EFT Payment Options
For winners of prizes of $100,000 or more and those who win their prize as an annuity, you can choose a payment option called Electronic Funds Transfer (EFT), which allows prizes to be automatically deposited into your banking account. Some players may find this option a safer and more convenient way to receive their prize money. 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.
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 the prize is claimed.
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.
If you are claiming as a group of winners on the same winning ticket and all members of the group are not claiming their portion of the prize in person at Lottery headquarters, an Affidavit of Multiple Ownership must be completed in advance and photocopies of required identifications for the members that will not be present at the claim. If all members of the group will be present for the claim, the group will be requested to complete the Affidavit of Multiple Ownership at the time of claim.