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Unlucky fool

Columbus,Ohio
United States
Member #195,568
January 30, 2019
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Aug 27, 2021, 9:25 pm

In the unlikely event of winning a big jackpot. I know it is wise to lock winning ticket away while putting together a financial team first. However, I would probably be too scared of something happening to the fragile paper ticket in the meantime. I would want to claim my prize immediately. If so, is there a safe way for a financial layman like myself to deposit large sums of money in a bank account? I'm aware of the 250000 fdic insurance and spreading the money in many accounts. I figure that would take a pro as well. Wouldn't want to trust a teller to do that either. Does the lottery office just cut a check for all that money or do u need to have it wired to an account anyway? Id figure there should be an option to purchase insurance on a large sum.
HoLeeKau

Idaho
United States
Member #94,279
July 17, 2010
2,453 Posts
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Aug 27, 2021, 10:33 pm

I'd rent a safe deposit box to put the ticket in.

If you wanted to deposit it all with FDIC insurance, look into IntraFi Network Deposits, formerly known as CDARS.

IntraFi
GiveFive

Florida - West Coast
United States
Member #92,605
June 10, 2010
6,591 Posts
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Aug 28, 2021, 8:40 am

Quote: Originally posted by Unlucky fool on Aug 27, 2021
In the unlikely event of winning a big jackpot. I know it is wise to lock winning ticket away while putting together a financial team first. However, I would probably be too scared of something happening to the fragile paper ticket in the meantime. I would want to claim my prize immediately. If so, is there a safe way for a financial layman like myself to deposit large sums of money in a bank account? I'm aware of the 250000 fdic insurance and spreading the money in many accounts. I figure that would take a pro as well. Wouldn't want to trust a teller to do that either. Does the lottery office just cut a check for all that money or do u need to have it wired to an account anyway? Id figure there should be an option to purchase insurance on a large sum.

Most likely the money a player wins would be wire transferred from the lottery to a bank account you specify to them. If you win a Powerball or MegaMillions jackpot, MUSL wires the funds to your bank, but individual state lotteries could and might operate differently.

Once it's in the bank, as was mentioned above, you could use CDARS/IntraFi (provided the bank your money is deposited in participates in CDARS) to spread the money around. Your participating IntraFi bank would handle all of that work on your behalf.

Then the next step would be to hire a team of money mangement pro's. Your attorney would help you with that. G5

Play Smart!
Unlucky fool

Columbus,Ohio
United States
Member #195,568
January 30, 2019
16 Posts
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Aug 28, 2021, 12:11 pm

So what happens if the account you give them is a standard checking/savings account that does not participate in cdars intrafi? Would a standard bank account work temporarily for a Huge amount like 120 million or whatever. Do banks insure that much from fraud or theft? The 250k fldic insurance is just In case the bank folds right?

I know I'm just as likely to find a leprechaun than hit the jackpot it's just kind of fun to think about. Thanks for your replies everybody.
Karen Nathan

Miami Florida
United States
Member #191,036
July 13, 2018
545 Posts
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Aug 28, 2021, 12:28 pm

I'm surprised that no one mentioned that transferring the Winnings to a Swiss Bank Account would be the best thing to do since Banks are only insured to up to $250,000. If you put say 30 million in your bank and some Bank Robber steals that 30 million, your 30 million is GONE, but a Swiss Bank Account would keep all your 30 million for you...

"What's your ADDRESS?" May be the CREEPIEST question EVER asked to a Lottery Winner! O.O WTF?

At first, I found the one digit away draws kind of amusing, but now I am PISSED! 15 or 16 times I was off by just one digit in recent times!🤬 No longer find this amusing, it's making me REALLY angry now!🤬
Speler

Belgium
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April 17, 2021
2,445 Posts
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Aug 28, 2021, 2:39 pm

I wouldn't expect a bankrobber. Today the money is not stocked in paper and metal coins in some safe like in Western movies. Maybe some banks are the robbers. They can go bankrupt. - Basically, if they receive the money, ... ?
Speler

Belgium
Member #214,858
April 17, 2021
2,445 Posts
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Aug 28, 2021, 4:31 pm

Quote: Originally posted by Unlucky fool on Aug 27, 2021
In the unlikely event of winning a big jackpot. I know it is wise to lock winning ticket away while putting together a financial team first. However, I would probably be too scared of something happening to the fragile paper ticket in the meantime. I would want to claim my prize immediately. If so, is there a safe way for a financial layman like myself to deposit large sums of money in a bank account? I'm aware of the 250000 fdic insurance and spreading the money in many accounts. I figure that would take a pro as well. Wouldn't want to trust a teller to do that either. Does the lottery office just cut a check for all that money or do u need to have it wired to an account anyway? Id figure there should be an option to purchase insurance on a large sum.

Unlucky fools don't have to worry about such details.
Unlucky fool

Columbus,Ohio
United States
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January 30, 2019
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Aug 28, 2021, 7:43 pm

I meant like some teller or hacker transferring from the account. I'd assume the bank would cover it. Though I don't know if there are limits.
Stat$talker

700 light yrs West of Milky Way Galaxy's Center
United States
Member #200,642
September 1, 2019
4,173 Posts
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Aug 29, 2021, 10:24 am

Quote: Originally posted by Unlucky fool on Aug 28, 2021
I meant like some teller or hacker transferring from the account. I'd assume the bank would cover it. Though I don't know if there are limits.

US Banks... up to $250,000 FDIC... but Commercial Banks are THE Worst place to stash THAT KINDA CASH...those CEOs are crooks, Gangsters...they pay you pennies on the intrest, yet issue you a credit card with a 22% intrest rate..!! Highway Robbery...!

They killed President JFK.. that should tell you how serious they are about controlling money..because he instructed Hoover to seize Nazi Banks in the US.

Prescott BUSH..(H.W Bush's father). and the Kennedys have been loooong archenemies... RFK, JFK, jr all met the same fate at the hands of the BUSH's...cause the White House is now OFF LIMITS to them..!!

JFK,jr was about to reveal them in his Magazine , righfully entitled "GEORGE"..

Stash your cash in a Swiss Bank Account.. The Swiss Banks tell ALL other Countries' Investigative Agencies... "Mind yo Own Business"

...MATH... The final Stochastic frontier...

These are the Lottery Voyages of Stat$talker..!!

The ongoing Mission,..to seek out the Laws of "Probability Math"...

to master its rules to invoke...to Conquer ALL Major Jackpots..!!

...To boldly go,... Where NO Player has gone before...!!
Karen Nathan

Miami Florida
United States
Member #191,036
July 13, 2018
545 Posts
Offline

Aug 29, 2021, 12:02 pm

Quote: Originally posted by Stat$talker on Aug 29, 2021
US Banks... up to $250,000 FDIC... but Commercial Banks are THE Worst place to stash THAT KINDA CASH...those CEOs are crooks, Gangsters...they pay you pennies on the intrest, yet issue you a credit card with a 22% intrest rate..!! Highway Robbery...!

They killed President JFK.. that should tell you how serious they are about controlling money..because he instructed Hoover to seize Nazi Banks in the US.

Prescott BUSH..(H.W Bush's father). and the Kennedys have been loooong archenemies... RFK, JFK, jr all met the same fate at the hands of the BUSH's...cause the White House is now OFF LIMITS to them..!!

JFK,jr was about to reveal them in his Magazine , righfully entitled "GEORGE"..

Stash your cash in a Swiss Bank Account.. The Swiss Banks tell ALL other Countries' Investigative Agencies... "Mind yo Own Business"

Thanks for also bringing up the Swiss Bank Account thing which should have been brought up a long time before I mentioned it.... Swiss Banks are one of the safest banks in the world...

"What's your ADDRESS?" May be the CREEPIEST question EVER asked to a Lottery Winner! O.O WTF?

At first, I found the one digit away draws kind of amusing, but now I am PISSED! 15 or 16 times I was off by just one digit in recent times!🤬 No longer find this amusing, it's making me REALLY angry now!🤬
Stat$talker

700 light yrs West of Milky Way Galaxy's Center
United States
Member #200,642
September 1, 2019
4,173 Posts
Offline

Aug 29, 2021, 12:39 pm

Quote: Originally posted by Karen Nathan on Aug 29, 2021
Thanks for also bringing up the Swiss Bank Account thing which should have been brought up a long time before I mentioned it.... Swiss Banks are one of the safest banks in the world...

...MATH... The final Stochastic frontier...

These are the Lottery Voyages of Stat$talker..!!

The ongoing Mission,..to seek out the Laws of "Probability Math"...

to master its rules to invoke...to Conquer ALL Major Jackpots..!!

...To boldly go,... Where NO Player has gone before...!!
Rexer90

LA Ca.
United States
Member #172,743
February 3, 2016
189 Posts
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Aug 31, 2021, 12:48 pm

I think there's a tax on exporting large amounts of cash.. around 15%?... & that's on top of the usual taxes you'd pay on the win.
Unlucky fool

Columbus,Ohio
United States
Member #195,568
January 30, 2019
16 Posts
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Aug 31, 2021, 6:10 pm

If u have millions in a USA bank account do they cover it from theft identity or otherwise?
Rexer90

LA Ca.
United States
Member #172,743
February 3, 2016
189 Posts
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Sep 1, 2021, 12:47 pm

Quote: Originally posted by Unlucky fool on Aug 31, 2021
If u have millions in a USA bank account do they cover it from theft identity or otherwise?

I would imagine if you had stupid amounts of money in the bank then they would keep a much closer eye on things than they do for Joe Smoe etc.
Speler

Belgium
Member #214,858
April 17, 2021
2,445 Posts
Offline

Sep 3, 2021, 5:30 pm

Quote: Originally posted by Rexer90 on Sep 1, 2021
I would imagine if you had stupid amounts of money in the bank then they would keep a much closer eye on things than they do for Joe Smoe etc.

I don't know any Joe Smoe. When you have a silly amount of money, you get more interests and you can pay a company to place your money. I think that I know four people who place money for rich people.

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