Posted By: Anonymous
Lottery accounts - 10/17/03 08:08 PM
I work at a bank that has many accounts that belong to gas station or convenience store owners. Aside from providing gas and food they also sell lottery tickets. So, they hold both general operating checking accounts at our bank as well as accounts specifically designated for the lottery sales. So far all the "lottery" accounts are under a DDA relationship. My question is do the "lottery" accounts have to be checking accounts, only, or can they open savings accounts? We've only opened checking accounts, but one of our customers wanted to know why he couldn't open a savings account, instead. Are there any kind of regulations regarding lottery sales and what kind of account where the sales proceeds should be deposited? Or am I just making an issue out of a non-issue? Thanks in advance for your assistance!! Amy