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Is Powerball Jackpot Electronically Deposited or Do They Give You a Physical Check

Topic closed. 42 replies. Last post 11 months ago by Redd55.

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NH
United States
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December 5, 2009
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Posted: January 10, 2016, 8:59 pm - IP Logged

Do you keep the big Happy Gilmore check? Probably not something you want laying around the house when your new neighbors bring over a fruit basket to welcome you to the neighborhood...

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    United States
    Member #162003
    December 18, 2014
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    Posted: January 11, 2016, 1:52 am - IP Logged

    I thought this was a good question.... Direct deposit or a physical check. So many trolls around here...

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      Springfield, IL
      United States
      Member #127541
      May 3, 2012
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      Posted: January 11, 2016, 7:16 am - IP Logged

      f you win in Indiana you can withdraw your winnings from any Key bank location 2.5 hours after completing claim at central lottery office.

      You don't get to keep the "big check" people, it is a prop and cannot be cashed.

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        Germany
        Member #164603
        March 8, 2015
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        Posted: January 11, 2016, 8:23 am - IP Logged

        f you win in Indiana you can withdraw your winnings from any Key bank location 2.5 hours after completing claim at central lottery office.

        You don't get to keep the "big check" people, it is a prop and cannot be cashed.

        I bet if you ask nicely they will allow you to keep it.

          bigbuckswede's avatar - Riksbanken 2010000.jpeg

          Sweden
          Member #153629
          March 20, 2014
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          Posted: January 11, 2016, 9:40 am - IP Logged

          Check, I have never understood the uses of checks. I have never gotten a check in my life. If I win big here in Sweden the money is automatically transfered to my predefined bank account. It should be so also in US. No need for guards. I hope a bank transfer would do if I win PB using thelotters service. crossing across the atlantic with a check worth 1.3bil in my inner pocket would be absurd.

          Return of Investment, ROI 2014 20% | ROI 2015 20% | ROI 2016 14,45%

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            United States
            Member #164725
            March 12, 2015
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            Posted: January 11, 2016, 9:41 am - IP Logged

            A check can be printed on anything and cashed. Your bank may not agree, but they would be nuts to refuse a multimillion dollar deposit or tick off the multimillion dollar customer. 

            I have this vague recollection of Johnny Carson endorsing a check printed on a pretty girl in a bikini and someone taking it to a bank. I dont think that one worked.

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              Germany
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              March 8, 2015
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              Posted: January 11, 2016, 9:53 am - IP Logged

              Check, I have never understood the uses of checks. I have never gotten a check in my life. If I win big here in Sweden the money is automatically transfered to my predefined bank account. It should be so also in US. No need for guards. I hope a bank transfer would do if I win PB using thelotters service. crossing across the atlantic with a check worth 1.3bil in my inner pocket would be absurd.

              Different bank systems.

              You can fly back to Sweden with the check or open an account in the US and immediately deposit it.

              If you were to deposit it in Sweden they'd place a hold on it and it'd take some time to verify (~20 days I think).

              You can also FedEx the check home. If you lose it or its stolen the lottery comission cancels it and issues a new one.

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                Sweden
                Member #153629
                March 20, 2014
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                Posted: January 11, 2016, 11:02 am - IP Logged

                Different bank systems.

                You can fly back to Sweden with the check or open an account in the US and immediately deposit it.

                If you were to deposit it in Sweden they'd place a hold on it and it'd take some time to verify (~20 days I think).

                You can also FedEx the check home. If you lose it or its stolen the lottery comission cancels it and issues a new one.

                Good answer. I will get the check 'when' I win and cash it in Sweden...

                Return of Investment, ROI 2014 20% | ROI 2015 20% | ROI 2016 14,45%

                  Original Bey's avatar - Lottery-022.jpg

                  Bahamas
                  Member #133462
                  September 30, 2012
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                  Posted: January 11, 2016, 11:06 am - IP Logged

                  "Why would anyone even need a security guard?"

                  Because the check they give you is the same giant one you hold at the press conference. The guard is just there to help you carry it.

                  It's just another part of their marketing plan.

                  Green laugh Now that is very funny!

                  "Everything works  ONCE!"

                    Artist77's avatar - batman14

                    United States
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                    January 16, 2012
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                    Posted: January 11, 2016, 11:07 am - IP Logged

                    They pay the jackpot with bags of pennies. So you need to have about 100 armored trucks ready to go.

                    J'aime La France.

                      Original Bey's avatar - Lottery-022.jpg

                      Bahamas
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                      Posted: January 11, 2016, 11:10 am - IP Logged

                      They pay the jackpot with bags of pennies. So you need to have about 100 armored trucks ready to go.

                      A guy tried that stunt when attempting to pay off an IRS debt. Let's just say it didn't end too well for him.

                      "Everything works  ONCE!"

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                        Member #171734
                        January 11, 2016
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                        Posted: January 11, 2016, 1:51 pm - IP Logged

                        $600M in pennies is 60 billion pennies

                        The current US penny weighs 2.5g so 60 billion of them would weigh 150 million kilograms
                        which is approximately 330 million pounds or 165,000 tons. By way of comparison a Nimitz-class
                        aircraft carrier weighs about 100,000 tons.


                        A standard armored truck can carry approximately 6 tons of cargo so it would take 27,500 armored trucks to haul
                        your load of pennies. If you have only 1 armored truck available and it takes 1 hour to haul a load from the bank to
                        your penny mountain it will take a bit over 3 years to build your penny mountain.

                        If you decided to stack your 60 billion pennies they would create a stack about 60,000 miles high and if instead you wanted to lay
                        them all out on the ground you would need about 5,400 acres of space or about 8.5 square miles

                        The US Mint makes approximately 8 billion pennies per year so you would require about 7 years worth of US Mint production

                        Keeping your $600M in the form of pennies would have the advantage of making it difficult for someone to steal your wealth.
                        On the other hand paying for a $50K new car with pennies means you need to load 27,500 lbs of pennies and take them to the dealership.
                        That $2.5M mansion you have your eye on will require 1.375 million pounds of pennies to pay for.

                        Your end of the year extra federal tax bill of $100M or so is going to require a trainload of pennies, about 31,250 tons worth.
                        The IRS would be kept busy for a very long time counting those pennies.

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                          January 11, 2016
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                          Posted: January 11, 2016, 1:55 pm - IP Logged

                          If you would rather be paid in 1 oz gold coins than pennies, at the current price of gold your $600M prize would require about 550,000 goid coins weighing

                          just under 23 tons.

                           

                          You could handle that with just 4 armored trucks to take the haul to your Scrooge McDuck vault

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                            United States
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                            March 26, 2012
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                            Posted: January 11, 2016, 2:00 pm - IP Logged

                            No one sane would put that much money in one bank account. So, after depositing, there would be a whole of money being moved around. I think the lucky winner and his financial adviser(s) would have to be at the bank to see it done properly.

                            agree with you !!!!!

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                              Alabama
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                              January 9, 2016
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                              Posted: January 11, 2016, 5:17 pm - IP Logged

                              Greetings ...

                              About a year ago I turned in a Mega Millions ticket worth $ 500 at a Georgia Lottery District office (I play mainly in that state), and while they were processing my info & printing my check I asked about the direct deposit for large amounts.

                              The people said that in Georgia checks are issued for any amount up to $ 250,000. Above that figure (but not below it), direct deposit is an option.

                              Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly

                              Frank-0-Sport 16