If someone wins the lottery, can they deposit their check into their credit union savings account or do they need a bank savings account?

Question

Banks and credit unions do have some differences. That being said, if someone wins the lottery, can they deposit their big lottery check into their credit union savings account or do they need a bank savings account to deposit it in? Please provide credible sources to and with your answers!

Answer 1

They can deposit it wherever they want.

Answer 2

Yes, but just like a bank it's only insured up to $250K.

Answer 3

you need to ask your bank this question

Answer 4

Yes, of course you can deposit it into your credit union account

Source(s): Source - not an idiot