My friend’s story is the only time I’ve heard of them too. It sounds like a ‘virtual’ account in which you keep no balance, but you can dispense funds from, triggering automatic transfers from some master account.
I suppose it’s a way of tracking your expenditures, or those of your agents and assigns. It probably sidesteps certain bank expenses, such as the minimum balance requirement. I wouldn’t be surprised if there were tax advantages, since tax issues now pervade every aspect of our lives.
Interesting.....