Renting a safety deposit box at a bankPrev Topic Next Topic

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When would you rent one for your winning ticket?

Always

[ 5 ]

[ 11.4% ]

Never

[ 16 ]

[ 36.4% ]

Depends on size of jackpot

[ 12 ]

[ 27.3% ]

None available

[ 1 ]

[ 2.3% ]

To much trouble

[ 3 ]

[ 6.8% ]

Cash in the next day

[ 7 ]

[ 15.9% ]

Total valid votes

[ 44 ]

Discarded votes

[ 4 ]

music*

Fresno, California
United States
Member #157,847
August 2, 2014
3,959 Posts
Offline

Nov 8, 2016, 5:44 pm

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.

"We are all in this together!"
rcbbuckeye

100

Texas
United States
Member #55,887
October 23, 2007
22,267 Posts
Offline

Nov 8, 2016, 7:27 pm

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

JUST LOOK AT THE ODDS OF ANY JACKPOT GAME, THAT WILL TELL YOU EVERYTHING YOU NEED TO KNOW
LottoAce

N.C.
United States
Member #56,003
October 28, 2007
877 Posts
Offline

Nov 8, 2016, 9:20 pm

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"
Stack47

Kentucky
United States
Member #32,651
February 14, 2006
10,528 Posts
Offline

Nov 8, 2016, 10:49 pm

Quote: Originally posted by music* on Nov 8, 2016
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

25

New Jersey
United States
Member #17,842
June 28, 2005
180,983 Posts
Offline

Nov 9, 2016, 12:47 pm

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!

Catch-22: A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.

Corruptissima re publica plurimae leges: When the republic is at its most corrupt the laws are most numerous.

The best way to learn is to never stop being an Experiential Student!
music*

Fresno, California
United States
Member #157,847
August 2, 2014
3,959 Posts
Offline

Nov 9, 2016, 1:01 pm

Quote: Originally posted by Stack47 on Nov 8, 2016
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?

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.

"We are all in this together!"
Stack47

Kentucky
United States
Member #32,651
February 14, 2006
10,528 Posts
Offline

Nov 9, 2016, 2:04 pm

Quote: Originally posted by music* on Nov 9, 2016
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

N.C.
United States
Member #56,003
October 28, 2007
877 Posts
Offline

Nov 9, 2016, 6:01 pm

Quote: Originally posted by Stack47 on Nov 9, 2016
"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.

"know your limitations, but excede your expectations"
helpmewin

100

u$a
United States
Member #106,658
February 22, 2011
19,967 Posts
Offline

Nov 10, 2016, 2:24 am

I say
aux8b

United States
Member #57,791
January 19, 2008
3,479 Posts
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Nov 10, 2016, 12:59 pm

No.
Unluckyone

United States
Member #176,409
August 4, 2016
262 Posts
Offline

Nov 11, 2016, 8:26 pm

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

Happyland
United States
Member #146,336
September 1, 2013
1,182 Posts
Offline

Nov 12, 2016, 11:12 pm
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?
- I believe Joan Ginther ("world's luckiest woman") merely played lottery as a tax strategy. Evidence: zero prize claims through 10 years after her last Lotto Texas annuity payment!
music*

Fresno, California
United States
Member #157,847
August 2, 2014
3,959 Posts
Offline

Nov 13, 2016, 2:39 pm

Quote: Originally posted by LottoMetro on Nov 12, 2016
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.

"We are all in this together!"
Lucky4Life

United States
Member #85,032
January 7, 2010
264 Posts
Offline

Nov 20, 2016, 8:02 am

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

Texas Panhandle
United States
Member #136,835
December 20, 2012
1,660 Posts
Offline

Nov 22, 2016, 4:36 am

Quote: Originally posted by Lucky4Life on Nov 20, 2016
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.

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