Bank acct for lottery winner

jonesMUFCforever

benedictadams wrote:

I must be one of the few people who would never want to have a Coutts account even if i won £80 million

The idea of a limo coming to pick me up fills me with dread (the carbon emissions would be huge), when i can just walk to the local branch of the Cooperative Bank.

I'd walk into all the major high street banks, waste an hour of their time whilst being wined and dined (free meal very MSE ) and walk out again cheque in hand and invest it in institutions where they were socially aware eg Cooperative Bank

The only problem I have with your argument of course is that the lottery wastes billions of pounds on useless things - much more damage to envoirenment than one limo or any bank - but I think this is an urban myth anyway.

vixarooni

ejones999 wrote:

The only problem I have with your argument of course is that the lottery wastes billions of pounds on useless things - much more damage to envoirenment than one limo or any bank - but I think this is an urban myth anyway.

but, in some ways it saves the environment in terms of what we see and our heritage.

It gives grants to alot of heritage sites that need restoration. Everyone has their own opinions on what they see as wasteful.

moonrakerz

I was in a syndicate some years back and had a share of a 6 figure sum. We were all astounded by the antiquated system that the British banking system operated (and still does) under.
We had a very large cheque to pay in and pay out to the syndicate members.
The cheque had Camelot's name and logo on it; the bank was one of the big Scottish ones (can't remember exactly which one). Easy to do ???? think again !

We went to the bank of the person whose name was on the cheque - it would take five days to clear !
We went to the Scottish Bank - we would have to open an account there - then wait five days !
Finally we went to the cheque holders building society, who said five days - then said they could an express clearance in 24 hrs for a fee ! When they saw the cheque - "Cor, haven't seen one of those before !" - they waived the fee. Well done the Portman.

I can send this post to MSE in milliseconds - but it still takes 5 days to transfer money electronically, soon to be two days I think. No wonder the banks are making billions.

djhworld

argh, I hate reading posts like this! It makes me green with envy (although from what I've gathered, I don't think anyone in this thread has been a major winner!)

You can only but dream.

Anyway, I was talking about this to my family the other week, pretty much the exact same question. I reckon Camelot will probably offer financial advice for you when you go and pick up the cheque. Whether you choose to take it or not is up to you.

I'm pretty sure the 'normal' banks will be more then happy to accept your £7million cheque, but you know, it's probably best to go with the ones Camelot advises. At least that way you know your cheque will get accepted.

*day dreams about one day winning the lottery*

Phoenix79_2

JasonW wrote:

Who wouldn't love to tell their bank everything they have been dying to for years with that kind of money hitting the account. They'd be tripping over each other to be nice to you to offer all the things they refused before, or when they wouldn't even look twice at you! Grrrrr one day

Not me as my bank have always been good to me

Phoenix79_2

benedictadams wrote:

I must be one of the few people who would never want to have a Coutts account even if i won £80 million

The idea of a limo coming to pick me up fills me with dread (the carbon emissions would be huge), when i can just walk to the local branch of the Cooperative Bank.

I'd walk into all the major high street banks, waste an hour of their time whilst being wined and dined (free meal very MSE ) and walk out again cheque in hand and invest it in institutions where they were socially aware eg Cooperative Bank

I like your way of thinking!

Coutts do have a branch in Birmingham so you could always refuse the limo and walk there

cheggers

AndyR wrote:

Camelot have agreements with three banks, with the winners permission they can introduce to Coutts (part of RBS and the Queen's bank), Barclays Private Bank or Cater Allen Private Bank (part of Abbey National).

Some normal current accounts do have an upper limit, but whoever you bank with, if you turn up with a cheque for millions, they'll not turn you away!

A small bank of a branch I used to work at had a lottery winner as a customer. They declined Camelot's help in opening an account, and insisted they should talk to their favorite member of staff, the person in the branch who'd always helped them juggle funds when times were hard, and who had probably refunded a few more charges than she should have done. That member of staff, and that branch, hit their sales target for the year in one day.

PS - the bank in question normally charge £30 for non-standard cheques. I wonder if they'd waive that charge if you turned up with one of the large lottery cheques?

If Coutts bank is good enough for the Queen, then it's good enough for me.

Sadly only won a tenner on the lottery all year through my lottery subscription (at least I don't spend every saturday night in that long queue in my local shop no more)

gregrichards

benedictadams wrote:

I must be one of the few people who would never want to have a Coutts account even if i won £80 million

The idea of a limo coming to pick me up fills me with dread (the carbon emissions would be huge), when i can just walk to the local branch of the Cooperative Bank.

I'd walk into all the major high street banks, waste an hour of their time whilst being wined and dined (free meal very MSE ) and walk out again cheque in hand and invest it in institutions where they were socially aware eg Cooperative Bank

I hate when customers believe everything a company says. The Cooperative bank etc are using the environment as means to con customers into thinking they should use them if they care about the environment. How much does the bank donate to projects?, Do they use energy efficient lightbulbs in all premises?, Do they recycle all the paper do the use?, Are all wooden desks from sustainable forests? etc etc. I am not criticising you for trying to help the environment but you would save money by using other banks for car insurance etc because it is more expensive. You are far better recycling, using enery efficient appliances, driving a car with lower fuel emissions etc etc.

Back to the lottery topic, I wouldnt care what bank took the cheque and how long it took to clear, because I would be so happy to have the money and would have plenty of time to use it for the rest of my life.

Money isnt everything though a man in America died recently, he won $62 million dollars and suffered a heart attack because he couldnt cope with the stress from winning.

KTF

What do accounts from Coutts etc gain you over a standard account anyway? Even their financial advisors would still flog their own parent companies products wouldnt they?

Phoenix79_2

KTF wrote:

What do accounts from Coutts etc gain you over a standard account anyway? Even their financial advisors would still flog their own parent companies products wouldnt they?

Better customer service?! I'd say a limo to the door is better than an Indian call centre!