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Banking Large Winnings

Topic closed. 47 replies. Last post 11 years ago by rabbitfoot.

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How does a bank handle and insure large lottery winnings?

Certificate of Account Deposit Registry [ 13 ]  [31.71%]
Brokeridge Firms [ 7 ]  [17.07%]
Several/Many Banks [ 21 ]  [51.22%]
Total Valid Votes [ 41 ]  
Discarded Votes [ 13 ]  

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Posted: July 13, 2005, 7:44 pm - IP Logged

I remember when the FDIC limit was 40k.

    TheGameGrl's avatar - character catafly.jpg
    A long and winding road
    United States
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    June 10, 2005
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    Posted: July 13, 2005, 9:05 pm - IP Logged

    Just out of curiousity- If a bank is only insured for a certain amount, is that the same as saying, "well anything beyond that , (if lost), will not be replenished/re-couped?" Surely a bank has account managers that monitor your account from being mysteriously mis-allocated? I'm confused on the *insured* part per se.

    ~~Is it true, Is it kind,Is it necessary. ~~~

     Thanks be to the giving numbers: 1621,912,119 02014

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      Blaine WA
      United States
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      June 15, 2005
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      Posted: July 14, 2005, 6:09 pm - IP Logged

      If someone knows how a large jackpot winning can be deposited into one bank please explain.  The FDIC insurance limit is $100,000 beyond that there is no insurance for your money.  So how do the rich do it?

      I know for sure that one can deposit up to $5-million in CEDARS spread across 50 banks. That amount may have been raised to $10-million, I,m not sure on that.  All money is FDIC insured as your money is deposited in $100,000 sums in all participating banks.  To find out how CEDARS work, go to Bankrate.com and look up CEDARS.  Just think, you and your spouse could deposit up to $5-million each (maybe its $10-million now) using just one deposit source. 

      then what will i do with the balance

        bigdaddy's avatar - aviator2 1.jpg
        BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
        United States
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        Posted: July 15, 2005, 3:52 am - IP Logged

        gold gold gold ----big house

        Relax,Bigdaddy has your number!!!!!

        Pi is the way...

        turning $30 or less into thousands everyday!!

        here we go steelers ..here we go---------stairway to seven 

        TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..


          United States
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          Posted: July 27, 2005, 8:33 pm - IP Logged

          Above 100k it's probably a percentage.


            United States
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            Posted: July 30, 2005, 12:53 pm - IP Logged

            I briefly had over 100k.

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              New Mexico
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              Posted: August 1, 2005, 11:03 am - IP Logged

              I briefly had over 100k.

              Should have taken the annuity.  Maybe you'd still have some of it.

              J

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                Portland
                United States
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                September 27, 2004
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                Posted: August 1, 2005, 11:36 am - IP Logged

                Hi!!

                I usually hear an advice that: find an financial advisor! If I was the winner and do so, where do I put my ticket during the discussion time??

                I know that no one is trustworth like bank ! But it is terrible for me when I have to leave the ticket !???

                Is it OK if I immediately rush to the Lottery Office right in the Monday morning ?

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                  New Mexico
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                  March 10, 2005
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                  Posted: August 1, 2005, 11:53 am - IP Logged

                  Hi!!

                  I usually hear an advice that: find an financial advisor! If I was the winner and do so, where do I put my ticket during the discussion time??

                  I know that no one is trustworth like bank ! But it is terrible for me when I have to leave the ticket !???

                  Is it OK if I immediately rush to the Lottery Office right in the Monday morning ?

                  Just announce it here immediately after it happens, before you do anything else.  A host of experts who've never won a jackpot, never had any money to speak of, will explain to you in loving detail how you should handle the matter.

                  Jack

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                    md
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                    Posted: August 1, 2005, 11:55 am - IP Logged

                    Its all a matter of choice.  If you are comfortable with the process moving at a fast pace - by going straight to the Claims Office before you can get some professionals in place.  That would be your choice. 

                    A more wiser approach would be to copy the winning ticket, put the original in a safety deposit box at a bank in a vault. Get with a an attorney, preferably a tax attorney; then a financial planner/money manager it could be a private wealth manager at a place like Merrill Lynch, etc.  Then an accountant.  Then the claims office, and then a meeting with exclusive family and friends.  Then head out of town.

                     

                    delS

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                      Portland
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                      Posted: August 1, 2005, 1:04 pm - IP Logged

                      Hi Rip Snoter and delS: If I won, I think I will get the Lottery office first and find the advisor later ...that's good for my health. . And I will not hide from the public. hehe! Thank you for your tips and I also read and learn many new thing from this website .

                      P.S: Right now, I am still like Cinderella after midnight Sleepy and just hope my daydream come true in future! Big Smile

                      Good luck to you also !!Party


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                        Posted: August 5, 2005, 3:26 pm - IP Logged

                        How is that Euro Millions winner going to bank her "cheque"?


                          United States
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                          June 2, 2005
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                          Posted: August 6, 2005, 3:49 pm - IP Logged

                          I agree with Maddog on this one. If I win a California SLP Jackpot tonight, I would let family know. I hope lots of banks can cover all this money should I win tonight. 

                            Bradly_60's avatar - disney37
                            Atlantic Mine, Michigan
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                            June 23, 2002
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                            Posted: August 6, 2005, 5:04 pm - IP Logged

                            You can get up to $2,000,000 per bank insured by naming the accounts different ways.  But really the only way you can lose your money is if the bank goes bankrupt.  That doesn't happen to often so but it in a bank you trust.  I mean Wells Fargo, Bank of America and so forth are not going to be going down anytime soon or even a local bank you might use now. 

                            Brad

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                              Old Greenwich
                              United States
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                              July 20, 2004
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                              Posted: August 6, 2005, 8:00 pm - IP Logged

                              You don't give the gov bond to a bank(hey man here some money where's my bank card) ... You transfer the funds and fight for a much higher rate of interest from an investment firm such as goldman sachs merill or even smaller that cater to high net worth clients.  They are insured by reinsuance companies that have more money than them. This is why most lotto winners lose there money they don't have a clue in what to do. My suggestion is to go to college and study business before you spend any of it let it sit. Collect the interest while to go to school. This way you can protect yourself and have something that can never be taken away from you.

                              Good luck