11VAC5-31-60: Lottery bank accounts and electronic funds transfer authorization

A. A lottery retailer shall have and maintain a separate bank account in a bank participating in the Automatic Clearing House (ACH) system. This account shall be styled in the name of the retailer followed by "Virginia Lottery Trust" and shall be used exclusively for lottery business.

B. The lottery account shall be used by the retailer to make funds available to permit withdrawals and deposits initiated by the agency through the electronic funds transfer (EFT) process to settle a retailer's account for funds owed by or due to the retailer from the sale of tickets and the payment of prizes. All retailers shall make payments to the agency through the EFT process in accordance with the agency's licensing procedures, unless the director designates another form of payment and settlement under terms and conditions the director deems appropriate.

C. The retailer shall be responsible for payment of any fees or service charges assessed by the retailer's bank for maintaining the required account.

D. The director will establish a schedule for processing the EFT transactions against retailers' lottery trust accounts and issue instructions regarding the settlement of accounts.