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Anyone know how the money is typically received?

Topic closed. 19 replies. Last post 4 years ago by joshuacloak.

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LottoNick56's avatar - Lottery-031.jpg
Tampa, FL
United States
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January 16, 2012
188 Posts
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Posted: April 22, 2013, 4:11 pm - IP Logged

Hypothetical:  I am the sole winner of $150,000,000 after taxes from a Powerball jackpot.  How does the transfer of funds usually happen?  My current bank account with Wells Fargo is not very large, how does one simply transfer $150,000,000 into a small checking account where the U.S. Government cannot secure that much money under F.D.I.C. regulations?  I do not know how this works.  Do I need to get an account with a "rich man's bank" who can secure it before I can accept the money? Multiple Accounts? I understand that a financial advisor would know these answers after I consult them but do any of you know how this money is properly transferred to winners from the lottery commission?

 

ROFL

...Someone's going to win eventually...

...Never know, could be me...

    helpmewin's avatar - dandy
    u$a
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    Posted: April 22, 2013, 4:17 pm - IP Logged

    i suppose you will get a check then you can cash it and you can put the money anywhere you like:

    i would hide my money in my house & under the bed safest place ever Yes Nod

     

    Good Luck Lep

    Let it Snow Snowman


      United States
      Member #128790
      June 2, 2012
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      Posted: April 22, 2013, 4:19 pm - IP Logged

      Personally I'd ask for a check and go to one of those check cashing places. Once I receive the cash, then simply divide it up into smaller amounts and deposit those smaller amounts in several banks. 

        whiteballz's avatar - Lottery-015.jpg
        Nutley, New Jersey
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        Posted: April 22, 2013, 4:31 pm - IP Logged

        "how does one simply transfer $150,000,000 into a small checking account"

        one does not simply transfer $150,000,000 into a small checking account.

        LOTR

        .

          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
          Bay Area - California
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          Posted: April 22, 2013, 4:32 pm - IP Logged

          I think in Florida,  you paid out in Vouchers. I could be wrong.kidding aside, that is where financial planners &.advisors come in. They know where you ought to invest & squirrel away your money for a long term future.

          * Nice touch with Boromir there Whiteballz.
          Dance

            LottoNick56's avatar - Lottery-031.jpg
            Tampa, FL
            United States
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            January 16, 2012
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            Posted: April 22, 2013, 4:37 pm - IP Logged

            "how does one simply transfer $150,000,000 into a small checking account"

            one does not simply transfer $150,000,000 into a small checking account.

            LOTR

            Touché.

            ...Someone's going to win eventually...

            ...Never know, could be me...

              hearsetrax's avatar - 0118

              United States
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              Posted: April 22, 2013, 4:40 pm - IP Logged

              Touché.

              Crazy @ the both of you


                United States
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                July 25, 2012
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                Posted: April 22, 2013, 5:06 pm - IP Logged

                Hypothetical:  I am the sole winner of $150,000,000 after taxes from a Powerball jackpot.  How does the transfer of funds usually happen?  My current bank account with Wells Fargo is not very large, how does one simply transfer $150,000,000 into a small checking account where the U.S. Government cannot secure that much money under F.D.I.C. regulations?  I do not know how this works.  Do I need to get an account with a "rich man's bank" who can secure it before I can accept the money? Multiple Accounts? I understand that a financial advisor would know these answers after I consult them but do any of you know how this money is properly transferred to winners from the lottery commission?

                 

                ROFL

                I have both checking and savings with Wells Fargo also.....hmmmm the people that greet you at the door will sit you down with an advisor to answer those kind of questions, frankly if I won that's where I'd start looking for my advisors....if they cant help and Im sure there's no way they'd turn down having that kind of large account they certainly will know where to send you....Since I got the mobile banking app...I havent stepped foot in my branch in 2 years but I might go and ask this particular question....

                  whiteballz's avatar - Lottery-015.jpg
                  Nutley, New Jersey
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                  Posted: April 22, 2013, 5:12 pm - IP Logged

                  I couldn't resist. Here is my serious answer: there is no such thing as a "rich man's bank."

                  "The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category."

                   

                  FDIC Deposit Insurance Coverage Limits
                  by account ownership category
                  Single Accounts
                  owned by one person
                  $ 250,000 per owner
                  Joint Accounts
                  owned by two or more persons
                  $ 250,000 per co-owner
                  Certain Retirement Accounts
                  includes IRAs
                  $ 250,000 per owner
                  Revocable Trust Accounts$ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific conditions and requirements)
                  Corporation, Partnership and Unincorporated Association Accounts$ 250,000 per corporation, partnership or unincorporated association
                  Irrevocable Trust Accounts $ 250,000 for the non-contingent, ascertainable interest of each beneficiary
                  Employee Benefit Plan Accounts$ 250,000 for the non-contingent, ascertainable interest of each plan participant
                  Government Accounts$ 250,000 per official custodian (more coverage available subject to specific conditions)
                  To calculate your deposit insurance coverage
                  Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.
                  For questions about FDIC coverage limits and requirements
                  Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.

                  http://www.fdic.gov/deposit/deposits/dis/

                   

                  From what I understand you will get a check which you can then deposit at a bank, once the funds have been transfered, you can then spread your money out to different insured banks.

                  If you won $150 million, there wouldn't be enough banks in America to spread your money out to and have every dollar covered by the FDIC. Talk with a financial advisor for more information but generally speaking, if you are only concerned with keeping your principal safe and you don't care much about earning interest you can buy US Treasuries. The 30 Year Treasury bond is currently yielding 2.89% interest.

                  Again, you want to talk with a financial advisor to help you set up a diversified portfolio made up of many different asset classes tailored to your own personal risk tolerance.

                  portfolio

                  .


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                    Posted: April 22, 2013, 5:43 pm - IP Logged

                    Excellent pie chart whiteballz, I think I would put a spinner in the middle to make my choices.

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                      Posted: April 23, 2013, 3:29 pm - IP Logged

                      "If you won $150 million, there wouldn't be enough banks in America to spread your money out to and have every dollar covered by the FDIC"

                      Right. Because there are fewer than 600 banks in the entire country.

                        redhot7's avatar - SetforLifeLogo
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                        Posted: April 23, 2013, 3:44 pm - IP Logged

                        which brings up another question: are you going to deposit that check with an ATM or give it to a bank teller?

                        If you deposit it with an ATM, you run the risk of having that check torn apart by the machine.

                        If you give it to a bank teller, that bank teller would know that you are a lottery winner. Bad idea since the less people know you win, the better.

                          redhot7's avatar - SetforLifeLogo
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                          Posted: April 23, 2013, 3:46 pm - IP Logged

                          "If you won $150 million, there wouldn't be enough banks in America to spread your money out to and have every dollar covered by the FDIC"

                          Right. Because there are fewer than 600 banks in the entire country.

                          As of December 31, 2012, the FDIC reports a total of 6,096 commercial banks and 987 savings institutions in the United States.

                            jimjwright's avatar - Yellow 3.png
                            Park City, UT
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                            Posted: April 23, 2013, 4:28 pm - IP Logged

                            Google "Private banking services".

                            Jimmy


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                              Posted: April 23, 2013, 7:33 pm - IP Logged

                              which brings up another question: are you going to deposit that check with an ATM or give it to a bank teller?

                              If you deposit it with an ATM, you run the risk of having that check torn apart by the machine.

                              If you give it to a bank teller, that bank teller would know that you are a lottery winner. Bad idea since the less people know you win, the better.

                              Bank tellers should not be opening their mouths....banks frown on giving out information on their wealthy clients....clients could pull their money out and take it elsewhere...depending on how big the account a bank manager on up could lose their jobs if that happened