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What do you do if you have a winning lottery ticket?

Topic closed. 42 replies. Last post 1 year ago by KY Floyd.

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Kentucky
United States
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February 14, 2006
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Posted: July 11, 2015, 4:08 pm - IP Logged

My main question though is, where do I put all that money after you claim it? You can't put it all in your bank account can you? I'm talking about if you won millions of dollars.

Your state lottery will give you a check so it might be a good idea to open an account with the same bank the lottery uses. It could take a few days for another bank to get all the funds into your account and using the lottery's bank will cut out the middle man.

    mikeintexas's avatar - tx avatar-1.gif
    Texas Panhandle
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    Posted: July 11, 2015, 4:57 pm - IP Logged

    I wouldnt make an appt to go in and validate it. Just pop in. Otherwise, there may be a big film crew waiting for you.  But if you are okay with that, then no problem.

    I don't know how it is in other states, but the Texas Lottery website page HOW AND WHERE DO I CLAIM MY PRIZE? says this:

    Prizes over $2.5 million or prizes paid through an annuity - Please call to make an appointment for processing

      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
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      Posted: July 11, 2015, 4:58 pm - IP Logged

      Great info, find a cdars bank, thanks holeekau.

      Where to Find CDARS

        CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
        TX
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        Posted: July 11, 2015, 5:31 pm - IP Logged

        Thanks Mike, for the link. I wasn't aware that such a thing existed and it was very informative.

          mikeintexas's avatar - tx avatar-1.gif
          Texas Panhandle
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          Posted: July 11, 2015, 5:43 pm - IP Logged

          Thanks Mike, for the link. I wasn't aware that such a thing existed and it was very informative.

          If I ever win, I want to buy some property in the Quitman/Winnsboro area and there are several BTH branches around there that offer CDARS.   Certificates of deposit don't pay very much these days, but w/ the CDARS program, they're just about as safe as any investment, I reckon.  The Quitman bank pays 1.5% on a 5-yr. jumbo CD and while I'm sure a better rate of return can be found, that "paltry" amount would suit me just fine...the peace of mind would be worth something to me, at least.

            Bondi Junction
            Australia
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            December 24, 2007
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            Posted: July 11, 2015, 5:54 pm - IP Logged

            The UK National Lottery is really good at helping winners!

             

            As one of the world’s leading lottery operators, Camelot sets global standards when it comes to looking after winners. It offers an unparalleled level of professional support to help and advise new winners throughout this life-changing experience, as well as a unique aftercare service.

            As well as being a time of extreme excitement and happiness, suddenly winning a substantial sum of money can be an overwhelming and emotional experience for many people – but support from Camelot begins as soon as a winner makes a claim on a prize.

            For UK National Lottery prizes over £50,000, our player services team is able to pay them in the comfort of their own home, or alternatively they can choose to have their prize validated at one of our prize payout centres.

            For winners over £500,000, a private banking representative can visit them at home to discuss additional services on offer to winners with new-found wealth. We also arrange for a panel of independent legal and financial experts to visit winners of over £500,000 to offer impartial advice and practical guidelines.

            One of the most important decisions for new winners to make is whether to opt to go public or remain anonymous. If a winner decides to talk publicly about their win, Camelot’s PR team will organise a press conference and handle all media interest on their behalf, removing the anxiety that can accompany talking about a big win.

            If they have requested to remain anonymous, Camelot takes its obligations and duty of care to protect winners’ privacy very seriously. Unless a winner agrees to take full publicity and signs an agreement to that effect, no information about them can be released by Camelot into the public domain.

            We have a dedicated team of winners’ advisers who look after all our major jackpot winners. They remain a source of support and advice for as long as a winner needs – often remaining in touch years after hitting the jackpot.

            We all get a lot out of lotteries!

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              Sacramento, California
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              Posted: July 12, 2015, 3:38 am - IP Logged

              AFAIK, you can put it in one bank in a CDARS account and it will be insured.  The bank distributes/invests it in other banks in amounts that are covered by FDIC, and you're only personally dealing with one bank.

              That is extremely convenient, I had no idea that existed. My only concern: Is it a legit company and would my money be safe with them?

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                Sacramento, California
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                Posted: July 12, 2015, 3:43 am - IP Logged

                There is something else I wanted to know. I have heard that your money will grow if it sits in a bank account and the more money that's in there, the more you will get in return. That's called interest right? How much does your money grow and would you be able to live off that alone if you had millions of dollars in a bank?

                  mikeintexas's avatar - tx avatar-1.gif
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                  Posted: July 12, 2015, 3:54 am - IP Logged

                  There is something else I wanted to know. I have heard that your money will grow if it sits in a bank account and the more money that's in there, the more you will get in return. That's called interest right? How much does your money grow and would you be able to live off that alone if you had millions of dollars in a bank?

                  Hmmm...I think you are, as my British friends would say, "taking the mick".

                  Try this for your answers.

                    Funtimz's avatar - Lottery-022.jpg

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                    Posted: July 12, 2015, 8:22 am - IP Logged

                    Sign it, cash it, save it...Save it according to mark cuban/sharktank. But I have a home to pay off and a car to buy first.  Then would go from there...

                    Take Risks: If you win, you'll be happy.  If you lose, you will be wiser...

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                      harvard,il
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                      Posted: July 12, 2015, 12:46 pm - IP Logged

                      I mean, of course you go claim it but I want to know where I'm going to put all the money IF I win the mega millions. Do I have to have a bank account ready to put all the money in? OR, do I claim the prize as soon as I find out that I won? I'm just dreaming right now and I'm just wondering what I would do if I won the lottery.

                       

                      Should I sign the back of the lottery ticket? BTW, I don't care if people know I won the lottery, so I don't need to do the steps to make sure I'm anonymous.

                       

                      Also, I've read on here that you're supposed to make photo copies of the front AND back of the ticket. Does that mean taking pictures of it OR does it mean making copies with your printing machine?

                      i think you should send the ticket to me. you want my address?Green laugh

                      i want to be a millionaire a second time!

                        Teddi's avatar - Lottery-008.jpg

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                        Posted: July 12, 2015, 2:27 pm - IP Logged

                        Thanks Mike, for the link. I wasn't aware that such a thing existed and it was very informative.

                        Just remember that (unless the laws recently changed) the CDAR limit is $50 million. Anything over that isn't covered, and that also, CDAR interest rates are usually lower than the norm since the custodian will be managing up to 200 accounts and there's more work involved for them, they pay a lower interest rate to compensate for their time. But that's negotiable.

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                          Posted: July 12, 2015, 3:17 pm - IP Logged

                          Hi teddi,  for me it would not matter if the interest rate is low.  I would plan on buying my dream home(paid in full), an account for property taxes for 41 years and I would be on a budget.  That should work for me.

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                            Fort Wayne, IN
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                            Posted: July 12, 2015, 6:44 pm - IP Logged

                            sign it

                            hide it

                            cash it

                            tell WIFE. lol!

                            Hi Everyone, Check my daily Lotto Scratching on YouTube "TheSatyr"

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                              Sacramento, California
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                              Posted: July 12, 2015, 10:36 pm - IP Logged

                              I don't know about you guys, but if I ever won the lottery I would never marry a girl. It seems like women in our society are always trying to manipulate men and make stuff up about them to try and sue them. I'm a bit paranoid so I would be playing it safe. 

                               

                              Also I would put some money in other banks with a good interest return rate and live off the interest and have my money growing in other bank accounts. Ahh man I love fantasizing about winning the lottery lol. I would move to Los Angeles or the bay area. I would just buy a couple of kia cars with good gas mileage to save up money and wouldn't buy an outrageously expensive house. I don't want to burn all of my money.