Anyone know how the money is typically received?

Reply #19

joshuacloak — Wed, 24 Apr 2013 07:50:03 GMT

this is easy

first off if u won pb/mm

it takes just about 2 full weeks before they have all money and send it to a special account u setup for bank

just have lawyer tell bank ya we need a account to hold x millions form lottery, trust me they handle the setup

also Wells Fargo is Very large firm, they can more then handle u

hell there one Best of large banks

here invester thing

in 2013. The San Francisco based bank has notched another massive quarter, with $5.1 billion in

Reply #18

longkaka28 — Wed, 24 Apr 2013 07:20:59 GMT

Sadly the current economy

Reply #17

whiteballz — Wed, 24 Apr 2013 06:33:19 GMT

There isn't 600 different banks in America. The banking sector has been consolidating over the years with banks merging and big banks acquiring smaller banks.

The 250k FDIC limit applies to different banks, so going to a Bank of America in NYC and depositing 250K in a savings account and then going to a Bank of America in Newark, NJ and depositing 250K in a savings account will mean only 250K will be insured and not 500K. As far as the FDIC is concerned the Bank of America in NYC and the Bank... [ More ]

Reply #16

noise-gate — Wed, 24 Apr 2013 00:28:36 GMT

There is always the Swiss banks the ol favorite- Cayman Islands. That's where Mitt Romney stashes his millions.

Reply #15

Piaceri — Tue, 23 Apr 2013 23:59:22 GMT

Ditto.

Also look at CDARS which provide higher FDIC coverage if you are looking only at using banks savings accounts rather than investment firms.

I'm fairly certain funds that large are processed through electronic transfer.

Reply #14

billionaire2bee — Tue, 23 Apr 2013 23:33:54 GMT

Bank tellers should not be opening their mouths....banks frown on giving out information on their wealthy clients....clients could pull their money out and take it elsewhere...depending on how big the account a bank manager on up could lose their jobs if that happened

Reply #13

jimjwright — Tue, 23 Apr 2013 20:28:19 GMT

Google Private banking services .

Jimmy

Reply #12

redhot7 — Tue, 23 Apr 2013 19:46:58 GMT

As of December 31, 2012, the FDIC reports a total of 6,096 commercial banks and 987 savings institutions in the United States.

Reply #11

redhot7 — Tue, 23 Apr 2013 19:44:03 GMT

which brings up another question: are you going to deposit that check with an ATM or give it to a bank teller?

If you deposit it with an ATM, you run the risk of having that check torn apart by the machine.

If you give it to a bank teller, that bank teller would know that you are a lottery winner. Bad idea since the less people know you win, the better.

Reply #10

KY Floyd — Tue, 23 Apr 2013 19:29:32 GMT

If you won $150 million, there wouldn't be enough banks in America to spread your money out to and have every dollar covered by the FDIC

Right. Because there are fewer than 600 banks in the entire country.

Reply #9

Ronnie316 — Mon, 22 Apr 2013 21:43:11 GMT

Excellent pie chart whiteballz, I think I would put a spinner in the middle to make my choices.

Reply #8

whiteballz — Mon, 22 Apr 2013 21:12:06 GMT

I couldn't resist. Here is my serious answer: there is no such thing as a rich man's bank.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

FDIC Deposit Insurance Coverage Limits

by account ownership category

Single Accounts

owned by one person $ 250,000 per owner

Joint Accounts

owned by two or more persons $ 250,000 per co-owner

Certain Retirement Accounts

includes IRAs $ 250,000 per own... [ More ]

Reply #7

billionaire2bee — Mon, 22 Apr 2013 21:06:28 GMT

I have both checking and savings with Wells Fargo also.....hmmmm the people that greet you at the door will sit you down with an advisor to answer those kind of questions, frankly if I won that's where I'd start looking for my advisors....if they cant help and Im sure there's no way they'd turn down having that kind of large account they certainly will know where to send you....Since I got the mobile banking app...I havent stepped foot in my branch in 2 years but I might go and ask this particul... [ More ]

Reply #6

hearsetrax — Mon, 22 Apr 2013 20:40:27 GMT

@ the both of you

Reply #5

LottoNick56 — Mon, 22 Apr 2013 20:37:25 GMT

Touch .

Reply #4

noise-gate — Mon, 22 Apr 2013 20:32:22 GMT

I think in Florida, you paid out in Vouchers. I could be wrong.kidding aside, that is where financial planners .advisors come in. They know where you ought to invest squirrel away your money for a long term future.

* Nice touch with Boromir there Whiteballz.

Reply #3

whiteballz — Mon, 22 Apr 2013 20:31:18 GMT

how does one simply transfer $150,000,000 into a small checking account

one does not simply transfer $150,000,000 into a small checking account.

Reply #2

onlymoney — Mon, 22 Apr 2013 20:19:26 GMT

Personally I'd ask for a check and go to one of those check cashing places. Once I receive the cash, then simply divide it up into smaller amounts and deposit those smaller amounts in several banks.

Reply #1

helpmewin — Mon, 22 Apr 2013 20:17:34 GMT

i suppose you will get a check then you can cash it and you can put the money anywhere you like:

i would hide my money in my house under the bed safest place ever

Good Luck

Anyone know how the money is typically received?

LottoNick56 — Mon, 22 Apr 2013 20:11:06 GMT

Hypothetical: I am the sole winner of $150,000,000 after taxes from a Powerball jackpot. How does the transfer of funds usually happen? My current bank account with Wells Fargo is not very large, how does one simply transfer $150,000,000 into a small checking account where the U.S. Government cannot secure that much money under F.D.I.C. regulations? I do not know how this works. Do I need to get an account with a rich man's bank who can secure it before I can accept the money? Multiple Accounts... [ More ]