How does the banking industry interpret the following payee scenarios when used on a check: "For The Benefit Of - FBO", vs. "In Care Of - C/O"?
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An FBO designation is an instruction to the payee of the check that it is to be deposited to an account owned by the party designated (if the check is payable to the bank), or for the benefit of the designated party (if payable to someone other than a bank). "In care of" is part of the address on a check, just as it would be on an envelope. Neither designation indicates that the party named following the designation is a payee of the check.
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An FBO designation is an instruction to the payee of the check that it is to be 