Is anyone else receiving CTR facsimile's returned for errors?? I have had three returned for mismatches. I make and file a hard copy, of each CTR, date stamped the day it is mailed. The information on my copies is correct, the facsismile's being returned are incorrect, typos in the name. I have been sending the facsimile's back with a copy of the original filed CTR along wth a letter. In the last letter, I suggested that they investigate what may be occurring on their end, as my filed CTR's are correct.

We have had our share of returns that also represent errors on DCC's part in comparison to what we filed. You can tell they have a new process as the facsimile's differ from those before.
I just provide the info they request (again) and/or note other differences in the data they entered as I see it on their facsimile. I also document this on my monthly list of any correspondence in order to track focus on training. By indicating DCC listing the wrong data, this will strike this off the banks errors for examiners to comment on.

This is where e-File is so superior to paper filing! With e-File you edit the input, and there's no one else in the chain that messes it up. Even smaller shops with moderate CTR volume should look at e-File seriously.

We do not have the volume of filed CTR's to justify the cost of e-File. Thanks.

Elivsfan ... E-Filing is free! I don't have that many CTRs & it's soooo nice to file my CTRs, SARs, & Exemptions via E-File

There were some $'s to be spent in order for us to get set up to e-file. The cost did not justify the number of CTR's filed.

Elvis Fan, I just got set up for e file. It was completely without charge. We are a very small bank with only maybe 10 CTR's a year. It is so much more efficient!

Wow, renniks poster, you have 10 CTR's a year? You lucky bank. We're medium-small and have like 10 CTR's a day...wish it was 10 CTR's a year!

I agree renniks ... I don't see how any money needs to be spent to be set up for e-file? We are a $650M bank with 5 branches ... I set up everything ... for free. We maybe do 300 - 400 CTRs a year.

There is no cost for e-file. We do about 10 CTR's a day, I'm sooo jealous!

E-filing itself is free, but there could still be cost associated with the process change overall. Not all institutions are set up to create electronic files, and adding the step of individually recreating each CTR into PACS appears to increases the workload as opposed to just dropping the paper form in the mail.

Without knowing the specifics of how the institution runs (I recently spoke to a bank that does not have a teller platform system...wow...) it is not really possible to conclude that switching to e-filing would incur -no- cost.

It's absolutely superior to paper filing in my opinion, but depending on how it affects the process at any given institution, I can imagine a number of reasons why some would stick to paper.

I'm getting us signed up for e-file. Last year when I looked into it I was told that we were not compatible and IT would have to do upgrades thus spending money. Thanks for the input.

While most of my experience with e-file involves batch filing of CTRs, I have seen some smaller banks that file very few CTRs merely rekey each CTR into BSA e-file for electronic submission. I think you would have to be a very small shop for that to be feasible.

I do not "Batch" my CTRs as I do not have enough to do that ...

I simply create "Templates" of regular CTRs & do a "Save-As" with the current information. It's very easy.

rdelgado - you said "Not all institutions are set up to create electronic files" ... I guess I don't understand this statement either ... BSA E-File provides you with the software to create the electronic file.

The only slight problem I had when setting up was we are a CITRIX environment & IT had to do some things different - but it was free whatever it was they had to do ...

On the IT side of things, not all banks CAN use the e-filing software. Their system is not compatable.

As the original poster noted, integration issues can arise causing upgrades or new systems to be needed...and while the e-filing side is free, the upgrades or changes on the bank side may not be.

If those changes cost money, then the process comes with a cost even though e-filing itself is free.

I file electronically and have had an increase in returns. I finally found that there is a new number "range" for Mississippi EINs that the IRS is now using & issuing. WHen I talked to FinCEN, the rep stated that the IRS database where CTRs are processed is not yet updated apparently (you'd think it would be automatic in my opinion !!!!). He told me to give it a couple of months and ignore those with the error messages that have that number range.

Thanks.

I am assuming that if you have less than 20 CTR's a week that you e-file individually (discrete file) instead of batch file.

not as new bsa.....are you filing discretes or batches? If discretes, how are you making a template for the repeat info????

Trees, we also discrete file. I have templates set up for each branch, and for our repeat customers. I set them up or have access to all of them to make sure they are correct. All I did to set them up was to create a new CTR, complete the template information (as much or as little information as you would like, depending on your situation) and then save the file to a central server. The branches then open the templates, complete the file and save as a new name back to the server. The way I do it is to have the branches save with the customer's last name and the date of the CTR so that I can find it easily to review and submit. Hope that helps.

SBR2448 Thank you.

Ditto to SBR2448 ... I have a folder for each branch in a central file. Then we created Templates for repeat customers & save them as TEMPLATE.SMITH

Then when Joe Smith comes in on 01/12/09 & deposits $11,000 in cash ... the branch opens the Template file, completes the ctr & does a "save as" ...

20090112.SMITH

That way the template is still intact & then I can easily find the CTRs & archive them.

Templates are a great time saver as long as they are correct. However, I have seen a lot of reporting errors due to errors made on templates. Double check your templates often!! Also, if you have templates for a business with Joe as the conductor, make sure that when Jane shows up to do the transaction they change the template.

You are so right. A few years ago I reviewed a bank that had a 100% error rate because of the use of incorrect templates.

I give the E-filing 2 thumbs up. I've been e-filing for almost 2 years now. I love the convience of the confirmations that you receive. It's a free service and easy to set up. We do like 30 CTR's a month, so electronic filing is very handy. Plus, by e-filing, I have 25 days to file a CTR. Yea!