Do you keep your jackpot lottery winnings in 1 bank?

Question

To all of those jackpot winners out there...

Answer 1

No way, there is a limit on deposits of only $100,000.

Answer 2

With the FDIC that only applies to banks going bankrupt and if a bank is robbed than no one steals "your" money like back in the old West.  If it's a major bank then you really don't have much to worry about here although I wouldn't put a lot of money in a smaller outfit.  However with this said I'd spread it around with a lot of it offshore although you have to do your homework here and be selective.  You should actually hire an advisor here anyway and not try to do it yourself - these guys earn their money in what they save you in taxes alone.

King Cobra Poker

Answer 3

I usually keep the $3 in my pocket.

Answer 4

It's not a limit of deposits you could put a couple million in the ban but the FDIC can only insure 100k of it. Meaning if the bank were to get robbed or something and your money was stolen the FDIC would only be responsible for recovering 100k.   Use multiple bank accounts even in other countries if deemed necessary