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In Response To:
Thread Starter: Anonymous
Title: Re: Over $3000.00 cash - Cashier's Check

Had an interesting transaction today; hopefully someone can help?

Customer came in and made a $5000.00 cash deposit into their business account. Customer then, via tickets, made a $5000.00 transfer from their business account into their personal account. Customer then, via ticket, made a $5000.00 withdrawal in the form of a Cashier's Check.

I was told by our Fraud Department that I had to fill out the form for a customer purchasing a Cashier's Check for more than $3000.00 in cash. While I can see the Fraud Department's point, techinically, the customer DIDN'T purchase a Cashier's Check with cash; they did it via withdrawal from their account. My suggestion, rather, was to fill out a SAR.

All of the above was to leave a "trail" for business purposes. My other argument was: what if the customer made the deposit, then left and did the transfer via online banking, then came into a different branch to do the withdrawal. To me, that would be even more suspicious.

I'm not here to argure with our Fraud Department, but am curious: do I truly need to fill out the special form?

Any guidance would be greatly appreciated.