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Time in a bottle...

Topic closed. 8 replies. Last post 8 years ago by Jeffg330.

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AlecWest's avatar - alec
Vader, Washington
United States
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Posted: August 13, 2008, 10:23 pm - IP Logged

I suspect that there are still some people who believe that, when they go into a lottery office to redeem a winning cash-option jackpot, they'd get the check "right away."  I doubt if that's true in most cases.

Question.  What is the quickest jackpot payout you've ever heard of ... and the slowest?  And which is a faster method of payment - wire transfer or check by mail (or neither)?

Regards - J. Alec West

    Stew12's avatar - bad egg-64x64.png
    CT
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    Posted: August 13, 2008, 10:28 pm - IP Logged

    I'd assume wire transfer is the way to go.  Who would want their check for millions floating around in the mail for a week?  Not me.

      AlecWest's avatar - alec
      Vader, Washington
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      Posted: August 13, 2008, 10:55 pm - IP Logged

      I'd assume wire transfer is the way to go.  Who would want their check for millions floating around in the mail for a week?  Not me.

      Hopefully, lottery commissions would give you the option of receiving your jackpot by direct wire deposit to your bank.  But, I'm not sure how many of them DO give you the option.

      Still, either way (by wire or by mail), I'm curious to know approximately how long it takes to get paid.  For example, if I redeemed a $10mil cash-option jackpot ticket on September 1st, how soon would I actually get the money ... the 3rd ... the 5th ... the 15th ... a month later???

      Regards - J. Alec West

        ThatScaryChick's avatar - x1MqPuM
        Idaho
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        November 21, 2007
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        Posted: August 14, 2008, 12:41 am - IP Logged

        I suspect that there are still some people who believe that, when they go into a lottery office to redeem a winning cash-option jackpot, they'd get the check "right away."  I doubt if that's true in most cases.

        Question.  What is the quickest jackpot payout you've ever heard of ... and the slowest?  And which is a faster method of payment - wire transfer or check by mail (or neither)?

        Regards - J. Alec West

        You're probably going to have to wait until someone who has won a good sized jackpot gives you the answer. I'm sure the payout experience differs from state to state.

        "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

          BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
          Magnolia, Delaware
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          Posted: August 14, 2008, 10:19 am - IP Logged

          Hopefully, lottery commissions would give you the option of receiving your jackpot by direct wire deposit to your bank.  But, I'm not sure how many of them DO give you the option.

          Still, either way (by wire or by mail), I'm curious to know approximately how long it takes to get paid.  For example, if I redeemed a $10mil cash-option jackpot ticket on September 1st, how soon would I actually get the money ... the 3rd ... the 5th ... the 15th ... a month later???

          Regards - J. Alec West

          First of all you would have to have a special account already in place at your bank before you go to the lottery office. Then the lottery commission can issue the order to wire transfer the money (minus your states share of course) that your state collected in the multi state game that you just won! But it can take as long as 45 days to get all the money that you have coming to you! That's because your state has to wait on the other states to send/wire the money they collected (minus their share of course) for that multi state game to the winning state that's claiming the jackpot!

          Keep dreaming the impossible dream, it just may come true! Thumbs Up

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            Kentucky
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            Posted: August 14, 2008, 12:47 pm - IP Logged

            Hopefully, lottery commissions would give you the option of receiving your jackpot by direct wire deposit to your bank.  But, I'm not sure how many of them DO give you the option.

            Still, either way (by wire or by mail), I'm curious to know approximately how long it takes to get paid.  For example, if I redeemed a $10mil cash-option jackpot ticket on September 1st, how soon would I actually get the money ... the 3rd ... the 5th ... the 15th ... a month later???

            Regards - J. Alec West

            I've read where multi-million dollar winners had their check in less than 10 days and I know a guy that had to wait 6 weeks to collect $15,000. Many lotteries are required to check if the winner owes back taxes or child support and that could be very time consuming if there were many prize winners. Some lotteries might issue the checks on one day each month so how long it takes may depend on when the ticket is validated.

            Lotteries should offer direct deposit and that should be done right after the tax and child support check is done. A prize winner should have the money in 5 business days, but some lotteries take their sweet time.


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              Posted: August 14, 2008, 12:47 pm - IP Logged

              Florida is 2 weeks. A long long 2 weeks...lol

                DC81's avatar - batman39
                MI
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                Posted: August 14, 2008, 2:21 pm - IP Logged

                I know I've said it before but if you do win a big one (talking about Mega Millions or Powerball) you probably won't be walking out of the lottery office with nothing, you won't get the jackpot on the same day but you probably will get something to tide you over, though that might depend on the state. I know a couple stories about winners had a mention on how they'd have to wait (for the background check and collection of the money) before getting the full amount but were still given, I think a million dollars in the mean time. Probably to help pay the bills, heh.

                You can't predict random.

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                  New Member

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                  Posted: August 14, 2008, 7:19 pm - IP Logged

                  I know I've said it before but if you do win a big one (talking about Mega Millions or Powerball) you probably won't be walking out of the lottery office with nothing, you won't get the jackpot on the same day but you probably will get something to tide you over, though that might depend on the state. I know a couple stories about winners had a mention on how they'd have to wait (for the background check and collection of the money) before getting the full amount but were still given, I think a million dollars in the mean time. Probably to help pay the bills, heh.

                  from the official powerball site FAQ'S:

                   

                  HOW LONG DOES IT TAKE TO GET MY MONEY?

                  It takes two weeks to collect the cash from the stores around the nation. If you go to the lottery to claim your prize after that two weeks, then you can generally have the jackpot money (all cash or the first of the annual payments) hit your bank account the next day - maybe the following day if you come to the lottery office very late in the day. That said, you will have no trouble getting a little credit if you wish to buy something big before the two weeks time. Just mention my name - and that you are the Powerball winner