Mega Millions: How long to recieve jackpot?

Reply #14

Stack47 — Sun, 04 Mar 2007 20:11:40 GMT

Justx said: In Florida they will run a criminal background check and also a credit check to see if the winner owes the state money (such as property taxes, unpaid traffic tickets, child support) but then the jackpot is paid pretty quickly.

That makes sense because that is part of state Lottery codes but if a person was there to claim their winnings when the office opened, all that information could be gathered before lunch time. However unless it's part of the state lottery code, they are n... [ More ]

Reply #13

LuckyLilly — Sun, 04 Mar 2007 19:34:03 GMT

Every month when I'm deciding how much $$$ to put into my savings account, I talk myself into putting a little more in by thinking about how much I'll need to pay the attorney, investment attorney, move, etc. when I win the Powerball. I want to make sure I have enough $$$ saved to do it right and not be scrambling.

Reply #12

starchild_45 — Sun, 04 Mar 2007 19:04:49 GMT

you are right about jack getting the 10 million up front. most states after check for validity of your claim and back taxes you owe will give you some of the money they collected. in west virginia case they collected over 10 million on powerball sales. they gave jack 10 million while the reconciled the full amount that they collected and while they waited on the monies from the other powerball states.

even if you don't collect any money right away and you are collecting a large pot. your fin... [ More ]

Reply #11

dvdiva — Sun, 04 Mar 2007 18:51:24 GMT

The average is 60-90 days assuming no one sues for a part or all of the money. This is the average that I've seen in newspaper stories about winners. Depends on the state. As far as banks are conserned they would just do direct deposit so banks don't have to wonder if you have the money or not. The smart thing would be to have the money in various trusts and not just a checking/savings account under your name.

Reply #10

CA LotteryGuy — Sun, 04 Mar 2007 17:26:38 GMT

Racso...for what it is worth I think banks would be more then willing to accomodate your request if you wanted to get some waiting for the big check to clear money . If a bank would see some sort of proof that you are the winner they would feel comfortable that you will have the neccessary funds in a few weeks to pay them back.

It would probably go as an unsecured loan at a fairly high interest rate. But at that point what do you care about the interest rate on what will be a short term

Reply #9

petergrfn — Sun, 04 Mar 2007 15:51:54 GMT

I'm sure it takes at least 2 weeks for the money to be fully deposited in the bank of your choice. However I remember reading that when Jack Whittaker claimed his jackpot he got something like $10million upfront. Anyways I think the news conference timing is up to you, but with the size of this jackpot it's inevitable so might as well get it over with. As far as verifying the ticket do so at the lottery HQ. Also it might be a good idea to make a photocopy of the winner(to brag with at lottop... [ More ]

Reply #8

JAG331 — Sun, 04 Mar 2007 15:01:23 GMT

You're welcome.

I have to disagree on the bank. I'm sure many banks would clamber over each other to gain your favor when it comes time to deposit some of those mega funds.

Reply #7

Racso — Sun, 04 Mar 2007 14:29:45 GMT

Thanks for the input everyone.

TheGameGrl, that makes all too much sense. I suppose if you are going to win a large sum that they'd want you to earn it through a month of inconvenience. I never assumed there'd be some kind of check before getting the funds, and the idea that a bank would give you a loan so you could afford a lawyar based on the fact that you are a winner really makes no sense to me. Sure a bank would love to play host to that money, but I can't imagine any bank giving you any... [ More ]

Reply #6

TheGameGrl — Fri, 02 Mar 2007 00:35:19 GMT

Consider the norm to be six weeks from the date in which you claim.

It will take a good healthy 10 days of banking clearence just to get the money funnelled thru. (thats two weeks right there!).

Then another 7 to ten business days for YOUR bank to hold the funds for clearance. You see each state has to contribute to the main jackpot fund, and this is all done at a snails pace! ( Who'd want to fork over money quickly when it can gain interest in a months time!)

So there goes another two... [ More ]

Reply #5

justxploring — Thu, 01 Mar 2007 22:41:47 GMT

There are many threads on several of these subjects, especially anonymity, so you might want to use the search feature on Lottery Post.

As the other members already wrote, every state has different rules. If you are not in one of those that protect your right to remain anonymous, the dog and pony show you mentioned is usually part of the deal.

Like you, I never expect to win, but I always hope I will. I don't currently play MM or PB, but the process is still pretty much the same for s... [ More ]

Reply #4

Racso — Thu, 01 Mar 2007 22:01:46 GMT

Thank you JAG331, and CA LotteryGuy.

I guess there is no avoiding a little inconvenience if you are going to be a jackpot winner, at least it will have been worth it once it is officially yours.

--Racso

Reply #3

CA LotteryGuy — Thu, 01 Mar 2007 21:20:13 GMT

Rasco...here are answers to a few of your questions. Note this is from observations of jackpot winners, unfortunately not a participant, yet at least.

As far as when the press conference is held, my thought is as soon as possible (within days) after the lottery has verfied your ticket. This verification can be the same or next day that you bring the ticket to the lottery. The lottery wants to get the word out as quickly as possible about winners.

As far as when you get the money that... [ More ]

Reply #2

tnlotto1 — Thu, 01 Mar 2007 20:49:04 GMT

im also anxious to hear the answers to the original questions because i have always wondered if you need to get an advance on money from your bank or a lawyer so you can afford to hide out of town until the lottery wires the money into your account.

Reply #1

JAG331 — Thu, 01 Mar 2007 20:39:12 GMT

Hi Racso,

Welcome to Lotterypost! I like how phrased it - Fate, Luck and Chance all have to smile at the same time...how true.

You can take the ticket directly to headquarters to have it validated, no need to stop at the local store.

You've got a bunch of questions, I'm sure that we'll have some more answers for you in no time

Mega Millions: How long to recieve jackpot?

Racso — Thu, 01 Mar 2007 19:34:45 GMT

Hi there, I am a new member and here is my first post, and look at that I'm posting it in the correct place so please go easy on me.

I am a casual Mega Million's player, I know that the odds are against me, so I never depend on winning. After all it isn't easy to get Fate, Luck and Chance too all smile at you at the same exact time. However, I figure if I'm going to play the game I might as well be prepared for even the smallest chance of winning. I've read the horror stories, I get the gen... [ More ]