is shortsighted to spend 401K money (even if it is not very much) since that money grows over time to help with your retirement.
From Wells Fargo site: If your employer sends you a check, make sure it is made payable to Wells Fargo Advantage Funds FBO John Smith. Forward the check to us and reference your account number or Social Security number. You should not endorse this check.
You can`t do anything with it, other than take it to the bank it is made out to and deposit it.
(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 is someone else.
The check is not for the guardian. The check is for the benefit of the minor and must be used for that. They can be held accountable to the court.
FBO stands for â??for the benefit of.â?? FBO checks have a final beneficiary who is different than the person that is noted on the â??pay to the order ofâ?? line on the check.
NO
For Bank Only
FBO on a check stands for the term 'for the benefit of' used by third parties or when dealing with minors . The check must be endorsed on the second line following for deposit only in the first endorsement line.
"For the benefit of", also abbreviated "F/B/O". For Benefit of , when is written in a check, meaning that the check final beneficiary is someone else.
You should not cash the check since it is not addressed to you. In any case, the reason you are rolling it over is to avoid the tax consequences and penalties for cashing out your 401K. It is shortsighted to spend 401K money (even if it is not very much) since that money grows over time to help with your retirement.
From Wells Fargo site: If your employer sends you a check, make sure it is made payable to Wells Fargo Advantage Funds FBO John Smith. Forward the check to us and reference your account number or Social Security number. You should not endorse this check.
FBO means "for benefit of." In banking, an FBO trust is an account typically set up as a donation account for the person whose name the account is in.
You can`t do anything with it, other than take it to the bank it is made out to and deposit it.
That abbreviation in law stands for the phrase "for the benefit of".