W.Va. Lottery Approves Rule to Avoid Bounced Checks
CHARLESTON, W.Va. (AP) -- The state Lottery Commission has changed the way it does its banking to avoid having its winning checks bounce.
Lottery marketing director Nikki Orcutt says that since February jackpot winners have been asked not to cash their checks for at least 24 hours.
That's because a change in federal banking regulations required there be enough money in an account to cover payouts.
When the lottery was created in 1985, the law called for the account that pays winners to have no balance so money was transferred as needed to cover winning payouts. In the past, the bank cashed the check and gave the lottery time to transfer the money.
The Associated Press reports that the commission approved an emergency rule Tuesday to allow money to be transferred into the account.
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