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How Does A Lottery Winner Deposit A Huge Multi-Million Dollar Check?

rhinefire

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The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
The first thing you do is get your shit together before you come forward with the winning ticket. After that everything is handles with wire transfers.
 
What you don't do is invest in TSLA...
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
LOL. They are not depositing it in a savings account.
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
They don't deposit it. They have a professional who deals with the investment of the money through a trust fund. Hopefully honestly and prudently
 
LOL. They are not depositing it in a savings account.

You don’t really know what they are going to do with it. Most people want it somewhere safe while they take a pause, hire a financial manager, and figure out their next steps.

Nothing wrong with savings accounts.
 
You don’t really know what they are going to do with it. Most people want it somewhere safe while they take a pause, hire a financial manager, and figure out their next steps.

Nothing wrong with savings accounts.
No one puts $724 MILLION in a savings account while figuring things out.

You figure that all out first before you take possession of the funds. That is why there is usually months between knowing that there has been a winner and even possibly hearing who that person is.
 
You don’t really know what they are going to do with it. Most people want it somewhere safe while they take a pause, hire a financial manager, and figure out their next steps.

And they are not going to claim it until that point.
Nothing wrong with savings accounts.
Never said there was. But no one ever has or ever will deposit $700M in a saving account.
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

Well, after hiring a lawyer/CPA/whatever...
 
It has to be deposited in a financial institution somewhere. It being a "trust fund" doesn't change that.
Oh course but it's not a personal savings account
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
It would be kind of cool to use one of those pneumatic tube thingies at the credit union drive-thru just to see the expression on the teller’s face.
 
No one puts $724 MILLION in a savings account while figuring things out.
Sure they do. Why not?
You figure that all out first before you take possession of the funds. That is why there is usually months between knowing that there has been a winner and even possibly hearing who that person is.
I don't see why the delay in finding out who the winner is has anything to do with what they ultimately choose to do with the funds. I would get the check and figure out the details later.
 
It has to be deposited in a financial institution somewhere. It being a "trust fund" doesn't change that.

I'm wondering if it might go directly into some type of investment account? Perhaps a money market account, or conservative fund of some sort? Then quickly disbursed into a diversified investment portfolio?

The OP does pose an interesting question.
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

While I can't answer your question, I will give you kudos for posing one of the more interesting questions I've seen on DP! (y)
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
I have no idea but I'm pretty sure the financial and tax advisors I hired before I even touched the money would.
 
I'm wondering if it might go directly into some type of investment account? Perhaps a money market account, or conservative fund of some sort? Then quickly disbursed into a diversified investment portfolio?

The OP does pose an interesting question.
No. There's no reason to do anything "quickly." It can be put into an interest-bearing account until the winner decides what to do.

As to the question in the OP: it's not interesting. It's what banks are for.
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.


Would a check be issued instead of a wire transfer? Once received, the monies can be divided and invested any way the winner (and financial advisors) see fit.
 
Would a check be issued instead of a wire transfer? Once received, the monies can be divided and invested any way the winner (and financial advisors) see fit.
It's my understanding that they don't do wire transfers, only checks.
 
And they are not going to claim it until that point.

Never said there was. But no one ever has or ever will deposit $700M in a saving account.
I would just do that. Just for the fun of it, to see jaws dropped and my banker being close to a heart attack.

It is relative easy to spread out such a huge amount of money so it would be insured. One vehicle would be short term CDs. till you find a better way to invest and secure the money. Sit down take a deep breath and let it sink in and continue to live your current livestyle
 
If they're having problems figuring that out... I'm certainly available for advice. For a fee, of course. :)
 
The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.
I don't play the lottery because I understand math and statistics.

They don't actually receive the money in check form. After the Lottery officials authenticate the ticket, the winner has to sign some stuff and a transfer is made however it's designated. Something similar to how you may have done when signing new hire paperwork to tell them where to send your paycheck.

The people I know that have won usually set up Roth IRAs or other long-term investment accounts.
 
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