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#123705 - 10/20/03 06:45 PM $1,000,000 bill
wavewatcher Offline
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wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
This was rather unusual for us, we received a $1,000,000 bank note (probably counterfeit) as a loan payment. Other than reporting it as a SAR, do you believe I have to file a CTR? We are not "accepting" this note, and we will be contacting the customer that payment is now overdue.

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#123706 - 10/20/03 07:33 PM Re: $1,000,000 bill
Andy_Z Offline
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You may consider calling the Secret Service as well. They may be interested in speaking with the customer and seeing what other currency he/she is passing.

Wonder if this was sent to them from Nigeria?
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#123707 - 10/21/03 11:52 PM Re: $1,000,000 bill
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Furthermore, the highest value bank note ever printed was the $100,000 Gold Certificate, Series 1934 and were only issued for transactions between Federal Reserve Banks and the US Tresasury - just a little bit of useless currency trivia for ya'll.
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#123708 - 10/22/03 01:32 PM Re: $1,000,000 bill
Anonymous
Unregistered

I think it would be interesting if you could scan it and post it so that we could all take a look at it.

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#123709 - 10/22/03 01:49 PM Re: $1,000,000 bill
Anonymous
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#123710 - 10/29/03 11:16 PM Re: $1,000,000 bill
WildTurkey Offline
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WildTurkey
Joined: Jan 2003
Posts: 921
Down South, USA
Quote:

This was rather unusual for us, we received a $1,000,000 bank note (probably counterfeit) as a loan payment. Other than reporting it as a SAR, do you believe I have to file a CTR? .....



As the Fed website confirms that the largest bill ever issued was the $100,000 gold certificate I would suggest that the "bill" presented to you cannot be cash, and therefore does not need to be reported on a CTR.

Sure, if somebody is attempting to obtain value I agree it is an attempted fraud, and should be reported, but just not as a CTR.
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#123711 - 10/31/03 05:12 PM Re: $1,000,000 bill
Andy_Z Offline
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Joined: Oct 2000
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Just because it is actually a novelty item, if it was presented as cash I would maintain a crime was attempted against the bank the same as though that was a "genuine counterfeit". Why would you handle it otherwise?
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#123712 - 11/06/03 04:13 PM Re: $1,000,000 bill
LiL Bit Moore Offline
Platinum Poster
LiL Bit Moore
Joined: Nov 2002
Posts: 624
Texas
We had a customer come in the bank one day who claimed they had such a bill and wanted to know if he removed it from his SDB would we accept it on deposit. The CSR questioned me as to what they should do. I recommended that they obtain as much information as possible and report to the Secret Service, just in case he decided to attempt this at other local banks. I did not recommend an SAR since the item was not physically presented, therefore a transaction had not occured. We laughed and said it should be reported but in our wildest dreams could not imagine a bank falling for it and opening an account. It wasn't but a couple of days later that I heard on the news that a bank had accepted it and allowed the customer to withdrawal several thousand dollars at the time of opening! Scary thought....
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#123713 - 11/06/03 04:23 PM Re: $1,000,000 bill
Anonymous
Unregistered

Check out http://millionbill.com/
They even have $billion bills.

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