# If I win Powerball, what type of bank account do I need for my winnings (probably don’t need answer ever)? **URL:** \ **Category:** Factual Questions\ **Created:** [November 11, 2025, 2:15pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770 "2025-11-11T14:15:12Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![ricepad](https://avatars.discourse-cdn.com/v4/letter/r/b38774/32.png) [@ricepad](https://boards.straightdope.com/u/ricepad)\ **Post date:** [November 11, 2025, 5:36pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/21 "2025-11-11T17:36:02Z")
The first thing I would do is to call my mother-in-law, who was a partner in a Big 8/6/5/4 accounting firm, and ask her to handle the $$. Then I’d call my local Porsche dealer and have them put _me_ on speed dial. ---
**Author:** ![Schnitte](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/schnitte/32/9033_2.png) [@Schnitte](https://boards.straightdope.com/u/Schnitte)\ **Post date:** [November 11, 2025, 5:39pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/22 "2025-11-11T17:39:37Z")
> [@Moriarty](#): > > Should they just be checking accounts? Or savings accounts? Or is there something uniquely suited for tens of millions of dollars? > > Do I even need to open new bank accounts? Can I just send the whole $200 million to my current Chase checking account (where the balance is less than a grand)? If you’re thinking just about the initial collection of the winnings, any existing checking account will do. A checking account is really just a number under which the bank stores, in its electronic records, the amount of money it owes you or you owe it. There is no built-in cap on the amount of money that can be kept in an account, and there is no special magic that distinguishes a millionaire’s (or corporation’s) multi-million dollar account from your everyday retail account - other than, possibly, the maximum amount that you can withdraw per day, but you can change that maximum later on. Of course, you’d be well advised not to keep your winnings in that account for very long. You should shift them into a more lucrative investment. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [November 11, 2025, 5:40pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/23 "2025-11-11T17:40:35Z")
> [@teelabrown](#): > > I’d sign the ticket, put it in a plastic sleeve and then in our home safe, then go to my existing bank and start a safe deposit box. Then I’d photocopy the ticket at home, and go put the original in the safe deposit box. Since you’ve _signed_ the ticket prior to putting it in the safe deposit box, I would not worry too much about the remote possibility of it being stolen from there. How is someone else going to cash it with your signature in place? Plus, presumably even if they tried, you’d speak up and say, “Wait a minute, that’s my ticket and here’s a photocopy as proof.” ---
**Author:** ![Czarcasm](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/czarcasm/32/4050_2.png) [@Czarcasm](https://boards.straightdope.com/u/Czarcasm)\ **Post date:** [November 11, 2025, 5:44pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/24 "2025-11-11T17:44:09Z")
> [@Dewey\_Finn](#): > > Plus, presumably even if they tried, you’d speak up and say, “Wait a minute, that’s my ticket and here’s a photocopy as proof.” What does the law _actually_ say about someone stealing the ticket, stealing your identity and cashing out? Do the still have to pay you, too, or will it be “Tough luck-We did what we are legally required to do and you are shit out of luck”? ---
**Author:** ![Tamerlane](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tamerlane/32/7602_2.png) [@Tamerlane](https://boards.straightdope.com/u/Tamerlane)\ **Post date:** [November 11, 2025, 5:44pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/25 "2025-11-11T17:44:49Z")
> [@LSLGuy](#): > > Which will probably include creating an offshore trust so you don’t lose 40% of your winnings to US taxes I’m not sure that is an option. At least in CA the Feds automatically get 24% off the top of any win over $5,000 and then expect to get paid the rest in your tax filing. You don’t have an option - it’s the lottery that actually pays that out to them before you see dollar one. I suspect it is much the same elsewhere. The IRS weren’t born yesterday. ETA: This by the way, is why “win a house!” charity raffles never actually pay out homes. They will have a real, genuine multi-million dollar home set up for you to win, it’s all quite legit. But you have to pay 24% of the cash value to the Feds immediately on receipt. Won a $5 million home? Better have $1.2 million in cash on hand. Since most people don’t have that loose cash on hand, the raffle offers an alternative cash prize (all quite legally spelled out up front) of maybe $700k from which the taxes can just be subtracted in cash. Still worth it for the cost of a raffle ticket, but nothing near the actual grand prize. The companies that run these raffles for charities are private for-profit companies and they bank on this little tactic to earn money. In a sense it’s win-win. The charity raises money (a percentage of ticket sales), the company running it makes money (a percentage of ticket sales) and you win a nice chunk of change. But it is also slightly scammy because almost no one ends up with the multi-million dollar home. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [November 11, 2025, 5:45pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/26 "2025-11-11T17:45:14Z")
I suspect there is no law to cover such a circumstance, which is truly surprising, given how that happens every other day. ---
**Author:** ![mixdenny](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mixdenny/32/2962_2.png) [@mixdenny](https://boards.straightdope.com/u/mixdenny)\ **Post date:** [November 11, 2025, 5:45pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/27 "2025-11-11T17:45:20Z")
No insurance at all for safe deposit boxes as far as I know. ---
**Author:** ![Czarcasm](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/czarcasm/32/4050_2.png) [@Czarcasm](https://boards.straightdope.com/u/Czarcasm)\ **Post date:** [November 11, 2025, 5:49pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/28 "2025-11-11T17:49:14Z")
I just looked it up, and there are _many_ companies that will insure the contents of safety deposit boxes. ---
**Author:** ![mixdenny](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mixdenny/32/2962_2.png) [@mixdenny](https://boards.straightdope.com/u/mixdenny)\ **Post date:** [November 11, 2025, 5:50pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/29 "2025-11-11T17:50:58Z")
I was referring to (no) Federal insurance of safety deposit boxes. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 11, 2025, 5:51pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/30 "2025-11-11T17:51:58Z")
If someone steals the ticket, that’s grand theft. You will have a picture on your phone dated prior to the theft and will very likely be on the store’s security camera at the exact time that the ticket was purchased. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 11, 2025, 5:54pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/31 "2025-11-11T17:54:17Z")
Here is a case of that happening. [https://www.cnn.com/2024/07/23/business/tennessee-lottery-store-clerk-ticket-theft](https://www.cnn.com/2024/07/23/business/tennessee-lottery-store-clerk-ticket-theft) ---
**Author:** ![Czarcasm](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/czarcasm/32/4050_2.png) [@Czarcasm](https://boards.straightdope.com/u/Czarcasm)\ **Post date:** [November 11, 2025, 5:54pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/32 "2025-11-11T17:54:42Z")
If someone steals that ticket, there is a law to punish the thief, but are there any laws that require the people that run the lottery to give you money they already gave someone else, albeit illicitly. ---
**Author:** ![Saint\_Cad](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/saint_cad/32/18907_2.png) [@Saint\_Cad](https://boards.straightdope.com/u/Saint_Cad)\ **Post date:** [November 11, 2025, 5:58pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/33 "2025-11-11T17:58:13Z")
> [@LSLGuy](#): > > Then you hire experts. Which will probably include creating an offshore trust so you don’t lose 40% of your winnings to US taxes. That’s where the attorney comes in. I’d rather give the government 40% than serve time for tax evasion. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 11, 2025, 6:01pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/34 "2025-11-11T18:01:32Z")
As someone said upthread, all of the appropriate taxes will be removed before you get your payout, just like a paycheck. The Feds will get their cut and, if applicable, the State. Some States don’t tax lotto winnings. ---
**Author:** ![Ynnad](https://avatars.discourse-cdn.com/v4/letter/y/4491bb/32.png) [@Ynnad](https://boards.straightdope.com/u/Ynnad)\ **Post date:** [November 11, 2025, 6:03pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/35 "2025-11-11T18:03:30Z")
> [@Saint\_Cad](#): > > … I’d rather give the government 40% than serve time for tax evasion. This is mere speculation on my part, but I can’t possibly imagine any disbursement of winnings before some federal and maybe state withholding. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [November 11, 2025, 6:03pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/36 "2025-11-11T18:03:59Z")
> [@teelabrown](#): > > Yeah, I never thought about that $250K limit on FDIC coverage. It’s $250K _per account holder_. We put our proceeds of sale from our house into CDs in our credit union. We added our niece to the account so that we would be insured for $750K. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [November 11, 2025, 6:05pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/37 "2025-11-11T18:05:39Z")
As long as you’re planning to win the big jackpot, I recommend planning to buy the ticket in one of the states that allows you to remain anonymous and then minimize the number of people who know that you won. (Of course, if you run out and buy a new house or a Ferrari, others may _guess_ that you’ve won.) ---
**Author:** ![Saint\_Cad](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/saint_cad/32/18907_2.png) [@Saint\_Cad](https://boards.straightdope.com/u/Saint_Cad)\ **Post date:** [November 11, 2025, 6:08pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/38 "2025-11-11T18:08:21Z")
> [@Chefguy](#): > > It’s $250K _per account holder_. And isn’t it per account as well? So same bank with a checking and saving account would be insured up to $500K if I keep $250K in each? ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [November 11, 2025, 6:10pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/39 "2025-11-11T18:10:37Z")
> [@Saint\_Cad](#): > > And isn’t it per account as well? So same bank with a checking and saving account would be insured up to $500K if I keep $250K in each? That makes sense, although I didn’t enquire about it. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [November 11, 2025, 6:12pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/40 "2025-11-11T18:12:52Z")
> [@Saint\_Cad](#): > > And isn’t it per account as well? So same bank with a checking and saving account would be insured up to $500K if I keep $250K in each? No, the insurance is per depositor. [Previous page](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770.md?page=1) [Next page](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770.md?page=3)