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#2230125 - 02/03/20 06:40 PM Lottery account purpose
WIBanker91 Offline
100 Club
Joined: Nov 2011
Posts: 185
WI
Does anyone have experience on opening accounts that will be used for the sales of legal state lottery ticket sales? I do know this is an MSB, I just don't know if there are different rules by state or any other pitfalls I need to know.

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#2230135 - 02/03/20 07:25 PM Re: Lottery account purpose WIBanker91
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Check your state's lottery commission for the rules. In my state, a stand alone account, titled a certain way is required and only lottery proceeds are allowed to go in and out. They can't use the funds for operational expenses and then do a transfer the night before the lottery sweeps for example. A pitfall is we often find some businesses doing exactly that during or EDD process.

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