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Reporting Large Cash Withdrawals & Joint Accounts
Answer by John Burnett, BOL Guru
BIO AND CONTACT INFO

Question: How do we (the bank) determine on whose behalf a withdrawal of over $10,000 in cash is made on an account that is jointly held (more than one account holder)? Must the teller question the customer as to their intented used of the money? Seems like the customer would be upset and consider the question out of line. Can we report all the account holders instead of possibly angering our customers?

Answer: You can ordinarily assume that withdrawals from a joint personal account are for the benefit of the individual(s) making the withdrawal. If the transacting owner volunteers information that the withdrawal is for the benefit of more that just him/her self, use that information. Something like "We're buying a new house and need to put down a cash deposit" is the sort of comment you might consider, but I see no need to inquire.

I'd see a possible need to inquire if the funds are being withdrawn from a business account. After all, the funds could be either for the business or for the person making the withdrawal.

First published on BankersOnline.com 3/10/03









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