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Question & Answer
Question: The executor and co-executor of an estate account came in at different times today and withdrew cash from the estate account. The first check was cashed for $7,000 and the second one, an hour later, was also for $7,000. The cash went to two people. Should we fill out a CTR on this?
Answer: Regardless of the fact that the cash went to two different people, the account balance changed $14,000. Therefore, the answer is, yes-you'll have to fill out a CTR on these transactions. The same rule would hold true if two people came in and made $7,000 cash deposits each into the account. A CTR would have to be filed.
Copyright © 1996 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 6, No. 8, 6/96
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