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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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United States
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July 24, 2010
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Posted: December 14, 2013, 5:45 pm - IP Logged

CA lottery says they only do check, and do not do Electronic Funds Transfer.(EFT)

But they also say they will loan you one of their security people to accompany you to the bank. That must be fun. Love to see the look on the teller's face when you hand her a check for a few hundred million. "Oh my, let me get my manager....Harry, it's a big one!" And then they sit you down in the private area in a nice cushy chair with a latte and biscotti.

It's all electronic anyway, the check is just instructions for the bank to execute it. But I guess its nice to have a security guard to accompany you in case someone attacks you, steals the check, impersonates you, cashes the check at their bank, then wires it to the Cayman Islands all before you can cancel it. Gone...pooof!

WOW, that is just stupid for any state to do.  Why hand MILLIONS to a player in the form of a check, so they can have yet another issue depositing it.  The list of things that could go wrong with handing a check over is so long I won't list it here.  Crazy

The state should just wire the money and be done with it, that way they are now out of the equation. 

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    United States
    Member #149820
    December 9, 2013
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    Posted: December 14, 2013, 7:38 pm - IP Logged

    Hey that's my bank. ive been with them since they were First Union. Good bank has never charges me any fees

      noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
      Bay Area - California
      United States
      Member #136477
      December 12, 2012
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      Posted: December 14, 2013, 9:27 pm - IP Logged

      How does one deposit $550 million in the bank?  Is there a special bank that can handle that amount?

      For Entertainment purposes Only...
      One drives up to the bank- request a one on one with the manager.He personally sets up an account where you have more than one safe deposit box, have armed guards shuttle the bags of money from an unmarked vehicle directly into the SDB's.
      Easy as ABC.

        RedStang's avatar - tallman zps6gf4inoc.jpg
        NY
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        January 21, 2012
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        Posted: December 14, 2013, 9:53 pm - IP Logged

        I would say CDARS, but i don't think there's enough banks to cover 550mill.  My only advise would be to not use any Banks on the FDIC failure list, if their still open. They have proven they can't handle money.

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          Milwaukee, WI
          United States
          Member #3131
          December 27, 2003
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          Posted: December 14, 2013, 10:56 pm - IP Logged

          How does one deposit $550 million in the bank?  Is there a special bank that can handle that amount?

          Ummmm you don't get $550,000,000

          In my state....                         Annuity                                Cash amount

          Wisconsin: 7.75% State Tax- $1,420,833
          - $22,885,750
          Your average net per year: $12,329,167     Your net payout: $198,589,250
          After 30 payments: $369,875,010
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            Milwaukee, WI
            United States
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            December 27, 2003
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            Posted: December 14, 2013, 11:01 pm - IP Logged

            Put it in the bank?

            WASHINGTON (AP) The Federal Deposit Insurance Corp. has taken over a small bank in The Woodlands. Texas Community Bank NA is the 24th bank failure in the country this year.

              savagegoose's avatar - ProfilePho
              adelaide sa
              Australia
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              April 11, 2006
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              Posted: December 15, 2013, 2:03 am - IP Logged

              back in the day, when law mattered.  the bond holders had   higher call on a banks assets than share holders or  savers. until GM now it seems  going bonds with a bank is about as dangerous as a savings account. Id suggest diversity. not only assets class, or via hedging, but also countries,  currencies,  property, commodities. maybe even too useful too fail business. you would need some  good  managers. and to keep your eye on those cheating #^$@%^'s at all times. 

              i think the age of " stick it in the bank and live off the interest " are long gone.

              2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

              keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

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                Posted: December 15, 2013, 3:37 am - IP Logged

                A plain vanilla savings account would be out of the question, since they are insured by FDIC which will only insure a max of $250,000. That would leave one of two better options.

                The first option would be to find a bank that participates in the CDARS program, however; they only insure a max of 50 million. The other drawback to a CDARS account is that all the money is immediately dumped into low inerest CDs.

                The second option would be to open a self-directed brokerage account through a reputable company like Fidelity or Schwab, and I am am not sure if they have a max amount they insure, but my guess is they do not. If someone knows for sure please let me know - I'm curious.

                Of course, which ever option you choose would only be very temporary until you can move that money into investments.

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                  November 29, 2012
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                  Posted: December 15, 2013, 3:39 am - IP Logged

                  Some of you put a crazy amount of trust in the Bahamas and Cayman over the US government and the "too big to fail" banks. Look at what happened to those Russians stashing cash in Cyprus if you want to trust a country where the assets held in banks greatly exceed the GDP and tax revenue of those governments - meaning depositors having to bailout troubled banks since the government isn't able to if there is a crisis.

                    mikeintexas's avatar - tx avatar-1.gif
                    Texas Panhandle
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                    December 20, 2012
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                    Posted: December 15, 2013, 6:15 am - IP Logged

                    Some of you put a crazy amount of trust in the Bahamas and Cayman over the US government and the "too big to fail" banks. Look at what happened to those Russians stashing cash in Cyprus if you want to trust a country where the assets held in banks greatly exceed the GDP and tax revenue of those governments - meaning depositors having to bailout troubled banks since the government isn't able to if there is a crisis.

                    I have a good online friend who married a woman from Cyprus;  they were really worried about her retirement & savings accts. about a year ago when all that went down.  I don't know what exactly happened b/c their finances are none of my business, but have been thinking about emailing her and asking if everything was OK now or if she moved her money.   I know they've got plans to retire there in a few yrs., so I guess they have more confidence now.

                    (and on the subject, she had to jump through hoops to LEGALLY come over here;  heck, I've got a dozen illegals living on my block!)

                    This investment talk has come up quite a bit since I've been a member;  I made a joke in one thread that I'd have a goodly amount in my mattress. (actually, not really, but in a bolted down & hidden floor safe...not millions of the money, but a substantial - and secret - emergency fund)  To be honest, I wouldn't worry so much about the interest but would concentrate on keeping the principal as safe as I could.   I'm not sure how I would do that, but I'll cross that bridge if/when.   What I HAVE thought about a lot is the difference between having 5 or 500 million; most any level-headed and fairly intelligent person could take care of five million, but five hundred million?  Would be a headache, but one I really wouldn't mind having.

                      JackpotWanna's avatar - squiz

                      United States
                      Member #4121
                      March 23, 2004
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                      Posted: December 15, 2013, 7:04 am - IP Logged

                      Ummmm you don't get $550,000,000

                      In my state....                         Annuity                                Cash amount

                      Wisconsin: 7.75% State Tax- $1,420,833
                      - $22,885,750
                      Your average net per year: $12,329,167     Your net payout: $198,589,250
                      After 30 payments: $369,875,010

                      ummmm for example.  I meant a large deposit. lol

                        Artist77's avatar - batman14

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                        Posted: December 15, 2013, 11:22 am - IP Logged

                        I think Todd has made a great tool available to LP members, its called a spell checker.

                        I think all members should use it or at least try to.  I try to.  After all, we should remain professional at all times.

                        That way when I try to say "specific", and really say "speific", nobody will say.  "Ya know, I see this on LP all the time, somebody on the forums says they have a speific system, when its really a superfantabulous system."  Or they say "You know you say your system is speific, but I really think its just shyte."

                        Now everyone with pet peeves better STFU before i kick your teeth down your throat!Jack-in-the-Box

                        Thanks LB but I think one can tell the difference between when a LP member makes a rare typo (as in my SPECIFIC case and for numerous other LPers) vs misspelling the same simple words over and over.

                        J'aime La France.

                          mypiemaster's avatar - 2015021003pileofcash
                          JACKPOT HUNTER

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                          Posted: December 15, 2013, 1:41 pm - IP Logged

                          Banks can handle that amount but I would go with a big bank like Wells Fargo. Look up CDARS.

                          Best answer so far. Wells Fargo of today is not the Wells Fargo of old.

                          Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                          Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****


                            United States
                            Member #125185
                            March 26, 2012
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                            Posted: December 15, 2013, 2:05 pm - IP Logged

                            How does one deposit $550 million in the bank?  Is there a special bank that can handle that amount?

                            You won't get the whole 550. There are tax people to pay.

                             

                            But me?  I just want one little slice of it. (not too little, mind you).

                              TheGameGrl's avatar - character catafly.jpg
                              A long and winding road
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                              June 10, 2005
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                              Posted: December 15, 2013, 5:01 pm - IP Logged

                              Any registered bank that is available in your area can tend to the funds. It will take another 21 days after you even deposit it for it to be available. ....So consider it 4 weeks til the check comes and another 3 weeks til you can utlize.. THE SEC (security Exchange Commissions) is the one responisble for the rules and regulations that a Bank must honor for banking procedures. Unsure why the disillusion that anything over 250,000 k cannot be deposited. Its a false statement. I wouldn't trust WELLS FARGO or BANK OF AMERICA, Least we remember the larger banks are the ones who just got slapped with the mess from the mortgage scams. CDARS is not a bank, its a program for CD investments.

                              The number one plan in dealing with banks is to not be sassy or arrogant....Money shouldn't magnify rudeness or a sense of entitlement.

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

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