What to do with a lump sum while looking for financial team.

Reply #16

Speler — Sat, 04 Sep 2021 09:04:11 GMT

Here also you couldn't withdraw just like that at any moment. This was when their cash was low.

The last years several bank-offices disappeared. Before some were popping up like mushrooms.

Citybank was in the news, I didn't read about it. We had a local bank going bankrupt, the state picked it up.

Another big bank stopped. Sometimes there were fusions. Banks also started doing insurances in the past,

they split the offices. (...) All those working in banks generally had a very nice i... [ More ]

Reply #15

Rexer90 — Sat, 04 Sep 2021 05:52:35 GMT

I knew a guy worth $2Billion. He basically split it up into five separate funds with different banks etc. it came to pass that he was getting a better rates/return at four of them so he asked the fifth bank to match the rate of the other four they refused. He decided to close the 5th one down transfer the money to the other four banks.

That's when the fun started. They wouldn't let him pull the money out in one chunk, said it might cause problems for them etc. Then the lawyers got involved. I... [ More ]

Reply #14

Speler — Fri, 03 Sep 2021 21:30:17 GMT

I don't know any Joe Smoe. When you have a silly amount of money, you get more interests and you can pay a company to place your money. I think that I know four people who place money for rich people.

Reply #13

Rexer90 — Wed, 01 Sep 2021 16:47:21 GMT

I would imagine if you had stupid amounts of money in the bank then they would keep a much closer eye on things than they do for Joe Smoe etc.

Reply #12

Unlucky fool — Tue, 31 Aug 2021 22:10:38 GMT

If u have millions in a USA bank account do they cover it from theft identity or otherwise

Reply #11

Rexer90 — Tue, 31 Aug 2021 16:48:03 GMT

I think there's a tax on exporting large amounts of cash.. around 15%?... that's on top of the usual taxes you'd pay on the win.

Reply #10

Stat$talker — Sun, 29 Aug 2021 16:39:13 GMT

Reply #9

Karen Nathan — Sun, 29 Aug 2021 16:02:31 GMT

Thanks for also bringing up the Swiss Bank Account thing which should have been brought up a long time before I mentioned it.... Swiss Banks are one of the safest banks in the world...

Reply #8

Stat$talker — Sun, 29 Aug 2021 14:24:50 GMT

US Banks... up to $250,000 FDIC... but Commercial Banks are THE Worst place to stash THAT KINDA CASH...those CEOs are crooks, Gangsters...they pay you pennies on the intrest, yet issue you a credit card with a 22% intrest rate..!! Highway Robbery...!

They killed President JFK.. that should tell you how serious they are about controlling money..because he instructed Hoover to seize Nazi Banks in the US.

Prescott BUSH..(H.W Bush's father). and the Kennedys have been loooong archenemies... R... [ More ]

Reply #7

Unlucky fool — Sat, 28 Aug 2021 23:43:05 GMT

I meant like some teller or hacker transferring from the account. I'd assume the bank would cover it. Though I don't know if there are limits.

Reply #6

Speler — Sat, 28 Aug 2021 20:31:49 GMT

Unlucky fools don't have to worry about such details.

Reply #5

Speler — Sat, 28 Aug 2021 18:39:08 GMT

I wouldn't expect a bankrobber. Today the money is not stocked in paper and metal coins in some safe like in Western movies. Maybe some banks are the robbers. They can go bankrupt. - Basically, if they receive the money, ...

Reply #4

Karen Nathan — Sat, 28 Aug 2021 16:28:02 GMT

I'm surprised that no one mentioned that transferring the Winnings to a Swiss Bank Account would be the best thing to do since Banks are only insured to up to $250,000. If you put say 30 million in your bank and some Bank Robber steals that 30 million, your 30 million is GONE, but a Swiss Bank Account would keep all your 30 million for you...

Reply #3

Unlucky fool — Sat, 28 Aug 2021 16:11:42 GMT

So what happens if the account you give them is a standard checking/savings account that does not participate in cdars intrafi? Would a standard bank account work temporarily for a Huge amount like 120 million or whatever. Do banks insure that much from fraud or theft? The 250k fldic insurance is just In case the bank folds right?

I know I'm just as likely to find a leprechaun than hit the jackpot it's just kind of fun to think about. Thanks for your replies everybody.

Reply #2

GiveFive — Sat, 28 Aug 2021 12:40:41 GMT

Most likely the money a player wins would be wire transferred from the lottery to a bank account you specify to them. If you win a Powerball or MegaMillions jackpot, MUSL wires the funds to your bank, but individual state lotteries could and might operate differently.

Once it's in the bank, as was mentioned above, you could use CDARS/IntraFi (provided the bank your money is deposited in participates in CDARS) to spread the money around. Your participating IntraFi bank would handle all of tha... [ More ]

Reply #1

HoLeeKau — Sat, 28 Aug 2021 02:33:41 GMT

I'd rent a safe deposit box to put the ticket in.

If you wanted to deposit it all with FDIC insurance, look into IntraFi Network Deposits, formerly known as CDARS.

IntraFi

What to do with a lump sum while looking for financial team.

Unlucky fool — Sat, 28 Aug 2021 01:25:27 GMT

In the unlikely event of winning a big jackpot. I know it is wise to lock winning ticket away while putting together a financial team first. However, I would probably be too scared of something happening to the fragile paper ticket in the meantime. I would want to claim my prize immediately. If so, is there a safe way for a financial layman like myself to deposit large sums of money in a bank account? I'm aware of the 250000 fdic insurance and spreading the money in many accounts. I figure that... [ More ]