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Renting a safety deposit box at a bank

19 replies. Last post 4 days ago by NightStalker.

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When would you rent one for your winning ticket?

Always [ 4 ]  [10.00%]
Never [ 14 ]  [35.00%]
Depends on size of jackpot [ 11 ]  [27.50%]
None available [ 1 ]  [2.50%]
To much trouble [ 3 ]  [7.50%]
Cash in the next day [ 7 ]  [17.50%]
Total Valid Votes [ 40 ]  
Discarded Votes [ 4 ]  

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music*'s avatar - nw bookeep.jpg
Happy California
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Posted: November 8, 2016, 5:44 pm - IP Logged

 I have read a lot of different opinions about safeguarding your winning ticket.  From placing it in your Bible to hiding it in a spray painter. And more.

 I've been rich and I've been poor. Believe me, rich is better. 

 Attributed to Joe E. Lewis and others

    rcbbuckeye's avatar - Lottery-043.jpg
    Texas
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    Posted: November 8, 2016, 7:27 pm - IP Logged

    If I rent one depends on the jackpot size and how long before I claim it.

    CAN'T WIN IF YOU'RE NOT IN

    A DOLLAR AND A DREAM (OR $2)

      LottoAce's avatar - WWI Flying_Ace.gif
      N.C.
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      Posted: November 8, 2016, 9:20 pm - IP Logged

      I have discussed this topic before.
      If I was in a lottery pool...yes
      If I won the jackpot by myself....no

      "know your limitations, but excede your expectations"

        Avatar
        Kentucky
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        Posted: November 8, 2016, 10:49 pm - IP Logged

         I have read a lot of different opinions about safeguarding your winning ticket.  From placing it in your Bible to hiding it in a spray painter. And more.

        Sign the back of the ticket and call your lottery headquarters let them know you're holding the winning ticket. I wouldn't suggest putting the ticket in you wallet or pocket and doing your normal thing, but IMO the safest place is validating it. Lots of people talk about all the things they "must" do before validating the ticket, but are they really necessary? Can a tax accountant lower you tax rate before you have the money or can a lawyer change the lottery rules and state laws?

          Raven62's avatar - binary
          New Jersey
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          Posted: November 9, 2016, 12:47 pm - IP Logged

          What should I put in my bank safe-deposit box? Items experts recommend storing in a safety-deposit box include birth or marriage certificates, insurance policies, property deeds, rare coins, jewelry, irreplaceable family photos, stock or bond certificates, and foreign currency.

          No Lottery Tickets! LOL!

          A mind once stretched by a new idea never returns to its original dimensions!

            music*'s avatar - nw bookeep.jpg
            Happy California
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            Posted: November 9, 2016, 1:01 pm - IP Logged

            Sign the back of the ticket and call your lottery headquarters let them know you're holding the winning ticket. I wouldn't suggest putting the ticket in you wallet or pocket and doing your normal thing, but IMO the safest place is validating it. Lots of people talk about all the things they "must" do before validating the ticket, but are they really necessary? Can a tax accountant lower you tax rate before you have the money or can a lawyer change the lottery rules and state laws?

            I Agree! Stack47,  Contact your lottery headquarters or local office. Compare with them the winning numbers, the 18 digit code, the correct game and date. I also agree with you about the tax accountant but I disagree with you on the lawyer part. I will probably need a Last Will and Testament, various Living Trusts, Asset Protection methods like an LLC or Family Limited Partnership.

             I will have to remind myself that I now have millions and can afford all the Professionals I think I need.

             I've been rich and I've been poor. Believe me, rich is better. 

             Attributed to Joe E. Lewis and others

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              Kentucky
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              Posted: November 9, 2016, 2:04 pm - IP Logged

              I Agree! Stack47,  Contact your lottery headquarters or local office. Compare with them the winning numbers, the 18 digit code, the correct game and date. I also agree with you about the tax accountant but I disagree with you on the lawyer part. I will probably need a Last Will and Testament, various Living Trusts, Asset Protection methods like an LLC or Family Limited Partnership.

               I will have to remind myself that I now have millions and can afford all the Professionals I think I need.

              "I disagree with you on the lawyer part. I will probably need a Last Will and Testament, various Living Trusts, Asset Protection methods like an LLC or Family Limited Partnership"

              It's a good idea to get a lawyer before validating just for your benefit, but other than using a trust to collect the winnings, they can't change the rules and laws. After the ticket is validated and especially after the money is in your bank, a lawyer is a must.

                LottoAce's avatar - WWI Flying_Ace.gif
                N.C.
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                Posted: November 9, 2016, 6:01 pm - IP Logged

                "I disagree with you on the lawyer part. I will probably need a Last Will and Testament, various Living Trusts, Asset Protection methods like an LLC or Family Limited Partnership"

                It's a good idea to get a lawyer before validating just for your benefit, but other than using a trust to collect the winnings, they can't change the rules and laws. After the ticket is validated and especially after the money is in your bank, a lawyer is a must.

                After the ticket is validated and especially after the money is in your bank, a lawyer is a must.

                I Agree!

                "know your limitations, but excede your expectations"

                  helpmewin's avatar - dandy
                  u$a
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                  Posted: November 10, 2016, 2:24 am - IP Logged

                  I say No Nod

                  Let it Snow Snowman

                    aux8b's avatar - home

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                    Posted: November 10, 2016, 12:59 pm - IP Logged

                    No No  No Nod  No.

                      Unluckyone's avatar - lib

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                      Posted: November 11, 2016, 8:26 pm - IP Logged

                      I have never won anything over $7 so the thought of getting a safe deposit box has never crossed my mind. I'll address that concern if I ever win.

                        LottoMetro's avatar - Lottery-024.jpg
                        Happyland
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                        Posted: November 12, 2016, 11:12 pm - IP Logged

                        If it was a very large prize I would probably put mine in a safety deposit box.

                        I have one and the security measures to access it are pretty robust (biometric + code + key).

                        Keep in mind that deposit boxes are not insured by the bank against loss, though. And you can't just walk into any bank and rent one the same day as your win. I had to make an appointment. Not all branches have vaults nowadays, so for the ones that do you might get put on a waiting list.

                        If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                        If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                        2016: -48.28% (13 tickets) ||
                        P&L % = Total Win($)/Total Wager($) - 1

                          music*'s avatar - nw bookeep.jpg
                          Happy California
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                          Posted: November 13, 2016, 2:39 pm - IP Logged

                          If it was a very large prize I would probably put mine in a safety deposit box.

                          I have one and the security measures to access it are pretty robust (biometric + code + key).

                          Keep in mind that deposit boxes are not insured by the bank against loss, though. And you can't just walk into any bank and rent one the same day as your win. I had to make an appointment. Not all branches have vaults nowadays, so for the ones that do you might get put on a waiting list.

                           Thank You LottoMetro for telling us about how banks have changed in the 21st Century. 

                           You are correct that the winning ticket will not be insured against loss.

                           I've been rich and I've been poor. Believe me, rich is better. 

                           Attributed to Joe E. Lewis and others

                            Lucky4Life's avatar - batman14

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                            Posted: November 20, 2016, 8:02 am - IP Logged

                            especially if it was on the weekend i would get a fireproof lock box and put the ticket in that.  I would drive down to claim the prize with the box and they key in my bra!

                              mikeintexas's avatar - tx avatar-1.gif
                              Texas Panhandle
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                              Posted: November 22, 2016, 4:36 am - IP Logged

                              especially if it was on the weekend i would get a fireproof lock box and put the ticket in that.  I would drive down to claim the prize with the box and they key in my bra!

                              Well, if the key would stay in your bra and considering you'd be super-rich, there'd be no way anyone could accuse you of being flat busted...either literally OR figuratively. Wink