How would you receive your winnings?

Reply #31

Artist77 — Fri, 28 Dec 2018 17:59:09 GMT

Thanks! One of the very few who publish cdars rates. Those cdars rates are a good 1 to 1.3% below the average cd rates. Even worse than I expected. If I ever win no more than 10 million net, I will avoid cdars. I could handle oversight of 40 cd accounts.

Reply #30

mikeintexas — Fri, 28 Dec 2018 14:39:12 GMT

The Community National Bank in Midland (TX) publishes their current CDARS rates weekly.

Go to their CDARS page and click on the CDARS Rates link to d/l a pdf of their current interest rates of all they offer. (none of which even begin to match those of online jumbo CDs from companies like AmEx, Discover, etc.)

TIAA Bank has higher interest rates, but they also have an upper limit to the amount that can be deposited.

ICS - Insured Cash Sweep could be another option.

You might find thi... [ More ]

Reply #29

TheMeatman2005 — Fri, 28 Dec 2018 11:35:40 GMT

It's a question like....... WHEN you cross the street, do you look both ways before crossing

Reply #28

amber124 — Fri, 28 Dec 2018 02:30:22 GMT

Please clarify by what you mean when you type the word when . I read it as to assume it's inevitable. Am I correct

Reply #27

Curious22 — Fri, 28 Dec 2018 02:20:32 GMT

I had no idea they would do that if you were to hit the jackpot. I guess on one hand they're assisting you in being debt free. Other creditors would be the winners responsibility though.

Reply #26

lottologix — Thu, 27 Dec 2018 01:18:19 GMT

Would ask for the entire amount in unwrapped hand counted pennies to be hand delivered to my home address one penny at a time. And they half to walk it there too.

Reply #25

Perfecttiming2 — Wed, 26 Dec 2018 15:26:42 GMT

Another reason for the delay is the review of any money you may

owe be it student loans or back taxes.... ( if you win PB or MM jackpot

and you owe money on federal student loans, that money is deducted before you

are paid (local lottery office explained that to me a few years ago).

Reply #24

Stack47 — Sun, 23 Dec 2018 22:40:32 GMT

It's not the same as getting a rebate check; ever hear of direct deposit

Reply #23

Curious22 — Sun, 23 Dec 2018 20:22:46 GMT

Good to know the lottery commissions have a plan to tie a winner over. Like here's $10 million while you wait in the mean time .

Reply #22

Curious22 — Sun, 23 Dec 2018 20:10:05 GMT

Taxes are a very interesting subject that I'd like to see discussed more on Lotterypost.

Although I can see the benefit of hiring a CPA it leads me to wonder how complex paying taxes would be.

You would probably need a CDAR just to pay your taxes. For example, requesting 300 of your banks to send $250k each to the IRS.

Reply #21

music* — Sun, 23 Dec 2018 20:04:46 GMT

When I mentioned taxes I guess I should have been more clear. After winning an MM or PB jackpot this week I will claim in the New Year. I will still owe 13% to the Feds. I need a CPA to tell me when I need to pay that. Maybe quarterly. Maybe not until April 15, 2020.

Reply #20

Artist77 — Sun, 23 Dec 2018 19:53:11 GMT

If you rolled over the interest, you would not owe taxes until you receive any payments.

Reply #19

music* — Sun, 23 Dec 2018 19:24:04 GMT

I could use CDARS for holding the taxes that I will owe. The IRS might want Quarterly payments.

Right now I am considering investing in Mutual Funds.

The Stock Market has been hit hard these past Months. This could reveal buys. Like when you purchase a suit on sale.

Reply #18

Artist77 — Sun, 23 Dec 2018 19:12:53 GMT

Sorry. There is a general cdars summary but the rest seems to be rates for money market accounts and savings. I could not find it either online.

Reply #17

CDanaT — Sun, 23 Dec 2018 17:37:37 GMT

How about this

https://cdrates.monitorbankrates.com/cd-rates-from-banks/cdars-cd-rates

Reply #16

Artist77 — Sun, 23 Dec 2018 17:22:44 GMT

But no info on actual cdars interest rates unless you contact a bank.

Reply #15

CDanaT — Sun, 23 Dec 2018 16:48:12 GMT

https://www.cdars.com/home/how-cdars-works

This bank is in Illinois and this is there little notation on CDARS

https://www.stillmanbank.com/personal/cdars/

This link has all the banking facilities in my state

https://www.cdars.com/home/find/find-cdars?state=TN

Reply #14

Coin Toss — Sun, 23 Dec 2018 16:17:10 GMT

Thanks Artist.

Reply #13

Artist77 — Sun, 23 Dec 2018 16:04:30 GMT

CDAR. Certain banks will divide up your money among various institutions and you will get one consolidated report and all the same rate for all the cds. I understand the interest rates for these cdars cds are lower than some rates you could get on your own but the banks are charged a fee for cdars. I was googling this the other day but could not find what the average cdar cd rate was.

So of you win $10 million, do you want to manage 40 cd accounts with higher rates for some of them or do a co... [ More ]

Reply #12

Coin Toss — Sun, 23 Dec 2018 15:53:29 GMT

Has anyone thought about the FDIC $250,000 ceiling or did I miss something

Reply #11

KY Floyd — Sun, 23 Dec 2018 07:17:22 GMT

I wonder if this is a standard procedure in other places, or at least to some degree?

Of course the exact details vary from state to state (or other countries), but that's about how it happens. The lottery validates the ticket, agrees that it's a winner, and okays payment, and the appropriate agency makes sure there's enough money in the right account and issues a check or makes a wire transfer.

Perhaps things have changed, but in late '92 Ohio also took 6 weeks to pay at least one partic... [ More ]

Reply #10

music* — Sun, 23 Dec 2018 01:07:42 GMT

Thank You CDanaT for the website. I read it and found a Second-grade test. I got an A+ on it. My color memory is poor. So I got a few of those incorrect.

We must avoid making the mistakes that previous lottery winners made. I will also make more correct decisions.

One good reason not to open mail from beggars is it could contain white powder.

Reply #9

CDanaT — Sat, 22 Dec 2018 17:48:51 GMT

You could get a stamp that says Return to idiot that sent this and put it right back in the outgoing mail slot.

Better than ending up like the folks in this article.

https://www.msn.com/en-us/money/personalfinance/disappointing-stories-reveal-what-its-really-like-to-win-the-lottery/ar-BBRgG96?ocid=spartandhp#image=8

Reply #8

music* — Sat, 22 Dec 2018 17:21:05 GMT

I will be moving and hope to use a UPS Store as my mailbox. The USPS home box will be full of begging letters. As well as a USPS P.O. box.

I will need to contact the UPS Store for more info.

Reply #7

TheMeatman2005 — Sat, 22 Dec 2018 00:51:01 GMT

For a jackpot win, they can wire the money to my bank account.

That's fine for me.

Reply #6

Curious22 — Sat, 22 Dec 2018 00:04:13 GMT

Thanks. Very descriptive and helpful I wonder if this is a standard procedure in other places, or at least to some degree

Reply #5

music* — Sat, 22 Dec 2018 00:00:11 GMT

During the 6 weeks, the ticket will go through checks and balances. Then the State Controller makes sure everything has been done correctly and issues the check.

Choosing to get the check at a District Office will give the winner the option of asking for a security person to accompany the winner to the bank.

California has eight District Offices throughout the State. The Headquarters is located in Sacramento, the Capitol. I believe that all the Offices will be open this Monday but close... [ More ]

Reply #4

CDanaT — Fri, 21 Dec 2018 20:31:53 GMT

What is up with that 6 weeks thing anyways ?? Seems a bit long

As far as having to collect in 3-5days ?? Give me a call, I will be happy to drive down and pick it up

Reply #3

Raven62 — Fri, 21 Dec 2018 20:14:56 GMT

The same as you...

Reply #2

Curious22 — Fri, 21 Dec 2018 19:58:44 GMT

6 weeks? That's interesting. You wouldn't get the official check until Feb 1 2019. But on another hand you could use this time to plan in advance.

Reply #1

oate — Fri, 21 Dec 2018 19:47:56 GMT

Depends on the amount. My home address is fine for small amounts. For a big amount I would pick it up at a district office. In California they say it can take up to 6 weeks to process. (That's what it currently says on their website. I imagine they update this periodically depending on their backlog.

How would you receive your winnings?

Curious22 — Fri, 21 Dec 2018 19:29:55 GMT

When you win the lottery, if they tell you that you'll have to wait 3-5 business days to receive the check. Would you rather use a P.O. Box or your home address