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#363814 - 05/25/05 08:14 PM Official Checks
Anonymous
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What if a customer purchases a cashier's check for over $10,000.00. Would we need to file a CTR? Would it matter if he purchased the cashier's check with cash, debit from his account, etc.? Thanks.

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#363815 - 05/25/05 08:18 PM Re: Official Checks
Kansayaku Offline
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Joined: Jan 2003
Posts: 1,454
metsuretsu
If it was purchased with cash, you would file the CTR. If it was purchased with a check, you would not. The key is the transacting with over $10,000 in currency, not the type of transaction that occurred.
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#363816 - 05/25/05 08:19 PM Re: Official Checks
Dip Offline
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Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
if the check was purchased with cash, then you would have to complete a monetary/negotiable instrument log (this is for any such instrument purchasd with cash for $3000 or more)

if the check was purchased with another check or purchased from a withdrawal, then you do not need to fill out a ctr-- there was no cash involved
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#363817 - 05/25/05 08:21 PM Re: Official Checks
Kansayaku Offline
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Joined: Jan 2003
Posts: 1,454
metsuretsu
To correct the above post, if it was for greater than $10,000 as stated in the original post, you do not need to complete a monetary instrument log as that is only for transactions of $3,000 to $10,000 inclusive. You need only complete the CTR.
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#363818 - 05/25/05 08:36 PM Re: Official Checks
Sound Tactic Offline
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Sound Tactic
Joined: Feb 2005
Posts: 5,349
Kansa is right, FinCEN does not want to see redundant filings.
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#363819 - 05/25/05 08:38 PM Re: Official Checks
Dip Offline
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Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
sorry guys... next time i'll make sure to elaborate rather than giving a quick response
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Dabbling in banking, law, accounting...the life of a trustee.

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#363820 - 05/25/05 08:41 PM Re: Official Checks
Kansayaku Offline
Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
Hey, I type without thinking at all sometimes. Mistakes are human and we are all here to learn from each other, that is what makes BOL such a great resource.
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I have many opinions; some are good, some are bad, and some don't contradict.

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