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Redeeming a CD, Cashing a Cashier's Check, and Filing a CTR
Answer by Richard Insley, BOL Guru
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Question: If a customer redeems a Certificate of Deposit and receives the funds (>$10,000) by way of a cashiers check, I know that a CTR would not be required. If the customer immediately cashes the cashier's check (the same day as CD was redeemed) the cashier's check is reported as a negotiable instrument cashed and no account number listed. My question is since the funds came from the CD would this CD be included on the CTR or if you did included this as a withdrawal would that lead one to believe there was both a cashier's check and a CD to make up the Dollar amount the customer received? I tend to believe the information from the CD would not be included since a cashier's check was issued.
Answer: The CD is not involved in the transaction with cash as its offset and should not be reflected on a routine CTR. Should anything be suspicious, however, full details about the different instruments and stages of the transaction should be included in a SAR.
First published on BankersOnline.com 9/2/03
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