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Question? How does one deposit $550 million in the Bank?

Topic closed. 80 replies. Last post 3 years ago by ttech10.

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March 31, 2012
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Posted: December 14, 2013, 10:51 am - IP Logged

There are only 2 banks in the world left that will insure all of it the bank of Bahamas, and Cayman islands.... This is why i know one WA lotto winner did and took 6 millon of his winnings to Cayman island bank... That is what i would do if i ever win.

    Jill34786's avatar - Lottery-006.jpg
    Windermere, FL/Franklin, TN
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    Posted: December 14, 2013, 11:00 am - IP Logged

    You can't post that amount in 1 bank due to federal reserve insurance laws. In New York I think they only insure up to  $125,000 per account. You would have to get several bank accounts  to deposit all that money. But when you win that much you invest in IRA's, bonds, and other things. Plus most people would need and get a financial advisor.  Smash

    That is false. There are no Federal reserve insurance laws in place that prevent anyone from depositing a large sum of money. If there is only one sole winning ticket the cash option after the initial withholding will be closer to $200 million. The winner will also have to put aside another $43 million for the balance of the Federal taxes that will come due in 2015.

    ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

      LottoNick56's avatar - Lottery-031.jpg
      Tampa, FL
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      January 16, 2012
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      Posted: December 14, 2013, 11:05 am - IP Logged

      That is false. There are no Federal reserve insurance laws in place that prevent anyone from depositing a large sum of money. If there is only one sole winning ticket the cash option after the initial withholding will be closer to $200 million. The winner will also have to put aside another $43 million for the balance of the Federal taxes that will come due in 2015.

      I believe that poster was referring to the FDIC Insurance law to insure up to $250,000.

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

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

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

        LottoNick56's avatar - Lottery-031.jpg
        Tampa, FL
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        January 16, 2012
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        Posted: December 14, 2013, 11:11 am - IP Logged

        "The bank goes bankrupt.
        The CEO took the cash as payment.
        Employees loose their job, life insurance and pension,
        bank customers get nothing.
        The CEO runs free with the cash."

        I see this a lot on LotteryPost. Can we please all agree that LOOSE means "not tight" and LOSE means "to not win or to no longer possess."

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

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

          Artist77's avatar - batman14

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          Posted: December 14, 2013, 11:52 am - IP Logged

          I see this a lot on LotteryPost. Can we please all agree that LOOSE means "not tight" and LOSE means "to not win or to no longer possess."

          lol My pet peeve is "your" and "you're."

          J'aime La France.

            SergeM's avatar - slow icon.png
            Economy class
            Belgium
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            Posted: December 14, 2013, 12:07 pm - IP Logged

            lol My pet peeve is "your" and "you're."

            At least I have the decency to speak other languages better than English.

            By the way, it's LOL followed by a point, dot, full stop, semicolon or comma? Thumbs Up

              helpmewin's avatar - dandy
              u$a
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              Posted: December 14, 2013, 12:35 pm - IP Logged

              Whatever you do don't try and put that big oversized check in the tube at the drive up window.  It is really hard to roll it up small enough!!

              Green laugh

              Let it Snow Snowman

                helpmewin's avatar - dandy
                u$a
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                Posted: December 14, 2013, 12:48 pm - IP Logged

                At least I have the decency to speak other languages better than English.

                By the way, it's LOL followed by a point, dot, full stop, semicolon or comma? Thumbs Up

                ROFL

                Let it Snow Snowman

                  helpmewin's avatar - dandy
                  u$a
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                  Posted: December 14, 2013, 12:50 pm - IP Logged

                  might be safe just to keep your money at your houseYes Nod

                  Let it Snow Snowman

                    Artist77's avatar - batman14

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                    Posted: December 14, 2013, 1:14 pm - IP Logged

                    At least I have the decency to speak other languages better than English.

                    By the way, it's LOL followed by a point, dot, full stop, semicolon or comma? Thumbs Up

                    Serge,  I don't think the prior comment was directed at you or anyone in speific.  I speak French also. The Chicago Manual of Style cites LOL as an exclamation:  LOL!  which seems like overkill to me.

                    It beats reading.......LOL....lol..lol............lol....yadda yadda...lol..... from a former member.

                    J'aime La France.

                      Win$500Quick's avatar - Lottery-050.jpg
                      Florida
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                      Posted: December 14, 2013, 1:19 pm - IP Logged

                      Wire transfer? Then you can start moving the money up as needed. Floyd Maywhether has $123+ million sitting in one bank.

                      http://www.lotterypost.com/thread/266120/3257963

                      Guess Who's Back?

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
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                        Posted: December 14, 2013, 1:57 pm - IP Logged

                        lol My pet peeve is "your" and "you're."

                        Mine are loose and lose.

                        Your and you're as well.

                        Don't get me started on there, their and they're.

                        But lately it's the people who want to say "oops" but spell it "opps."  P***ed

                          Jill34786's avatar - Lottery-006.jpg
                          Windermere, FL/Franklin, TN
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                          Posted: December 14, 2013, 2:15 pm - IP Logged

                          might be safe just to keep your money at your houseYes Nod

                          "might be safe just to keep your money at your house"

                          Your mattress won't be sufficient. You will need an entire room and a team of armed security guards keeping watch outside your home.

                          ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                            Jill34786's avatar - Lottery-006.jpg
                            Windermere, FL/Franklin, TN
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                            Posted: December 14, 2013, 2:26 pm - IP Logged

                            I believe that poster was referring to the FDIC Insurance law to insure up to $250,000.

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

                            You can actually open up several different accounts at the same bank. If you are married or have children it's possible to have 6-8 fully funded accounts that would be covered under FDIC.

                            ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                              Slick Nick's avatar - Lottery-035.jpg
                              Rochester
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                              Posted: December 14, 2013, 2:33 pm - IP Logged

                              Maybe I said that wrong, you can deposit any amount you want, but I believe they will only insure a certain amount. (As told to me by and M&T bank official! LOL

                              Money is a terrible master, but a great servant...Smile