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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
Member #135804
November 29, 2012
318 Posts
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Posted: December 15, 2013, 5:27 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.

1) It takes 15 business days for the winning state to collect the prize from each of the other states. It ordinarily can be wired within a week, maybe less.

2) The SEC definitely does not set the rules and regulations of ordinary commercial banks...

3) You think the regional commercial banks are safer than "too big to fail" banks?  If you followed your advice, you would have lost most anything above the FDIC insured amount assuming you desposited it with a regional or local bank that went belly up (and they generally didn't get bailedout during the crisis)

    Jon D's avatar - calotterylogo
    Los Angeles, California
    United States
    Member #103813
    January 5, 2011
    1530 Posts
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    Posted: December 15, 2013, 6:01 pm - IP Logged

    1) It takes 15 business days for the winning state to collect the prize from each of the other states. It ordinarily can be wired within a week, maybe less.

    2) The SEC definitely does not set the rules and regulations of ordinary commercial banks...

    3) You think the regional commercial banks are safer than "too big to fail" banks?  If you followed your advice, you would have lost most anything above the FDIC insured amount assuming you desposited it with a regional or local bank that went belly up (and they generally didn't get bailedout during the crisis)

    Yeah, I'd stay away from those regional banks for a few hundred mil deposit. The FDIC just seized another one this week in Texas, making 24 already this year.

    I'd go for the big 4: Chase, BofA, Citi, Wells

    In fact, I'd rather they split up the payments 4 ways just to be safe, but don't know if they'd do that. I don't see why not.

    What might be nice too is if the lottery would allow you to choose half and half, part cash and part annuity. Lets say you want 1/2 as cash now, and 1/2 as annuity payments.

    I mean, they'd do it anyway (in CA at least) with multiple winners, or a group multiple owner/payee win, they'd issue separate checks or setup multiple annuity for a group claim.(>$1M, and less than 100 members)

      OldSchoolPa's avatar - Lottery-057.jpg
      Gurnee, Illinois
      United States
      Member #49731
      February 12, 2007
      917 Posts
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      Posted: December 15, 2013, 6:24 pm - IP Logged

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

      Well, first of all, you need not worry yourself about that since I have selected the winning numbers for the next drawing.  Secondly, when I win the jackpot, that $550 million is the annuitized jackpot amount, so if one chooses the annuity, that is what will be paid over a period of 29 years. So if I were to choose that option, I would not be depositing any amount near $550 million.  Instead, you would be looking at roughly $10 million since taxes will be deducted before you receive a red cent.  Even if I chose the cash option (which would mean I have to claim the prize within 60 days after drawing date...no problem there), the cash value before taxes is $295 million, so after taxes I would be depositing about $191 million into my accounts.  Since I am not concerned about my bank or credit union going under, I would not have a problem parking the cash there momentarily before moving into my brokerage accounts.

      I want to thank all who have contributed to my retirement fund. I might decide to throw a virtual celebration party.

      Merry Christmas!

      Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

      The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

        OldSchoolPa's avatar - Lottery-057.jpg
        Gurnee, Illinois
        United States
        Member #49731
        February 12, 2007
        917 Posts
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        Posted: December 15, 2013, 6:29 pm - IP Logged

        Yeah, I'd stay away from those regional banks for a few hundred mil deposit. The FDIC just seized another one this week in Texas, making 24 already this year.

        I'd go for the big 4: Chase, BofA, Citi, Wells

        In fact, I'd rather they split up the payments 4 ways just to be safe, but don't know if they'd do that. I don't see why not.

        What might be nice too is if the lottery would allow you to choose half and half, part cash and part annuity. Lets say you want 1/2 as cash now, and 1/2 as annuity payments.

        I mean, they'd do it anyway (in CA at least) with multiple winners, or a group multiple owner/payee win, they'd issue separate checks or setup multiple annuity for a group claim.(>$1M, and less than 100 members)

        Why on earth would anyone want it part cash and part annuity?  That would present a tax nightmare in my opinion. I would rather just pay jackpot income tax upfront. After that, paying tax on any capital gains, dividends and interest is no different than what you already pay. 

        All you need to do is just exercise displine in not tapping into your principle and only setting your budget based on your expected interest income. Oh and learn to say "No" early, often and assertively. NO! NO! Just channel your inner toddler self, since toddlers seem to have that response down pat...NO!

        Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

        The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

          Jon D's avatar - calotterylogo
          Los Angeles, California
          United States
          Member #103813
          January 5, 2011
          1530 Posts
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          Posted: December 15, 2013, 7:12 pm - IP Logged

          Why on earth would anyone want it part cash and part annuity?  That would present a tax nightmare in my opinion. I would rather just pay jackpot income tax upfront. After that, paying tax on any capital gains, dividends and interest is no different than what you already pay. 

          All you need to do is just exercise displine in not tapping into your principle and only setting your budget based on your expected interest income. Oh and learn to say "No" early, often and assertively. NO! NO! Just channel your inner toddler self, since toddlers seem to have that response down pat...NO!

          Tax nightmare? Hardly.

          You just get two checks. 1 big one of a few hundred mil, and one little one about 10 mil, followed by 29 more little ones every year after that. What tax nightmare?

          I'd always take the cash, I feel I can spend and invest responsibly. No lecture needed here, thanks.

          Not saying this half and half option is for me, but it might be an option for security and diversificatoin with a huge jackpot. Many have expressed concerns with such a large half billion jackpot, who would otherwise just take the cash for smaller 8 figure jackpots.

            ttech10's avatar - blobdude
            Texas
            United States
            Member #92330
            June 5, 2010
            887 Posts
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            Posted: December 15, 2013, 9:06 pm - IP Logged

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

            Well, Texas I believe will wire-transfer. You could give them your info to a bank like Bank of America, Chase or Wells-Fargo, or even a credit union.

            From there it would be up to you (and optional tax/money people) to either disperse it around to other accounts or invest in stocks/bonds/etc.

            You could keep all of it in a single account, but if that bank had something happen to it, you'd only be insured for $250,000. I always figured you could spread the money around so that you have multiple major bank accounts with a majority of the money and then smaller banks with the amount up to $250,000. This would take a lot of watching, though, plus each bank may have different rules (X number of transactions a month or you pay a fee). Most I've seen won't charge you anything if you maintain a certain daily amount, which at $250,000 I would suspect they would waive that fee and do everything they can to keep you as a customer. Going that route I would make sure you have paperless statements (less paper trail for thieves) have a special place for all your bank account numbers and site passwords.