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Permalink Reply by bo boboski on June 10, 2018 at 3:10am

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.

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Permalink Reply by Dott on June 10, 2018 at 11:33am

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.  These may be newer rules or some banks are just catching up because  a few years ago when I went in to open another account they had me do new paperwork for all my current accounts . They said this was in order to update  to their new rules and regulations.

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Permalink Reply by Fast on June 10, 2018 at 2:29pm

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. Which  our money is taxed as personal income so idk why it’s their business. I’m with Bo and think they want to charge more for a trust account.  Just another way to  make more money for them. I will see how the next few months go and figure it out from there. 

Thank you 

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Permalink Reply by Jed Clampett on June 14, 2018 at 6:30am

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 then trust needs an account to cash/deposit checks, but if it is worded as "Joe Smith, Trustee for XYZ Trust" then Joe can sign and deposit the check anywhere (since the check is to the trustee, not the trust).

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Permalink Reply by Dott on June 16, 2018 at 8:29am

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 Trust account of $50,000. Yes you can just spend that money and report on your personal income tax return now, but if the owner of the Rights dies and  there happens to be money in the O&G Trust account  that you didn't yet spend then it is treated differently with the Trust having to do  separate income tax reporting and it may even be taxed at a different rate because it is in a Trust. And it is ensured that it will also be distributed to the heirs properly.  There are all kind of rules once a Trust is formed for assets.  Your CPA  or Lawyer can better explain this to you.

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Permalink Reply by Dott on June 16, 2018 at 8:34am

 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 charge you for this Trust Account if you have enough money in all of your accounts combined.  Ask them. That is also a good reason to have all of your accounts at one bank.

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