Question? How does one deposit $550 million in the Bank?

Reply #80

ttech10 — Mon, 16 Dec 2013 02:06:21 GMT

Well, Texas I believe will wire-transfer. You could give them your info to a bank like Bank of America, Chase or Wells-Fargo, or even a credit union.

From there it would be up to you (and optional tax/money people) to either disperse it around to other accounts or invest in stocks/bonds/etc.

You could keep all of it in a single account, but if that bank had something happen to it, you'd only be insured for $250,000. I always figured you could spread the money around so that you have multip... [ More ]

Reply #79

Jon D — Mon, 16 Dec 2013 00:12:19 GMT

Tax nightmare? Hardly.

You just get two checks. 1 big one of a few hundred mil, and one little one about 10 mil, followed by 29 more little ones every year after that. What tax nightmare?

I'd always take the cash, I feel I can spend and invest responsibly. No lecture needed here, thanks.

Not saying this half and half option is for me, but it might be an option for security and diversificatoin with a huge jackpot. Many have expressed concerns with such a large half billion jackpot, who w... [ More ]

Reply #78

OldSchoolPa — Sun, 15 Dec 2013 23:29:21 GMT

Why on earth would anyone want it part cash and part annuity? That would present a tax nightmare in my opinion. I would rather just pay jackpot income tax upfront. After that, paying tax on any capital gains, dividends and interest is no different than what you already pay.

All you need to do is just exercise displine in not tapping into your principle and only setting your budget based on your expected interest income. Oh and learn to say No early, often and assertively. NO! NO! Just channe... [ More ]

Reply #77

OldSchoolPa — Sun, 15 Dec 2013 23:24:26 GMT

Well, first of all, you need not worry yourself about that since I have selected the winning numbers for the next drawing. Secondly, when I win the jackpot, that $550 million is the annuitized jackpot amount, so if one chooses the annuity, that is what will be paid over a period of 29 years. So if I were to choose that option, I would not be depositing any amount near $550 million. Instead, you would be looking at roughly $10 million since taxes will be deducted before you receive a red cent. Ev... [ More ]

Reply #76

Jon D — Sun, 15 Dec 2013 23:01:12 GMT

Yeah, I'd stay away from those regional banks for a few hundred mil deposit. The FDIC just seized another one this week in Texas, making 24 already this year.

I'd go for the big 4: Chase, BofA, Citi, Wells

In fact, I'd rather they split up the payments 4 ways just to be safe, but don't know if they'd do that. I don't see why not.

What might be nice too is if the lottery would allow you to choose half and half, part cash and part annuity. Lets say you want 1/2 as cash now, and 1/2 as ann... [ More ]

Reply #75

Toronto — Sun, 15 Dec 2013 22:27:50 GMT

1) It takes 15 business days for the winning state to collect the prize from each of the other states. It ordinarily can be wired within a week, maybe less.

2) The SEC definitely does not set the rules and regulations of ordinary commercial banks...

3) You think the regional commercial banks are safer than too big to fail banks? If you followed your advice, you would have lost most anything above the FDIC insured amount assuming you desposited it with a regional or local bank that went bel... [ More ]

Reply #74

TheGameGrl — Sun, 15 Dec 2013 22:01:51 GMT

Any registered bank that is available in your area can tend to the funds. It will take another 21 days after you even deposit it for it to be available. ....So consider it 4 weeks til the check comes and another 3 weeks til you can utlize.. THE SEC (security Exchange Commissions) is the one responisble for the rules and regulations that a Bank must honor for banking procedures. Unsure why the disillusion that anything over 250,000 k cannot be deposited. Its a false statement. I wouldn't trust WE... [ More ]

Reply #73

AmoWin — Sun, 15 Dec 2013 19:05:33 GMT

You won't get the whole 550. There are tax people to pay.

But me? I just want one little slice of it. (not too little, mind you).

Reply #72

mypiemaster — Sun, 15 Dec 2013 18:41:41 GMT

Best answer so far. Wells Fargo of today is not the Wells Fargo of old.

Reply #71

Artist77 — Sun, 15 Dec 2013 16:22:40 GMT

Thanks LB but I think one can tell the difference between when a LP member makes a rare typo (as in my SPECIFIC case and for numerous other LPers) vs misspelling the same simple words over and over.

Reply #70

JackpotWanna — Sun, 15 Dec 2013 12:04:26 GMT

ummmm for example. I meant a large deposit. lol

Reply #69

mikeintexas — Sun, 15 Dec 2013 11:15:09 GMT

I have a good online friend who married a woman from Cyprus; they were really worried about her retirement savings accts. about a year ago when all that went down. I don't know what exactly happened b/c their finances are none of my business, but have been thinking about emailing her and asking if everything was OK now or if she moved her money. I know they've got plans to retire there in a few yrs., so I guess they have more confidence now.

(and on the subject, she had to jump through hoo... [ More ]

Reply #68

Toronto — Sun, 15 Dec 2013 08:39:49 GMT

Some of you put a crazy amount of trust in the Bahamas and Cayman over the US government and the too big to fail banks. Look at what happened to those Russians stashing cash in Cyprus if you want to trust a country where the assets held in banks greatly exceed the GDP and tax revenue of those governments - meaning depositors having to bailout troubled banks since the government isn't able to if there is a crisis.

Reply #67

smart player — Sun, 15 Dec 2013 08:37:14 GMT

A plain vanilla savings account would be out of the question, since they are insured by FDIC which will only insure a max of $250,000. That would leave one of two better options.

The first option would be to find a bank that participates in the CDARS program, however; they only insure a max of 50 million. The other drawback to a CDARS account is that all the money is immediately dumped into low inerest CDs.

The second option would be to open a self-directed brokerage account through a repu... [ More ]

Reply #66

savagegoose — Sun, 15 Dec 2013 07:03:07 GMT

back in the day, when law mattered. the bond holders had higher call on a banks assets than share holders or savers. until GM now it seems going bonds with a bank is about as dangerous as a savings account. Id suggest diversity. not only assets class, or via hedging, but also countries, currencies, property, commodities. maybe even too useful too fail business. you would need some good managers. and to keep your eye on those cheating #^$@%^'s at all times.

i think the age of stick it in th... [ More ]

Reply #65

markp1950 — Sun, 15 Dec 2013 04:01:48 GMT

Put it in the bank?

WASHINGTON (AP) The Federal Deposit Insurance Corp. has taken over a small bank in The Woodlands. Texas Community Bank NA is the 24th bank failure in the country this year.

Reply #64

markp1950 — Sun, 15 Dec 2013 03:56:48 GMT

Ummmm you don't get $550,000,000

In my state.... Annuity Cash amount

Wisconsin: 7.75% State Tax - $1,420,833

- $22,885,750

Your average net per year: $12,329,167 Your net payout: $198,589,250

After 30 payments: $369,875,010

Reply #63

RedStang — Sun, 15 Dec 2013 02:53:02 GMT

I would say CDARS, but i don't think there's enough banks to cover 550mill. My only advise would be to not use any Banks on the FDIC failure list, if their still open. They have proven they can't handle money.

Reply #62

noise-gate — Sun, 15 Dec 2013 02:27:14 GMT

For Entertainment purposes Only...

One drives up to the bank- request a one on one with the manager.He personally sets up an account where you have more than one safe deposit box, have armed guards shuttle the bags of money from an unmarked vehicle directly into the SDB's.

Easy as ABC.

Reply #61

Shelby Mustang — Sun, 15 Dec 2013 00:38:18 GMT

Hey that's my bank. ive been with them since they were First Union. Good bank has never charges me any fees

Reply #60

kapla — Sat, 14 Dec 2013 22:45:54 GMT

WOW, that is just stupid for any state to do. Why hand MILLIONS to a player in the form of a check, so they can have yet another issue depositing it. The list of things that could go wrong with handing a check over is so long I won't list it here.

The state should just wire the money and be done with it, that way they are now out of the equation.

Reply #59

helpmewin — Sat, 14 Dec 2013 22:28:11 GMT

if it makes you feel better

Reply #58

helpmewin — Sat, 14 Dec 2013 22:05:05 GMT

Reply #57

helpmewin — Sat, 14 Dec 2013 22:00:48 GMT

he is a male+his is just a disguise

Reply #56

grwurston — Sat, 14 Dec 2013 21:51:02 GMT

Always with the fees... When does it end

Reply #55

Coin Toss — Sat, 14 Dec 2013 21:46:08 GMT

Tony, I have to charge you points on the money you're putting in our bank. Do you want to go to the Bahamas and have some monkey watch over your money? *

-Banker talking to Tony Montana in Scarface

*No offense to any Bahamians here, it's just a quote from the movie.

_________________________________________________

Most local banks except for very huge one don't want to reach a certain amount of money on hand- it brings in bank examiners and a lot of things change.

Reply #54

LottoBoner — Sat, 14 Dec 2013 21:44:36 GMT

I dont have to be on anything to see this.

Look, its the same rat type, monkey thing, or squirrel thing. (No offense intended)

Look at the arms! The are definetly related.

And look at the beady little eyes.

... lifeless eyes, black eyes, like a doll's eyes.

Of course your ears are bigger, and her tail is way big.

And yours loves dandelions and is obviously some sort of pilot.

Like a creature out of a nintendo game.

Reply #53

grwurston — Sat, 14 Dec 2013 21:38:18 GMT

Ahh, we're just having fun... It relieves the stress of how we're all gonna handle winning $550 million on Tuesday.

Reply #52

LottoBoner — Sat, 14 Dec 2013 21:37:17 GMT

Yeah, I had the feeling you were just being jovial. Boy that speelchecker is a lot of work. Its almost as much work as watching those numbers.

I meant spellcheker.

I mean spellchecker.

What about Bob? Baby Steps.

Reply #51

helpmewin — Sat, 14 Dec 2013 21:32:38 GMT

i don't see it, what are you on

Reply #50

grwurston — Sat, 14 Dec 2013 21:31:19 GMT

C'mon man!!! Your right, You're. Thats one of my... That's. What a moocher bob is. Bob. You do realize I'm just messing

with you now, right

Reply #49

LottoBoner — Sat, 14 Dec 2013 21:31:00 GMT

Thats ok. I forgive you. Just dont let it happen again.

Reply #48

helpmewin — Sat, 14 Dec 2013 21:28:58 GMT

i thought everyone was here for the Lottery Discussions oops my bad

Reply #47

GYM RICE — Sat, 14 Dec 2013 21:26:17 GMT

After watching the movie Blow, no offshore banks for me. I wouldn't be able to sleep at night if a large sum of money was in some offshore bank. As an American, i'd rather be able to hire lawyers who know the laws from this country and how to deal with everything when somebody steals your assets. Too many unknowns in other countries. The higher interests rates just isn't worth the uneasy feeling I would have everyday of my life going forward...

Reply #46

NativeSlew67 — Sat, 14 Dec 2013 21:23:20 GMT

This is when you need a good lawyer and offshore bank in The Bahamas

Reply #45

LottoBoner — Sat, 14 Dec 2013 21:22:22 GMT

Hey JackpotWanna, are you related to Helpmewin? You guys gals look like twins.

Reply #44

LottoBoner — Sat, 14 Dec 2013 21:20:38 GMT

lol

opps, i meant to say LOL oops, i mean, i forget

But very funny. I will have to see how much it costs to rent a horse.

You haven't seen this dog though. It looks like a small horse.

Reply #43

LottoBoner — Sat, 14 Dec 2013 21:14:40 GMT

Your right, I f%$ked up royally there.

Thats one of my pet peeves, people who say Me and Bob went to the store

Then everybody says dummy, Its Bob and I went to the store.

And then I am like I dont give a F%$K!!! Bob had no money to spend anyway!!!!

I had to buy everything!

What a moocher bob is.

I think I still have time to edit it.

Thanks for the heads up!

Oh well ran out of time. Mised Missed it by sixty seconds.

Reply #42

Six balls — Sat, 14 Dec 2013 21:11:07 GMT

If CA gives me a live check for my eventual-maybe-someday JP win, I'm going to my old Citibank branch in the rattiest **** clothes I can find and asking for the private banker. Then, when they try to steer me toward the regular staff, I'm going to flash the check and tell them to let corporate know how much money they just lost. At last, vengence shall be mine! Muahahahaha.

Reply #41

LottoBoner — Sat, 14 Dec 2013 21:10:18 GMT

I agree with chipp here. I guess you could build a small bank for 1 million.

And then store your own money in the bank in a expensive vault, and pay a ninja to guard your cash. That's only like 30,000 per year overhead for the lethal security.

And then maybe you could go into the banking business, and give loans to small business.

You could loan to startup a business, called CASH4$hit.com

People will outsource to this company to pick up what your dog let LOOSE outside my window. They... [ More ]

Reply #40

grwurston — Sat, 14 Dec 2013 21:07:41 GMT

Um, shouldn't the i in your last sentence have been I

Reply #39

LottoBoner — Sat, 14 Dec 2013 20:59:54 GMT

Well thats very kind of you Bank Manager. I would also like a poached egg with a dash of cinnamon, and some naked juggling midgets if thats not too much to ask. They are really talented you know, and they work hard for the money.

And how bout a Panda Bear? Can I get a Panda Bear

Reply #38

grwurston — Sat, 14 Dec 2013 20:58:55 GMT

... So if that keeps happening, you need to get a horse and take him to your neighbors yard. And since horse apples are

bigger THAN dog grapes, THEN you can tell him, if you don't lose your dog, I won't lose my horse.

Reply #37

LottoBoner — Sat, 14 Dec 2013 20:55:40 GMT

I think Todd has made a great tool available to LP members, its called a spell checker.

I think all members should use it or at least try to. I try to. After all, we should remain professional at all times.

That way when I try to say specific , and really say speific , nobody will say. Ya know, I see this on LP all the time, somebody on the forums says they have a speific system, when its really a superfantabulous system. Or they say You know you say your system is speific, but I really th... [ More ]

Reply #36

Jon D — Sat, 14 Dec 2013 20:51:28 GMT

Bank manager: Whatever you want Mr. LottoBoner. For $400 Mil, I'll get you a stripper and dim sum or anything else you want! Just name it

Reply #35

LottoBoner — Sat, 14 Dec 2013 20:48:32 GMT

Can I get hot cocoa and oreos

Reply #34

LottoBoner — Sat, 14 Dec 2013 20:46:19 GMT

I would say there are several answers to that question.

1) I would deposit 550 mil in the bank, with two armed guards, dual tasers and a personal Ninja that works 4 cash.

There is a special website called cash4ningas.com

You can find all your Japanese bodyguard needs there. You can even find some Cash4Samurai and even some Cash4SumoWrestlers.

2)Yes There is a definitely a special bank that you should use. Its called a bank that specializes in loving Money.

Reply #33

Jon D — Sat, 14 Dec 2013 20:44:04 GMT

CA lottery says they only do check, and do not do Electronic Funds Transfer.(EFT)

But they also say they will loan you one of their security people to accompany you to the bank. That must be fun. Love to see the look on the teller's face when you hand her a check for a few hundred million. Oh my, let me get my manager....Harry, it's a big one! And then they sit you down in the private area in a nice cushy chair with a latte and biscotti.

It's all electronic anyway, the check is just instru... [ More ]

Reply #32

LottoBoner — Sat, 14 Dec 2013 20:35:15 GMT

Sometimes when the leash on your dog is too LOOSE, you might LOSE your dog permantly. I dont really mind if you LOSE your dog because he keeps LETTING LOOSE on my lawn.

Reply #31

KY Floyd — Sat, 14 Dec 2013 20:32:45 GMT

This is the internet, and it's 2013. You might as well ask people to know when they should or shouldn't use to , too. I'm just glad that most people can use two correctly.

Reply #30

kapla — Sat, 14 Dec 2013 19:48:13 GMT

Correct, no state will give you that kind of money by check. They will only WIRE the money to the bank you tell them to.

Reply #29

Slick Nick — Sat, 14 Dec 2013 19:33:03 GMT

Maybe I said that wrong, you can deposit any amount you want, but I believe they will only insure a certain amount. (As told to me by and M T bank official

Reply #28

Jill34786 — Sat, 14 Dec 2013 19:26:24 GMT

You can actually open up several different accounts at the same bank. If you are married or have children it's possible to have 6-8 fully funded accounts that would be covered under FDIC.

Reply #27

Jill34786 — Sat, 14 Dec 2013 19:15:41 GMT

might be safe just to keep your money at your house

Your mattress won't be sufficient. You will need an entire room and a team of armed security guards keeping watch outside your home.

Reply #26

rdgrnr — Sat, 14 Dec 2013 18:57:55 GMT

Mine are loose and lose.

Your and you're as well.

Don't get me started on there, their and they're.

But lately it's the people who want to say oops but spell it opps.

Reply #25

Win$500Quick — Sat, 14 Dec 2013 18:19:42 GMT

Wire transfer? Then you can start moving the money up as needed. Floyd Maywhether has $123+ million sitting in one bank.

https://www.lotterypost.com/thread/266120/3257963

Reply #24

Artist77 — Sat, 14 Dec 2013 18:14:52 GMT

Serge, I don't think the prior comment was directed at you or anyone in speific. I speak French also. The Chicago Manual of Style cites LOL as an exclamation: LOL! which seems like overkill to me.

It beats reading.......LOL....lol..lol............lol....yadda yadda...lol..... from a former member.

Reply #23

helpmewin — Sat, 14 Dec 2013 17:50:47 GMT

might be safe just to keep your money at your house

Reply #22

helpmewin — Sat, 14 Dec 2013 17:48:57 GMT

Reply #21

helpmewin — Sat, 14 Dec 2013 17:35:39 GMT

Reply #20

SergeM — Sat, 14 Dec 2013 17:07:49 GMT

At least I have the decency to speak other languages better than English.

By the way, it's LOL followed by a point, dot, full stop, semicolon or comma

Reply #19

Artist77 — Sat, 14 Dec 2013 16:52:49 GMT

lol My pet peeve is your and you're.

Reply #18

LottoNick56 — Sat, 14 Dec 2013 16:11:14 GMT

I see this a lot on LotteryPost. Can we please all agree that LOOSE means not tight and LOSE means to not win or to no longer possess.

Reply #17

LottoNick56 — Sat, 14 Dec 2013 16:05:42 GMT

I believe that poster was referring to the FDIC Insurance law to insure up to $250,000.

http://www.fdic.gov/deposit

Reply #16

Jill34786 — Sat, 14 Dec 2013 16:00:17 GMT

That is false. There are no Federal reserve insurance laws in place that prevent anyone from depositing a large sum of money. If there is only one sole winning ticket the cash option after the initial withholding will be closer to $200 million. The winner will also have to put aside another $43 million for the balance of the Federal taxes that will come due in 2015.

Reply #15

tony869 — Sat, 14 Dec 2013 15:51:29 GMT

There are only 2 banks in the world left that will insure all of it the bank of Bahamas, and Cayman islands.... This is why i know one WA lotto winner did and took 6 millon of his winnings to Cayman island bank... That is what i would do if i ever win.

Reply #14

Slick Nick — Sat, 14 Dec 2013 15:44:48 GMT

Reply #13

chipp — Sat, 14 Dec 2013 15:43:20 GMT

Build your own bank with a big vault

Reply #12

Coin Toss — Sat, 14 Dec 2013 15:36:30 GMT

The Vatican Bank might go for it.

Reply #11

SergeM — Sat, 14 Dec 2013 15:31:36 GMT

The bank goes bankrupt.

The CEO took the cash as payment.

Employees loose their job, life insurance and pension,

bank customers get nothing.

The CEO runs free with the cash.

Reply #10

SergeM — Sat, 14 Dec 2013 15:28:34 GMT

If you deposit the money, how are you going to retrieve it later

Reply #9

helpmewin — Sat, 14 Dec 2013 14:57:50 GMT

Reply #8

Greg2117 — Sat, 14 Dec 2013 14:36:02 GMT

You wouldn't even be getting back close to that amount if you ever win $550 million. So u don't have to worry about that.

Reply #7

JonnyBgood07 — Sat, 14 Dec 2013 14:14:30 GMT

How does one deposit $550 million in the bank?

same way the cartels and the mafia do it lol

Reply #6

Slick Nick — Sat, 14 Dec 2013 14:11:50 GMT

You can't post that amount in 1 bank due to federal reserve insurance laws. In New York I think they only insure up to $125,000 per account. You would have to get several bank accounts to deposit all that money. But when you win that much you invest in IRA's, bonds, and other things. Plus most people would need and get a financial advisor.

Reply #5

JackpotWanna — Sat, 14 Dec 2013 13:48:46 GMT

lol

Reply #4

FLATRANSPLANT — Sat, 14 Dec 2013 13:48:24 GMT

You set up a trust with your lawyer and put the money in a private bank....8

Reply #3

Saylorgirl — Sat, 14 Dec 2013 13:47:15 GMT

Whatever you do don't try and put that big oversized check in the tube at the drive up window. It is really hard to roll it up small enough

Reply #2

savagegoose — Sat, 14 Dec 2013 13:46:34 GMT

bags of nickles

Reply #1

Artist77 — Sat, 14 Dec 2013 13:44:58 GMT

Banks can handle that amount but I would go with a big bank like Wells Fargo. Look up CDARS.

Question? How does one deposit $550 million in the Bank?

JackpotWanna — Sat, 14 Dec 2013 13:23:40 GMT

How does one deposit $550 million in the bank? Is there a special bank that can handle that amount