Time in a bottle...

Reply #8

Jeffg330 — Thu, 14 Aug 2008 23:19:49 GMT

from the official powerball site FAQ'S:

HOW LONG DOES IT TAKE TO GET MY MONEY?

It takes two weeks to collect the cash from the stores around the nation. If you go to the lottery to claim your prize after that two weeks, then you can generally have the jackpot money (all cash or the first of the annual payments) hit your bank account the next day - maybe the following day if you come to the lottery office very late in the day. That said, you will have no trouble getting a little credit... [ More ]

Reply #7

DC81 — Thu, 14 Aug 2008 18:21:52 GMT

I know I've said it before but if you do win a big one (talking about Mega Millions or Powerball) you probably won't be walking out of the lottery office with nothing, you won't get the jackpot on the same day but you probably will get something to tide you over, though that might depend on the state. I know a couple stories about winners had a mention on how they'd have to wait (for the background check and collection of the money) before getting the full amount but were still given, I think a... [ More ]

Reply #6

pacattack05 — Thu, 14 Aug 2008 16:47:38 GMT

Florida is 2 weeks. A long long 2 weeks...lol

Reply #5

Stack47 — Thu, 14 Aug 2008 16:47:26 GMT

I've read where multi-million dollar winners had their check in less than 10 days and I know a guy that had to wait 6 weeks to collect $15,000. Many lotteries are required to check if the winner owes back taxes or child support and that could be very time consuming if there were many prize winners. Some lotteries might issue the checks on one day each month so how long it takes may depend on when the ticket is validated.

Lotteries should offer direct deposit and that should be done right afte... [ More ]

Reply #4

BaristaExpress — Thu, 14 Aug 2008 14:19:00 GMT

First of all you would have to have a special account already in place at your bank before you go to the lottery office. Then the lottery commission can issue the order to wire transfer the money (minus your states share of course) that your state collected in the multi state game that you just won! But it can take as long as 45 days to get all the money that you have coming to you! That's because your state has to wait on the other states to send/wire the money they collected (minus their share... [ More ]

Reply #3

ThatScaryChick — Thu, 14 Aug 2008 04:41:04 GMT

You're probably going to have to wait until someone who has won a good sized jackpot gives you the answer. I'm sure the payout experience differs from state to state.

Reply #2

AlecWest — Thu, 14 Aug 2008 02:55:49 GMT

Hopefully, lottery commissions would give you the option of receiving your jackpot by direct wire deposit to your bank. But, I'm not sure how many of them DO give you the option.

Still, either way (by wire or by mail), I'm curious to know approximately how long it takes to get paid. For example, if I redeemed a $10mil cash-option jackpot ticket on September 1st, how soon would I actually get the money ... the 3rd ... the 5th ... the 15th ... a month later???

Regards - J. Alec West... [ More ]

Reply #1

Stew12 — Thu, 14 Aug 2008 02:28:53 GMT

I'd assume wire transfer is the way to go. Who would want their check for millions floating around in the mail for a week? Not me.

Time in a bottle...

AlecWest — Thu, 14 Aug 2008 02:23:27 GMT

I suspect that there are still some people who believe that, when they go into a lottery office to redeem a winning cash-option jackpot, they'd get the check right away. I doubt if that's true in most cases.

Question. What is the quickest jackpot payout you've ever heard of ... and the slowest? And which is a faster method of payment - wire transfer or check by mail (or neither)?

Regards - J. Alec West