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Saw this picture and thought...

Topic closed. 19 replies. Last post 2 years ago by lejardin.

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RJOh's avatar - chipmunk
mid-Ohio
United States
Member #9
March 24, 2001
19891 Posts
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Posted: June 1, 2015, 12:46 pm - IP Logged

I think its crazy that banks have to report you taking money out of your own account.   Of course, I think you can still take out large sums (which will be reported to government), from what I understand it is only illegal to take out amounts in order to avoid or deceive the reporting aspect of withdrawing large amounts, and of course illegal to lie to FBI about why you are taking out large sums of money.   

Sorry if I answered and you already knew this.   I just took the question that you didn't.   Big Smile

I paid for my last new pick-up truck with a check drawn on my personal account, if there was an investigation no one contacted me.  I'm sure people better off than me do such things all the time with no problems and if I ever won a lottery jackpot I probably wouldn't ever buy anything on an installment plan again.

 * you don't need to buy more tickets, just buy a winning ticket * 
   
             Evil Looking       

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    New Member

    United States
    Member #166569
    May 27, 2015
    29 Posts
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    Posted: June 1, 2015, 2:20 pm - IP Logged

    I paid for my last new pick-up truck with a check drawn on my personal account, if there was an investigation no one contacted me.  I'm sure people better off than me do such things all the time with no problems and if I ever won a lottery jackpot I probably wouldn't ever buy anything on an installment plan again.

    That is nice to know, thanks for that information.  It makes me wonder if the bank sent a report in, but the government didn't investigate because it was a one time thing.   I think they investigated Hastert because he was doing it on a regular basis, then changed how he took the money out by doing it the illegal way.  But, even if the government does investigate a multi-millionaire for doing the same thing, I am sure they would investigate it only once, and if they don't sense a lie, they will never bother that person again, that is what I gather from everything that I've read.

    I am totally with you, I wouldn't do the installment plan either.   Cash or one time payment via credit card every time.  Wouldn't it be nice to go into a car lot, buy a car and give them cash.   That would be fun.   

    Good luck to all.Lep

      lejardin's avatar - Lottery-014.jpg

      United States
      Member #118609
      November 4, 2011
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      Posted: June 1, 2015, 3:57 pm - IP Logged

      I think about the cash withdrawal all the time.  Immediately upon the cash hitting my bank I would be there or call the bank manager to BRING me cash on a regular basis.  Would the government have problems with me taking out my own money?  Short and to the point, I do not trust banks and trust the government even less.  Where to put all that cash for it to be secure is the question.

      What I cant understand is why anybody with a decent, large lottery win have ANY debt or mortgage/finance is beyond me.  I have often wondered if some of the those winners who had mortgages did so because they had spent the bulk of their win and had no choice in order to continue the lifestyle instead of cutting, selling and downsizing to live within their means.  I would hate to think that a new winner would choose to finance.  There is probably a tax benefit but the clear mind of no payments would far outweigh any tax benefit but that is just me.  The biggest joy of winning, at least for me, would be never having any debt and paying cash for everything.  Well for as long as cash is still a form of payment.

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        Arizona
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        Member #165073
        March 24, 2015
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        Posted: June 1, 2015, 8:15 pm - IP Logged

        "What I cant understand is why anybody with a decent, large lottery win have ANY debt or mortgage/finance is beyond me."

        If they take the annuity, it can make sense. It would be perfectly reasonable for someone getting $2M a year to take out a mortgage on a $5M house. If they take the cash option, there's no excuse for debt.

          lejardin's avatar - Lottery-014.jpg

          United States
          Member #118609
          November 4, 2011
          1046 Posts
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          Posted: June 2, 2015, 3:20 pm - IP Logged

          Thanks for the reply.  Actually forgot that minor detail that someone could take the annuity.  That is not a choice I would make for my personal situation however.