Go Back   AnandTech Forums > Social > Off Topic

Forums
· Hardware and Technology
· CPUs and Overclocking
· Motherboards
· Video Cards and Graphics
· Memory and Storage
· Power Supplies
· Cases & Cooling
· SFF, Notebooks, Pre-Built/Barebones PCs
· Networking
· Peripherals
· General Hardware
· Highly Technical
· Computer Help
· Home Theater PCs
· Consumer Electronics
· Digital and Video Cameras
· Mobile Devices & Gadgets
· Audio/Video & Home Theater
· Software
· Software for Windows
· All Things Apple
· *nix Software
· Operating Systems
· Programming
· PC Gaming
· Console Gaming
· Distributed Computing
· Security
· Social
· Off Topic
· Politics and News
· Discussion Club
· Love and Relationships
· The Garage
· Health and Fitness
· Merchandise and Shopping
· For Sale/Trade
· Hot Deals with Free Stuff/Contests
· Black Friday 2014
· Forum Issues
· Technical Forum Issues
· Personal Forum Issues
· Suggestion Box
· Moderator Resources
· Moderator Discussions
   

Reply
 
Thread Tools
Old 08-29-2004, 04:48 PM   #1
Trey22
Diamond Member
 
Trey22's Avatar
 
Join Date: Oct 2003
Location: Dearborn Heights, MI
Posts: 5,508
Default What type of bank account are lottery winnings put in?

Usually standard bank checking/savings accounts are FDIC insured up to a certain amount, i.e., $100,000.

So if my friend won the lottery and gave me $1,000,000, where would I put it?

__________________
Server -- FreeNAS-9.2.1.6-RC2-72b8479-x64 / Intel G3220 3.0GHz / Kingston 2 x 8GB ECC KVR16E11/8 / ASRock E3C224D2I / 4 x Toshiba 2TB (RAIDZ2), A-Data 2GB My Flash USB / Corsair CX430 / Fractal Design Node 304 / APC BR1000G Pro UPS

Laptop -- Sager NP8150, i7 2630QM, 8GB, Corsair Force 3 240GB SSD, WD Black 750GB, GTX560M, Win 7 U.
Trey22 is offline   Reply With Quote
Old 08-29-2004, 04:49 PM   #2
Anubis
No Lifer
 
Anubis's Avatar
 
Join Date: Aug 2001
Location: Anger is a gift!
Posts: 73,978
Default What type of bank account are lottery winnings put in?

saveings?
Anubis is online now   Reply With Quote
Old 08-29-2004, 04:51 PM   #3
TechnoKid
Diamond Member
 
Join Date: Feb 2001
Posts: 5,575
Default What type of bank account are lottery winnings put in?

you'd open 10 accounts for 100,000 each.
TechnoKid is offline   Reply With Quote
Old 08-29-2004, 04:53 PM   #4
myusername
Diamond Member
 
Join Date: Jun 2003
Posts: 5,046
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: Trey22
So if my friend won the lottery and gave me $1,000,000, where would I put it?
The footlocker in my closet
myusername is offline   Reply With Quote
Old 08-29-2004, 04:55 PM   #5
Anubis
No Lifer
 
Anubis's Avatar
 
Join Date: Aug 2001
Location: Anger is a gift!
Posts: 73,978
Default What type of bank account are lottery winnings put in?

put it in a bank over sees like in the caymans or holland
Anubis is online now   Reply With Quote
Old 08-29-2004, 05:06 PM   #6
jadinolf
Lifer
 
jadinolf's Avatar
 
Join Date: Oct 1999
Location: Ojai, CA
Posts: 20,952
Default What type of bank account are lottery winnings put in?

you'd open 10 accounts for 100,000 each.

Yep.
__________________
This post printed on 100% recycled bytes
jadinolf is offline   Reply With Quote
Old 08-29-2004, 05:09 PM   #7
Spikesoldier
Diamond Member
 
Spikesoldier's Avatar
 
Join Date: Oct 2001
Posts: 6,766
Default What type of bank account are lottery winnings put in?

take it all and invest in real estate.
__________________
i5 750 4000MHz (200x20)
MSI P55-GD65
Noctua NH-D14
(4) G.Skill RipjawsX 4GB PC3-12800 DIMM 9-9-9-24-1T
(4) 80GB X25-M G1 RAID0
Gigabyte Windforce HD7950 3GB 1200/1250
ASUS Xonar D1
Lite-On IHOS104-06 BDROM
PC Power & Cooling 750W Silencer (Black)
Lian-Li PC-E8L + Lian Li CR-25B
Yamakasi Q270LED
Logitech Illuminated Keyboard, Logitech G500, Puretrak Talent
Swans M200 Mkiii
Spikesoldier is offline   Reply With Quote
Old 08-29-2004, 05:19 PM   #8
JEDI
Lifer
 
JEDI's Avatar
 
Join Date: Sep 2001
Location: Somewhere between hare . . . . . & their
Posts: 19,937
Default What type of bank account are lottery winnings put in?

dump it all into worldcom and enron. double your $ in no time

thats how thr rich get richer
__________________
Quote:
Irony: The new Virgin Mary aborted the 2nd coming of Christ in 2000
Happy 50th anniversay of JFK's assassination: I was there & saw the other Lone Gunmen on the Grassy Knoll. Elvis!!
-He got away with the kill but Marilyn Monroe got her revenge in a murder/suicide.
Proof God exists: https://scontent-b-iad.xx.fbcdn.net/...06913729_n.png I blame Bush!
JEDI is online now   Reply With Quote
Old 08-29-2004, 06:28 PM   #9
Peetoeng
Golden Member
 
Join Date: Dec 2000
Posts: 1,866
Default What type of bank account are lottery winnings put in?


Look for a brokerage accounts who offer high insurance coverage provided by large insurance company such as the Llyoids of London.
Peetoeng is offline   Reply With Quote
Old 08-29-2004, 06:29 PM   #10
Peetoeng
Golden Member
 
Join Date: Dec 2000
Posts: 1,866
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: jadinolf
you'd open 10 accounts for 100,000 each.

Yep.
But each account has to be in different bank institution (not just bank branch).
Peetoeng is offline   Reply With Quote
Old 08-29-2004, 10:06 PM   #11
orakle
Golden Member
 
Join Date: Nov 2002
Posts: 1,123
Default What type of bank account are lottery winnings put in?

I'd put the money overseas. No sense in letting the IRS/CRA (canada revenue agency) know you're a millionaire and taxing you through the nose. I'd keep some here in cash though, for those impulse buys (houses, cars, boats..). The problem arises when you need to bring the money back into the country... i believe customs regulations in the US state that you can only be carrying $10K usd without having to declare it.
orakle is offline   Reply With Quote
Old 08-29-2004, 10:08 PM   #12
sixone
Lifer
 
Join Date: May 2004
Location: Land of Ahs
Posts: 25,174
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: Peetoeng
Quote:
Originally posted by: jadinolf
you'd open 10 accounts for 100,000 each.

Yep.
But each account has to be in different bank institution (not just bank branch).
True.
sixone is offline   Reply With Quote
Old 08-29-2004, 10:09 PM   #13
sixone
Lifer
 
Join Date: May 2004
Location: Land of Ahs
Posts: 25,174
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: orakle22
I'd put the money overseas. No sense in letting the IRS/CRA (canada revenue agency) know you're a millionaire and taxing you through the nose. I'd keep some here in cash though, for those impulse buys (houses, cars, boats..). The problem arises when you need to bring the money back into the country... i believe customs regulations in the US state that you can only be carrying $10K usd without having to declare it.
The tax will almost surely be taken out before you receive a payment. In the US, anyway.
sixone is offline   Reply With Quote
Old 08-29-2004, 10:09 PM   #14
Kelvrick
Lifer
 
Join Date: Feb 2001
Posts: 17,833
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: orakle22
I'd put the money overseas. No sense in letting the IRS/CRA (canada revenue agency) know you're a millionaire and taxing you through the nose. I'd keep some here in cash though, for those impulse buys (houses, cars, boats..). The problem arises when you need to bring the money back into the country... i believe customs regulations in the US state that you can only be carrying $10K usd without having to declare it.
Why don't you just wire the money in when you need more of it.
__________________
heatware
JEEEBUS DOES NOT DISAPPOINT

Trying hard not to troll. Don't make it hard on me.
Kelvrick is offline   Reply With Quote
Old 08-29-2004, 10:40 PM   #15
silverpig
Lifer
 
silverpig's Avatar
 
Join Date: Jul 2001
Location: London, UK
Posts: 27,709
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: sixone
Quote:
Originally posted by: orakle22
I'd put the money overseas. No sense in letting the IRS/CRA (canada revenue agency) know you're a millionaire and taxing you through the nose. I'd keep some here in cash though, for those impulse buys (houses, cars, boats..). The problem arises when you need to bring the money back into the country... i believe customs regulations in the US state that you can only be carrying $10K usd without having to declare it.
The tax will almost surely be taken out before you receive a payment. In the US, anyway.
Lottery winnings are tax free in Canada, but you do of course have to pay tax on the interest you make.
silverpig is offline   Reply With Quote
Old 08-29-2004, 10:56 PM   #16
RagingBITCH
Lifer
 
Join Date: Sep 2003
Posts: 17,335
Default What type of bank account are lottery winnings put in?

CDARS (Certificate of Deposit Account Registry Service) lets you deposit up to $5 million at a single bank and have it all covered under FDIC. It's the "easy" way around the $100,000 FDIC limit. I don't know the rules of CDARS well enough, but generally speaking it says the deposit can have a max. of $5 million at a single bank, so it could be possible to have X number of CDARS deposits at different banks. (I could be wrong)
RagingBITCH is online now   Reply With Quote
Old 08-29-2004, 10:57 PM   #17
TechnoKid
Diamond Member
 
Join Date: Feb 2001
Posts: 5,575
Default What type of bank account are lottery winnings put in?

hmmmm....could you buy 1 millionns worth of bonds? and then just put those into a safedeposit box?
TechnoKid is offline   Reply With Quote
Old 08-29-2004, 11:01 PM   #18
RagingBITCH
Lifer
 
Join Date: Sep 2003
Posts: 17,335
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: TechnoKid
hmmmm....could you buy 1 millionns worth of bonds? and then just put those into a safedeposit box?
Safe deposit boxes aren't covered under the FDIC or personal insurance. It's under "lock and key" in a safe, but fire, flood, theft, and other happenings would leave you with nothing.
RagingBITCH is online now   Reply With Quote
Old 08-29-2004, 11:08 PM   #19
spanky
Lifer
 
spanky's Avatar
 
Join Date: Jun 2001
Location: San Jose, CA
Posts: 25,708
Default What type of bank account are lottery winnings put in?

i'll hold it for u in my underwear.
__________________
two wrongs don't make a right, but three lefts do.

http://www.heatware.com/eval.php?id=2222
spanky is offline   Reply With Quote
Old 08-29-2004, 11:09 PM   #20
MichaelD
Lifer
 
MichaelD's Avatar
 
Join Date: Jan 2001
Location: Halfway There
Posts: 31,506
Default What type of bank account are lottery winnings put in?

A really big bank account. I hope to have one, someday. :wine:
MichaelD is offline   Reply With Quote
Old 08-29-2004, 11:11 PM   #21
KLin
Lifer
 
KLin's Avatar
 
Join Date: Feb 2000
Location: Phreaznaux
Posts: 28,660
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: silverpig
Quote:
Originally posted by: sixone
Quote:
Originally posted by: orakle22
I'd put the money overseas. No sense in letting the IRS/CRA (canada revenue agency) know you're a millionaire and taxing you through the nose. I'd keep some here in cash though, for those impulse buys (houses, cars, boats..). The problem arises when you need to bring the money back into the country... i believe customs regulations in the US state that you can only be carrying $10K usd without having to declare it.
The tax will almost surely be taken out before you receive a payment. In the US, anyway.
Lottery winnings are tax free in Canada, but you do of course have to pay tax on the interest you make.
both state income(if state has an income tax) and fed income taxes are taken out of lotto winnings. uncle sam always has to have his share.
__________________
'L_'
KLin is offline   Reply With Quote
Old 08-29-2004, 11:47 PM   #22
everman
Lifer
 
Join Date: Nov 2002
Posts: 11,290
Default What type of bank account are lottery winnings put in?

Just use multiple accounts in different banks. Your main bank should be able to take care of it for you, it's not like you need to travel to 10 different places yourself. And you can't avoid taxes on it by simply putting it all overseas, lol.
everman is offline   Reply With Quote
Old 08-30-2004, 12:25 AM   #23
dionx
Diamond Member
 
dionx's Avatar
 
Join Date: Mar 2001
Location: San Diego, CA
Posts: 3,500
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: TechnoKid
you'd open 10 accounts for 100,000 each.
i'd get 11 or more accounts. that way, the interest gained is also FDIC insured.
__________________
><
dionx is offline   Reply With Quote
Old 08-30-2004, 12:27 AM   #24
RagingBITCH
Lifer
 
Join Date: Sep 2003
Posts: 17,335
Default What type of bank account are lottery winnings put in?

Quote:
Originally posted by: dionx
Quote:
Originally posted by: TechnoKid
you'd open 10 accounts for 100,000 each.
i'd get 11 or more accounts. that way, the interest gained is also FDIC insured.
I already mentioned CDARS That's the only logical way of doing so.
RagingBITCH is online now   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 12:45 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.