The Georgia Lottery has released a notice to all Location License Holders about GA Lottery Failed COAM Financial Sweeps for the 2017-2018 COAM License Period. Making sure that you are aware of the consequences of a failed COAM financial sweep will make sure that there is no miscommunication between the GA Lottery and location license holders. Lucky Coin wants to make sure that all locations are made aware of this information from the GA Lottery COAM Connection newsletter. Below is the information about the failed sweep consequences:
Failed COAM Financial Sweeps
The most basic and important aspect of COAM account management is ensuring there is enough money in your account to cover your sweep transactions. Ultimately, keeping your account in good standing is your responsibility.
A “bank return” occurs if the total amount due is not available when the EFT system sweeps your COAM account. In the event of a bank return, the licensee will be subject to a $35 ACH (automated clearing house) return fee (if in excess of $100). Acceptable commercial deposits for an ACH return made be made by cash, wire transfer, or cashier’s check. Failed ACH drafts are calculated on a rolling 180 day period and the number of NSF’s (non-sufficient funds) calculated begins from the date of the first return going forward and, in the case of multiple returns, the 180 days is calculated from the date of the last return. Listed below are the disable periods for failed ACH drafts.
One (1) ACH Return Within 180 Days – Licensee experiencing a first ACH return will have until 2:00 pm EST the day of the return to make an acceptable commercial deposit for the full payment of the ACH return into the designated COAM bank account to avoid having the COAMs disabled.
Two (2) ACH Returns Within 180 Days – Licensees experiencing a second ACH return in a rolling 180 day period will have until 2:00 pm EST the day of the return to make an acceptable commercial deposit for the full payment of the ACH return into the designated COAM bank account to avoid having the COAMs disabled. Licensees will also be subject to a 14 day period of disabled COAMs, from the date of the receipt of payment, if the following circumstances occur: 1.) Licensee has been operating COAMs six (6) months or less and has no FSD (Fiduciary Security Deposit); 2.) Licensee has two (2) ACH returns on consecutive weeks; 3.) Licensee has two (2) ACH returns in a rolling thirty (30) day period.
Three (3) ACH Returns Within 180 Days – Licensees experiencing a third ACH return in a rolling 180 day period will be disabled immediately and are subject to a 14 day period of disabled COAMs upon the payment in full of the third failed ACH return or any additional ACH returns that have not been paid. In the event the licensee does not have an FSD, the licensee will be required to provide the standard FSD for lottery and COAM and, at its discretion, the GLC may increase any existing FSDs.
Four (4) ACH Returns Within 180 Days – Licensees experiencing a fourth ACH return in a rolling 180 day period will be disabled immediately, provided they are not already disabled due to serving a 14 day period of disabled COAMs, and are immediately subject to a 30 day period of disabled COAMs upon the payment in full of the fourth failed ACH return. The GLC may seek to revoke a location license for failing to timely deposit COAM proceeds which include public funds due to the State of Georgia.
Five (5) ACH Returns Within 180 Days – Licensees experiencing a fifth ACH return in a rolling 180 day period will be immediately considered by the Management Review Committee for termination of COAM operations.
If you have any questions about GA COAM procedures, or if you are interested in working with Lucky Coin, you can contact us at info@luckycoininc.com, call us at 1-800-34-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!