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Say you won the lottery

Originally posted by: Alkesh
my bank gives me looks for depositing more than 1k at a time....
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??? Better not ever get a middle-class job then, because if you get payed twice a month, they will be around 1 or 2 grand.
 
I would deposit it in fragments in various banks. FDIC is $50,000 insurance? Boy..I don't think there's enough banks here.
 
Tell you what... we can cross that bridge when we get to it. (Treasury bonds won't be a bad idea either, although you might want to choose a different country.)
 
Originally posted by: BlancoNino
Originally posted by: Alkesh
my bank gives me looks for depositing more than 1k at a time....
Click to expand...

??? Better not ever get a middle-class job then, because if you get payed twice a month, they will be around 1 or 2 grand.
Click to expand...

It's because i bring it into the bank in a canvas bag with big "$$$$" all over it.
 
Originally posted by: Alkesh
my bank gives me looks for depositing more than 1k at a time....
Click to expand...

wtf is it weird to deposit more than 1k at a time?? Some of us (who have made it out of puberty, out of college, and into the real world)) earn well in excess of 1k per paycheck. It's a pretty normal sized deposit.
 
I've probably take it to a guy I know in private banking. Although he says that lottery winners do not make good clients, they don't know how to handle money and end up throwing it all away.
 
Originally posted by: Cdubneeddeal
I would deposit it in fragments in various banks. FDIC is $50,000 insurance? Boy..I don't think there's enough banks here.
Click to expand...
It's more than 50k, but I can't remember exactly. I'm thinking 100k.

Edit - Yeah, it's $100,000. 100,000 "of initial deposit," so if you drop in 100k and then let it build interest for a year and the bank goes under, you get your 100k back but not any of the accrued interest.
Or slightly worse, if you drop in 75000 and the bank fails after interest brings you up to 110k, you only get that initial 75k.
 
I thought FDIC was $100,000. Anyway, to put more than a few 100k away would be dumb. You get a portfolio manger and let them deal with. And yeah, to deposit very large amounts just ask to speak to the manager or arrange a meeting with a higher-up.
 
Originally posted by: everman
I've probably take it to a guy I know in private banking. Although he says that lottery winners do not make good clients, they don't know how to handle money and end up throwing it all away.
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Oh yeah, and I'm sure one banker has handled lots of lottery winners in his career. :roll:
 
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