Deposits of $10,000+ (check, not cash), will it raise any flags?

[BornStar]

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

 

[RossMAN]

Originally posted by: BornStar18

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

I'm not disputing that as it could have been an internal bank policy however it's not a federal requirement.

There are reports filed on monetary instruments (non-cash) but it is NOT a CTR.

http://www.occ.treas.gov/handbook/bsa.pdf

 

[JS80]

Do you realize how many non-transactions of $10k or greater happen everyday?!

 

[suse920]

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

I'm not disputing that as it could have been an internal bank policy however it's not a federal requirement.

There are reports filed on monetary instruments (non-cash) but it is NOT a CTR.

http://www.occ.treas.gov/handbook/bsa.pdf

Did you study this stuff in college rossman? Or have you just picked it up?

 

[RossMAN]

Originally posted by: suse920

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

I'm not disputing that as it could have been an internal bank policy however it's not a federal requirement.

There are reports filed on monetary instruments (non-cash) but it is NOT a CTR.

http://www.occ.treas.gov/handbook/bsa.pdf

Did you study this stuff in college rossman? Or have you just picked it up?

It's my job.

Well my daytime 8-5 job, I wear many hats 🙂

 

[TrueBlueLS]

Originally posted by: BornStar18

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

What bank might that be? Your deposit that you may fill out a CTR for can contain both checks and cash, but the cash must be greater than $10,000 to fit the requirement. If they try to avoid the CTR by lessening the deposit, by all means it is in your obligation to fill out a Suspicious Activity Report. The joys of my 35 hour work week at a bank.

 

[BornStar]

Originally posted by: TrueBlueLS

Originally posted by: BornStar18

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

What bank might that be? Your deposit that you may fill out a CTR for can contain both checks and cash, but the cash must be greater than $10,000 to fit the requirement. If they try to avoid the CTR by lessening the deposit, by all means it is in your obligation to fill out a Suspicious Activity Report. The joys of my 35 hour work week at a bank.

It's unlikely that you've heard of it as we do very little business down in your area. It's been a while since I've had to deal with high dollar reports and CTRs since I headed to the IT department.

 

[RossMAN]

Originally posted by: TrueBlueLS

Originally posted by: BornStar18

Originally posted by: RossMAN

Originally posted by: BornStar18

Originally posted by: TrueBlueLS

Originally posted by: psteng19
Will it?

Checks no... Cash yes. A CTR is a Currency (also known as cash) Transaction Report. It's basically the government's way to make sure you're not laundering money. They consist of how much money has been deposited, who made the deposit (name, social security number, address, occupation, etc.), who it's benefiting, etc. So if you're doing anything illegal, expect to be caught.

Wrong. A CTR gets filed for both checks and cash.

Wrong.

Funny story. I used to fill them out at the bank that I work for.

What bank might that be? Your deposit that you may fill out a CTR for can contain both checks and cash, but the cash must be greater than $10,000 to fit the requirement. If they try to avoid the CTR by lessening the deposit, by all means it is in your obligation to fill out a Suspicious Activity Report. The joys of my 35 hour work week at a bank.

You are correct 🙂

Making several small deposits to evade filing a CTR is called ... structuring.

Couriers you send to structure transactions are called ... smurfs.

Damn I thought I left this crap at the office? It follows me home 🙁

 

[OS]

I've transferred around 10k+ and heard nothing

 

[George P Burdell]

I get wires and checks above that amount and my bank's never asked me to fill out any paperwork. I don't know what they report to the IRS, all I care about is that I'm not hassled.

 

[saahmed]

It shouldnt, $10000 is a lot, but I think the govt. would be more concerned with like million dollar deposits and such.

 

[RossMAN]

Originally posted by: George P Burdell
I get wires and checks above that amount and my bank's never asked me to fill out any paperwork. I don't know what they report to the IRS, all I care about is that I'm not hassled.

What makes you assume you'd have to fill out any non-CTR paperwork? You don't.

 

[Fenixgoon]

depending on whether you've handled that much money before, the bank may put a hold to make sure everything is cool. happened when i deposited a $2000 check into my account and i had never used that much $$ before

 

[TallBill]

Originally posted by: George P Burdell
I get wires and checks above that amount and my bank's never asked me to fill out any paperwork. I don't know what they report to the IRS, all I care about is that I'm not hassled.

Thats the key. I dont care who tracks what. All my money is clean and reported to the IRS by me. Not that I move $10,000 regularly but still.

 

[RichardE]

What if you did it in 1000$ increments over a period of 10 business days?

 

[IamElectro]

I have never had a bank question a deposit no matter the size and some were upwards of 30k. They have always mentioned the check needed to clear before the funds would be available. Withdrawing cash on the other hand. Anything over 10k I have always had to fill out form say what the cash was for.

Just pay the taxes on any intrest earned while it is in the bank.

A person depositing several thousand dollars (I am assuming) to a savings account is not uncommon.