What is Direct Deposit?
Direct Deposit is an electronic method of payment where your funds are deposited directly into your bank account through the Automated Clearing House (ACH) Network.
What are the benefits of direct deposit?
Direct deposit eliminates the handling of paper checks and manual deposits. It reduces payment problems due to lost, stolen, mutilated or misdirected checks. Your money transfers securely and directly into your account on time. This service is provided to you at no cost.
Do I need to have an email address to participate in Direct Deposit?
No. Email address is not a requirement. However, Range is asking you to provide your email to facilitate and expedite future communication between us. We will not disclose your email address to third parties.
When will the funds be deposited?
Funds will be credited to your bank account on the last business day of the month.
If my oil and gas interest is held jointly do we both need to sign the Direct Deposit Authorization Form?
Yes. For example, if the ownership is held in the name of Mr. and Mrs. John Jones, both parties must sign the Direct Deposit Authorization Form.
Can I direct funds to be deposited into a bank account in a foreign country?
No. Range is only offering Direct Deposit into any United States bank account that accepts ACH transfers.
Can I direct funds to be deposited in the account of another person or into a joint account?
You may direct funds to be deposited into any bank account of which you are a registered owner. It can be an account owned solely by you or an account owned jointly with others. Range cannot deposit funds into an account in which you have no ownership interest.
Can I direct funds to more than one bank account?
No. Range can only provide deposits into one bank account for each owner number.
After turning in my Direct Deposit Authorization Form how long do I have to wait before I begin receiving my distributions by Direct Deposit?
Range will process each request as soon as possible in the order received. In the normal course of business, please allow 90 days for the first electronic distribution to begin.
Will there be testing of my bank account setup to ensure accuracy prior to transmission of funds?
Yes. Once Range has received your Direct Deposit Authorization Form a pre-note in the amount $0.00 will be sent to your bank to verify the bank routing number, your bank account number and account type.
What if my Direct Deposit information changes?
It is required that you notify Range with a new Direct Deposit Authorization Form. We will inactivate your original direct deposit instructions while the new instructions are being processed and tested. If there is a distribution that occurs while the new instructions are being processed, you will receive your distributions via check.
How do I discontinue Direct Deposit?
Cancellation requests must be in writing. Please notify Range by completing our Direct Deposit Authorization Form and selecting “Cancellation” for request type.