Drafts vs. checks for bonus money
Has anyone received a draft for bonus money and had the company try to avoid honoring it if they reneged on the deal??? Please don't tell me stories about what you've "heard". I just want to hear first-hand from those who have accepted drafts and had them honored or not. We have been approached by another landman and after the previous 2 reneged on us, I am going to insist on a check. It's for a top-lease anyway and our lease expires in 2 weeks so I'm willing to hold out. Thanks for your input/experiences with this matter/etc.
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Replies to This Discussion
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Permalink Reply by laintexas on
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Received a 10-day draft from EXCO at end of August and the bank (EXCO's) cut the check on the 10th business day after receiving the draft from my credit union. My credit union received the check in about 3 days and deposit went off without a hitch.
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Glad to hear it. I have insisted on a check from Manna Acquisitions since our lease expires 10/12/08. I told them I refused to accept a draft which won't be honored until after our lease expires. The landman said he will try to get us a post-dated check for 10/12. If the deal goes through (there are 4 co-owners involved) I will try to cash the check immediately anyway. Alot of times tellers don't check dates. Re: drafts, Manna told us their drafts taking 15 banking days...almost a month to clear. Thank you so much for your reply!!! Are there any more of you out there????
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