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Royalty checks & a Trust

Started this discussion. Last reply by Dott Jun 16. 6 Replies

we have our land in a trust. Monthly checks come in our name and trustee. We always deposited check into our regular bank account. This month two banks refused to let us deposit our check. The trust…Continue

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Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"Hi Reuben, If you can hang on and not take the money, you will be better off. Of course they want you for $2500 an acre. Once you sign & they drill they try to figure out 99 ways to not pay you. So I advise you to get as much as you can. My area…"
Nov 5
Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"Good morning David, The price is up or comparable. The production is way down. We have the no you cannot deduct, however.... lease. I was just wondering how it will be after the merger.  I know wells decline, however, I have read many articles…"
Oct 27
Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"I agree. That’s why I didn’t quit my day job. Never believed all the crap they tried tp get me to buy into. I wonder what will happen after the merger??"
Oct 22
Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"I’ve noticed it’s been very quiet on this site. I was hoping someone was going to mention the Eclipse merger with Blue ridge mountain. I’m a little concerned I’m now a landowner of another company who went bankrupt. Blue…"
Oct 22
Dott replied to Fast's discussion 'Royalty checks & a Trust'
" I have 4 accounts at the same bank and the bank adds the amounts at the end of the month of all accounts for the purpose to know whether I qualify for the "No Fee Account Status" which I do.  So in other words the bank may not…"
Jun 16
Dott replied to Fast's discussion 'Royalty checks & a Trust'
"I believe if the Oil and Gas Rights are in a Trust the reason you need a separate account has to do with having a beneficiary of the trust if the owner (usually the trustee when living) dies.  Let's say you have proceeds in the O&G…"
Jun 16
Jed Clampett replied to Fast's discussion 'Royalty checks & a Trust'
"How is the check issued, if it is to you personally AND the trustee, then the bank should accept it if all parties have signed.  I have been researching land trusts for other property issues. If checks, deeds, etc are written to XYZ Trust then…"
Jun 14
Fast replied to Fast's discussion 'Royalty checks'
"Thank you Bo & Dott for your input. Idk about opening another bank account, I have 4 already. Been with a few of them for over 25 years. Idk bc I wasn’t there but according to my husband they made it sound like it was a tax purpose issue.…"
Jun 10
Dott replied to Fast's discussion 'Royalty checks'
"I have an Oil and Gas Trust separate  from our Family Trust. My Bonus check was in my name but also had notice of the Oil and Gas Trust.  My bank had me open a separate account in the name of the Trust in order to cash this check. …"
Jun 10
bo boboski replied to Fast's discussion 'Royalty checks'
"Banks are changing their policies all the time,and the new ones usually are designed to benefit their operations,not the customers. Just may have to get use to it."
Jun 10
Fast posted a discussion

Royalty checks

we have our land in a trust. Monthly checks come in our name and trustee. We always deposited check into our regular bank account. This month two banks refused to let us deposit our check. The trust is about the property not the financial aspects. Bank wants a trust account. Anyone else have this problem? We’ve never had a problem in 3 years ..   now all of a sudden it’s an issue See More
Jun 10
Fast replied to bo boboski's discussion 'Rumors & Tidbits for Guernsey County' in the group Guernsey County, OH
"Marcellous drilling news  Eclipse resources board considering  Either merger or acquisition. Also, googled Eclipse resources news & seeking alpha has article Eclipse resources is up for sale.  Any thoughts or additional comments ?"
Apr 19
Fast replied to william george allison's discussion 'deductions?'
"No. Taxes are not the same as the processing  or other bogus fees. "
Mar 18
Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"Thanks bo"
Jan 22
Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"Frank Miller still shut in? also, a friend of mine in the McClain unit told me chessapeak paying 5 cents for gas. Shocked but not shocked. Can anyone confirm that?"
Jan 22
Fast replied to Philip Brutz's discussion 'Activity in Millwood Township (Guernsey)' in the group Guernsey County, OH
"My experience with Eclipse went like this. My lease was assigned to Eclipse. One of our Wells was a joint venture with carrizo. We did not need to sign anything for carrizo. It was my understanding Eclipse would be the operator of the well. Sounds…"
Nov 19, 2017

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