Timeline for Why does lottery write "in trust" on winner's cheque?
Current License: CC BY-SA 4.0
14 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Sep 21 at 6:59 | comment | added | Darren | @ChrisBouchard It was a charity donation, sadly for me. | |
| Sep 20 at 23:14 | comment | added | Chris Bouchard | @Darren Hopefully you can use some of your winnings to purchase your own giant cheque whiteboard! | |
| Sep 20 at 18:13 | comment | added | Darren | I was on the receiving end of one of those cheques once, and I was very disappointed to learn it was basically a whiteboard, and they wiped off my name to use for the next guy. I really hoped I was going to get to keep it. | |
| Sep 20 at 18:04 | comment | added | Ben Voigt | Multimillion dollar checks in general are probably not going to be processed fully automatically, when that kind of money moves around it's worth a couple minutes of manual inspection by a bank employee. | |
| Sep 20 at 17:28 | comment | added | Yorik | RE: fine print--It is not unusual that an annuity from a lottery is not transferable, so a (lower) lump sum might be better if you want to then make a trust or leave it to e.g. grandchildren | |
| Sep 20 at 17:11 | comment | added | Hobbamok | Spreading out the payments also increases the chances of the winner not going bankrupt in the end (as a LOT of lottery winners do) | |
| Sep 20 at 16:10 | comment | added | David42 | You are correct, your bank may reject a giant check because it does not meet the standards for automated processing. But I wouldn't want to assume I could give contest winners legally-valid giant checks and rely on the policies of banks to prevent them from being cashed. They do have mechanisms for dealing with checks which can't be processed automatically for whatever reason. | |
| Sep 20 at 15:19 | comment | added | Brian | @keshlam: That doesn't mean the check isn't a real (i.e., legally valid) check. It just means that banks may refuse to process it. | |
| Sep 20 at 14:12 | comment | added | Barmar | When the payments are spread out, I think they establish an annuity, not a trust. | |
| Sep 20 at 14:12 | comment | added | Barmar | Even if a big check could be real, they probably aren't in practice. They're just for publicity. | |
| Sep 20 at 13:51 | comment | added | keshlam | @David42: That used to be true. But as one of the trade-offs for promising faster processing of checks, banks can now insist that checks meet specific physical requirements. Simply including the necessary information is no longer sufficient. | |
| Sep 20 at 13:33 | comment | added | David42 | You should perhaps clarify that giant checks can be real, but this particular giant check is not since it is missing required elements such as the name of the bank, the account number, and the signature of the account holder. | |
| Sep 20 at 2:00 | history | edited | keshlam | CC BY-SA 4.0 |
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| Sep 19 at 23:39 | history | answered | keshlam | CC BY-SA 4.0 |