Subject: RE: half a billionkmac1346 - 2012-03-30 5:38 PM I really need to know this, so when I win, I'm prepared. So, if I take the cash option, lets just say is $200m after taxes. What do I physically do with that check? Do I just walk into my local bank and say "hello, I'd like to open a new account?" I'm thinking the FDIC insurance isn't going to cover all of that. How do I cash a check like that? Hmmm...I'd like to hear someone talk about this too! I know FDIC is $250,000 per bank. But there aren't that many banks in the world to cover $200M! For sure you would at least want to get it moved around to several banks. A quick google search indicates that there are things like CDARS. So you get the benefit of spreading it around without having to physically go to all those banks yourself. Handy. I think what I would do is deposit the check into my most reliable bank (in my case my main bank is USAA and I am 99.9% positive they won't fail!). I'd try to find a service like that CDARS thing to spread out as much as I can. And I would dump off the largest chunk of my charitable donations as quickly as possible (so that I don't have tons of money laying around uninsured). |