TVG withdrawal Question - Horse Racing Forum - PaceAdvantage.Com

mars · 03-26-2016, 08:22 AM

If I won a large sum of money,say 100k,what form of indentification would I need to make a withdrawal ? would I need an indetification card or could I just use my social security card number ?

I'm askng this question because I currently have no ID card(stolen) and it will take a few months before I get the necessary documents to get a new one.

Also,could I just leave the money in my TVG account for a few months until I get my new ID card ? would my money be safe ?

mars · 03-26-2016, 09:07 AM

What is the longest I could hold on to a TVG check before I cashed it ?

Bennie · 03-26-2016, 09:42 AM

I would think if you have an account, all information is already in their records and you may not need physical proof to make withdrawals unless it was in person at an outlet somewhere. Also, if you made small withdrawals over a period of time, there would probably be no questions asked. I am sure you can do all this online if need be. As long as Uncle Sam gets his cut.

barahona44 · 03-26-2016, 10:12 AM

Quote:

Originally Posted by mars

What is the longest I could hold on to a TVG check before I cashed it ?

Six months from the date of issue is the policy of most banks, although they may cash it if you are a customer in good standing.If the check has a "Not valid after_________"specific date,then they won't cash it at all;you would have to have TVG issue you a new check.

ManU918 · 03-26-2016, 10:24 AM

You don't need to provide any ID. You can leave money in your TVG account as long as you want... It's not going anywhere.... I think you have 90 days to cash their checks... but you can set it up where they wire the money right to your bank account and can avoid the physical check hassle.

Grits · 03-26-2016, 10:26 AM

Quote:

Originally Posted by mars

If I won a large sum of money,say 100k,what form of indentification would I need to make a withdrawal ? would I need an indetification card or could I just use my social security card number ?

I'm askng this question because I currently have no ID card(stolen) and it will take a few months before I get the necessary documents to get a new one.

Also,could I just leave the money in my TVG account for a few months until I get my new ID card ? would my money be safe ?

Documents? Such as?

Do you not have a drivers license? If so, and it was stolen, of course as you know, it doesn't take months to get another valid one.

Edit to add. I see ManU responded. Still, why would I leave 100K in TVG's bank account when it could be deposited to my own?

mars · 03-26-2016, 10:29 AM

Quote:

Originally Posted by Bennie

I would think if you have an account, all information is already in their records and you may not need physical proof to make withdrawals unless it was in person at an outlet somewhere. Also, if you made small withdrawals over a period of time, there would probably be no questions asked. I am sure you can do all this online if need be. As long as Uncle Sam gets his cut.

Yes...they have all my information on record(including my SS number).Unfortunately i've haven't won enough money to make a withdrawal,but have won enough to get a 1099 lol.I plan on playing the GP rainbow pick 6 today,this is why I asked the question.

Quote:

Originally Posted by barahona44

Six months from the date of issue is the policy of most banks, although they may cash it if you are a customer in good standing.If the check has a "Not valid after_________"specific date,then they won't cash it at all;you would have to have TVG issue you a new check.

Quote:

Originally Posted by ManU918

You don't need to provide any ID. You can leave money in your TVG account as long as you want... It's not going anywhere.... I think you have 90 days to cash their checks... but you can set it up where they wire the money right to your bank account and can avoid the physical check hassle.

Thank you all for responding to my questions.

mars · 03-26-2016, 10:43 AM

Quote:

Originally Posted by Grits

Documents? Such as?

Do you not have a drivers license? If so, and it was stolen, of course as you know, it doesn't take months to get another valid one.

Edit to add. I see ManU responded. Still, why would I leave 100K in TVG's bank account when it could be deposited to my own?

It was a non-drivers id.The DMV says I need proof of identification,this means a SS card.So I have to get a new SS card before I get the ID card.This wil be a 1-2 month wait

And no,I don't have 100k in my TVG account.I was just using this number as a hypothetical in the event I hit for a share of the pick 6 at GP.

ManU918 · 03-26-2016, 10:47 AM

Quote:

Originally Posted by mars

It was a non-drivers id.The DMV says I need proof of identification,this means a SS card.So I have to get a new SS card before I get the ID card.This wil be a 1-2 month wait

And no,I don't have 100k in my TVG account.I was just using this number as a hypothetical in the event I hit for a share of the pick 6 at GP.

Well there's a higher probability of the pick 6 only paying a few thousand. The only way it pays in the six figures if there are 3 or 4 bombs. Funny how everyone thinks if they hit it, its going to pay 6 figures.

MYKE · 03-26-2016, 10:58 AM

on form w-2g the first form of id is a persons social security number. Does TVG need the second id which maybe a drivers license?

just got back from vegas and needed both forms of id social security and drivers license

Has anyone hit a irs ticket from tvg and what was required to fill out the w-2g?

mars · 03-26-2016, 11:01 AM

Quote:

Originally Posted by mars

Unfortunately i've haven't won enough money to make a withdrawal,but have won enough to get a 1099 lol.

w-2g is what I meant to say

ManU918 · 03-26-2016, 11:04 AM

Quote:

Originally Posted by MYKE

on form w-2g the first form of id is a persons social security number. Does TVG need the second id which maybe a drivers license?

just got back from vegas and needed both forms of id social security and drivers license

Has anyone hit a irs ticket from tvg and what was required to fill out the w-2g?

I have hit a ton of IRS tickets on TVG... Nothing is required... TVG automatically fills it out and you get a PDF copy of it. They can be found in the my account history - W2-G Reports section.

Longshot6977 · 03-26-2016, 11:26 AM

Quote:

Originally Posted by MYKE

on form w-2g the first form of id is a persons social security number. Does TVG need the second id which maybe a drivers license?

just got back from vegas and needed both forms of id social security and drivers license

Has anyone hit a irs ticket from tvg and what was required to fill out the w-2g?

I hit one on my TVG account recently and there was nothing to do. About 1 week later they sent me a completed W-2G form (since they already have all of your info). I gave it to my accountant and he wrote losses against it.

traynor · 03-26-2016, 06:35 PM

TVG has a laundry list of onsite facilities that accept deposits. Anyone have any experience with onsite withdrawals (at the same or other locations)?

Longshot6977 · 03-27-2016, 09:24 AM

Quote:

Originally Posted by traynor

TVG has a laundry list of onsite facilities that accept deposits. Anyone have any experience with onsite withdrawals (at the same or other locations)?

While a withdrawal is an extremely rare occurence, LOL,I used to make them at the Meadowlands TVG office. Just fill out a TVG withdrawal slip and provide your ID, account number info and they'll give you either cash or voucher.