Winners lawyer already called WV lottery

Reply #5

Thomas Covenant — Fri, 27 Dec 2002 03:05:41 GMT

From the FDIC siteQ: Can deposit insurance be increased by depositing funds into several different accounts all at the same financial institution?A: No. All funds held in the same type of ownership at the same institution are added together before deposit insurance is determined. If the funds are in different types of ownership, or are deposited into separate institutions, however, they would then be separately insured.

Reply #4

Bradly_60 — Fri, 27 Dec 2002 02:28:47 GMT

You would need to find 1,000 different banks or other financial institution....each depositor is insured up to $100,000. Depositor....each person....not each account...i work in a bank...I think that is how it works. might be wrong though

Reply #3

smd173 — Fri, 27 Dec 2002 01:31:12 GMT

Quote: Originally posted by Bradly_60 on December 26, 2002 Yeah I know hey...I would hate to lost 99,900,000. But it would be very rare to have a bank with an extra 100 million to go bankrupt or something like that Couldn't the winner just open up 1,000 checking/savings accounts to still get the $100K protection from the FDIC

Reply #2

Bradly_60 — Thu, 26 Dec 2002 12:25:12 GMT

Yeah I know hey...I would hate to lost 99,900,000. But it would be very rare to have a bank with an extra 100 million to go bankrupt or something like that

Reply #1

CASH Only — Thu, 26 Dec 2002 12:19:42 GMT

Brad: I sure hope they DO choose lump sum, especially if it's a lottery pool. I would think money deposited in a bank would be TEMPORARY because of the $100k limit by the FDIC.

Winners lawyer already called WV lottery

Bradly_60 — Thu, 26 Dec 2002 12:09:37 GMT

Just seen it on the Today Show. What would you do with a lump sum of $100,000,000 after taxes. I work in a bank and a number that big doesn't even fit on our encoding machines. $100,000,000 look at all the zeros. If you through that into a savings account at the bank I work at you would earn $8,217 a day interest. WOW