So how does Payout work here?

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I made payout by making $16 this month, and I have some questions since this is my first payout. Does the money just dissapear, and when do they take the money out of your account? When will I receive the money? Do I have to do anything to request payout or does MyLot do it automatically? Thanks in advance - I probably won't repspond to this today because I'm going to the Taste of Chicago all day :).