As we head towards 2017, Lucky Coin wanted to make sure that all of our customers were up to date on the GA COAM Sweep Schedule, and we also wanted to make sure that we answered any questions that you may have on the process. Below you will find the 2017 Sweep Schedule and FAQs:
When does the Location Owner/Operator need to start making deposits to its COAM Electronic Funds Transfer Authorization (EFT) account?
Once the COAMs are connected to the Central Accounting Systems, each Location Owner/Operator is responsible for depositing the net receipts to its dedicated COAM EFT account. The COAM law requires that the location licensee place all of the COAM proceeds in a separate bank account (just for COAM proceeds) no later than the next business day after the location licensee collects the proceeds. At such time of deposit, the proceeds become the property of GLC. Once a week, GLC will electronically sweep 53.5% of the COAM net proceeds due from the previous week’s accounting period from each location 7 Version 5.0 licensee’s designated COAM bank account. After each weekly sweep, GLC will retain its 7% of the proceeds, and then electronically transfer 46.5% of the COAM net proceeds to the master licensee for each location. After GLC’s sweep, the location licensee may withdraw its share of the proceeds (and only its share). The amount of GLC’s share increased to 6% on July 1, 2015 and willincrease each fiscal year by 1% up to 10%.
How does the GLC sweep my bank account for the amount due from the COAMs?
Each Location is required to provide a completed Electronic Funds Transfer (EFT) Authorization Form for the Location and submit it to the GLC along with its Class B license application. A Location may obtain an EFT Authorization form and instructions by clicking on http://www.galottery.com/images/pdfs/coam/eft-package-location.pdf.
How will the Master License Holder be paid its money from the COAMs?
A Location’s COAM EFT account will be swept for their financial amount due to the GLC every Wednesday. The GLC will electronically transfer funds due to the Master License Holder the following Tuesday after the Location’s financial sweep. Timeliness of fund transfers to Master License Holders may be affected by national and observed bank holidays and the availability of funds from the Locations.
When will the COAM funds be swept from MY EFT account?
Upon connection to the central system, electronic withdrawals of funds will commence on the Wednesday following the connection date and continue on a weekly basis. The accounting week runs from Sunday through Saturday. Timeliness of sweeps to Locations Owner/Operators may be affected by national and observed bank holidays.
If you have any questions or are interested in working with Lucky Coin, you can contact us at info@luckycoininc.com, call us at 1-855-34-LUCKY, or visit us at our website. We specialize in Class A and B Georgia Lottery Skills Games, ATMs, Pool Tables, Golden Tees, TouchTunes Jukeboxes, Counter Top Touch Games, and all other coin operated amusement that make you money! We have put together comprehensive packages for gas stations, bars, restaurants, and nightclubs that have profited them thousands of dollars, with almost NO cost to you. We provide the equipment, installation, maintenance, and exceptional 24/7 service FREE of charge, and you simply benefit from the added income! It’s a Win, Win!