N.C. Education Lottery’s new payment option!
The N.C. Education Lottery can now offer players a new payment option for their prize money. The option, called Electronic Funds Transfer (EFT), allows prizes to be automatically deposited into a winner’s banking account. Some players may find this option a safer and more convenient way to receive their prize money.
Who is eligible for EFT payments?
The NCEL will make EFT payments to winners of prizes of $100,000 or more and those who win their prize as an annuity. If a prize is shared, each winner can choose the payment option they prefer.
What’s required to set up an EFT for prize money?
- For an established checking account, bring a voided check.
- For an established savings account, bring a letter from your financial institution on letterhead providing the name of the person who owns the account, the routing number and the account number.
- For a new checking account, bring a starter check and a letter from the financial institution on letterhead providing the name of the person who owns the account, the routing number and the banking account number.
- For a new savings account, bring a letter from the financial institution on letterhead providing the name of the person who owns the account, the routing number and the banking account number.
When will the EFT occur?
For winners receiving a lump sum payment, the NCEL will make the electronic payment the same day that winners claim their prize. Generally, the deposit should arrive in the account within 2-3 business days.
For winners receiving an annuity, the first payment of the annuity will be made electronically the day the prize is claimed. The additional annuity payments will be made annually based on a schedule determined by when a prize is claimed.
What happens if winners receiving EFT payments change their checking or savings account?
It is the winner’s responsibility to notify the N.C. Education Lottery if a checking or savings account is changed. A new EFT form directing where the winner would like their payments to be deposited must be submitted to the NCEL. For annuity recipients, notification of changes should be made at least 10 business days before a payment is scheduled to be processed.
For additional information:
Contact the NCEL’s Prize Validation Office at (919) 301-3636.