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CTR report??

Valued Contributor

CTR report??

Hey everybody, I just did a business deal with a client here in SoCal, was paid $42,000 via cashiers check, deposited cleared and everything... I'm just wondering, are CTR reports filed for checks??.


Everything I read and a banker friend of mine stated that it's paper currency/coin amounting to 10,000 or more, also he said don't try concealing or depositing smaller amounts etc... structuring. Also my banker friend said that since the money was drafted from another account there shouldn't have been a CTR filed but possibly a SAR.

I'm just curious, business has been good.
Message 1 of 4
3 REPLIES
Moderator

Re: CTR report??


Creditplz wrote:
Hey everybody, I just did a business deal with a client here in SoCal, was paid $42,000 via cashiers check, deposited cleared and everything... I'm just wondering, are CTR reports filed for checks??.


Everything I read and a banker friend of mine stated that it's paper currency/coin amounting to 10,000 or more, also he said don't try concealing or depositing smaller amounts etc... structuring. Also my banker friend said that since the money was drafted from another account there shouldn't have been a CTR filed but possibly a SAR.

I'm just curious, business has been good.

Nope,  CTR is not filed for checks.  While a bank can file a STR for just about everything, very very unlikely that it would be done for a single cashier's check.  They are commonplace for banks and that amount, while I'm sure it is great for you, is significantly high enough to draw any attention.

Message 2 of 4
Community Leader
Super Contributor

Re: CTR report??

No, you should be fine.  CTR's are done for cash deposits of $10,000 or more and not for checks.

Message 3 of 4
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Valued Contributor

Re: CTR report??

Got it! Thanks guys! Been avoiding the forums cause of Inq fall offs, waiting till dec 2017 to app for anything new!


See you all in November
Message 4 of 4