Do I need to make a single 10,000 dollar deposit for them to notice? Or is it 10,000 dollars in a certain amount of time, say 1500 a day for a week? If a I make small deposits, when would they take notice of my balance?
Any deposit over $10,000 will cause the bank to file a Currency Transaction Report with the Treasury Department. If you engage in suspicious activity – for example, making many deposits of slightly less than $10,000, the bank will file a Suspicious Activity Report.
Neither report automatically triggers an investigation; tens of thousands of CTRs are filed every day. But if you raise suspicion for some other reason, or there are a lot of SARs with your name on them, then the Feds may want to have a word with you.
That’s why my student loan check took so long to clear!
[QUOTE=hawksgirl]
That’s why my student loan check took so long to clear!
[/QUOTE]
I doubt it – CTRs are filed when the transaction is made, but they don’t slow down or stop the transaction itself.
[QUOTE=friedo]
Any deposit over $10,000 will cause the bank to file a Currency Transaction Report with the Treasury Department. If you engage in suspicious activity – for example, making many deposits of slightly less than $10,000, the bank will file a Suspicious Activity Report.
Neither report automatically triggers an investigation; tens of thousands of CTRs are filed every day. But if you raise suspicion for some other reason, or there are a lot of SARs with your name on them, then the Feds may want to have a word with you.
[/QUOTE]
Right, and they could come up in a Tax Audit. “Pardon me Mr Surbey, but you claim you make $25000/year as a wire hangar repairman, and you have no other income. What then is the source for these 12 CTRs for $15000 each?”
[QUOTE=friedo]
Any deposit over $10,000 will cause the bank to file a Currency Transaction Report with the Treasury Department. If you engage in suspicious activity – for example, making many deposits of slightly less than $10,000, the bank will file a Suspicious Activity Report.
[/QUOTE]
I was under the impression that a currency transaction report was only for cash deposits. Is that wrong?
[QUOTE=Renee]
I was under the impression that a currency transaction report was only for cash deposits. Is that wrong?
[/QUOTE]
Sort of. Yes, the CTR only involves cash, but it is filed whenever >= $10,000 is deposited or withdrawn.
The CTR should be filed for transactions involving 10k in one business day. Ideally, two deposits of $5000 would trigger this, but bank software probably won’t catch this automatically.
Banks also have to file a Monetary Instrument Log if cashier’s checks or other negotiable instruments are purchased with cash, I believe in the range of $3000 to $9999.
[QUOTE=thelurkinghorror]
Sort of. Yes, the CTR only involves cash, but it is filed whenever >= $10,000 is deposited or withdrawn.
The CTR should be filed for transactions involving 10k in one business day. Ideally, two deposits of $5000 would trigger this, but bank software probably won’t catch this automatically.
Banks also have to file a Monetary Instrument Log if cashier’s checks or other negotiable instruments are purchased with cash, I believe in the range of $3000 to $9999.
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To clarify- only CASH. No Cash, no CTR.
[QUOTE=thelurkinghorror]
The CTR should be filed for transactions involving 10k in one business day. Ideally, two deposits of $5000 would trigger this, but bank software probably won’t catch this automatically.
[/QUOTE]
Wanna bet?
It’s trivially easy for us to look at both large cash transactions made in the same day, as well as large cash transactions made within x days of each other to flag either a CTR for same-day cash activity over $10,000 or an SAR for large cash activity over that span of days.
I did it seven years ago with paper reports and it was easy then. With automation, it’s mindless, and well, automatic.
BTW: transactions don’t cancel each other out. If you deposit $8,000 on Tuesday, and withdraw $3,000 on the same day, you’ll have a CTR filed for the $11,000 aggregate. If you deposit $8,000 on Tuesday and withdraw $3,000 on Wednesday, an SAR will be filed.
How about electronic transfers? For example, I have some money in Treasury Bills through Treasury Direct. When a bill matures (say for $10,000), it is direct deposited to my bank account. If I renew, the discounted amount (say $9,900) is then withdrawn. Based on the conversation above, this should trigger two notifications. Does it?
A direct deposit is not cash.
Oops… a virtual cat walked acrss the desk and hit Post.
Direct deposit is not cash. The subject of CTRs and SARs is cold, hard, hold it in your hand, cash.
[QUOTE=gotpasswords]
Oops… a virtual cat walked acrss the desk and hit Post.
Direct deposit is not cash. The subject of CTRs and SARs is cold, hard, hold it in your hand, cash.
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Well, in reading the actual PDF form, it does include non-cash transactions, including wire transfers, negotiable instruments, etc.
Here is the site —> http://www.fincen.gov/reg_bsaforms.html