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#1427283 - 08/11/10 03:43 PM CTR on cashier's check purchase
chatty Offline
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Joined: Feb 2006
Posts: 34
A customer purchases a cashier's check with over $10,000 in cash. Who benefits from the tranaction - the payee or the purchaser?

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#1427289 - 08/11/10 03:48 PM Re: CTR on cashier's check purchase chatty
Pup Offline
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I would say the purchaser.

If the purchaser would have instead withdrawn the cash to give to the payee, the purchaser would still be the benefactor.

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#1427363 - 08/11/10 04:35 PM Re: CTR on cashier's check purchase Pup
John Burnett Offline
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John Burnett
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A benefactor is someone who bestows a benefit or support on someone else. Section A of a CTR is filled in with information about the person or persons on whose behalf (the word benefactor doesn't appear here) the transaction is conducted (Yes, I know that some vendors' systems label this information as belonging to the "benefactor," but that doesn't make it correct). Who "benefits" from the transaction (for example, the payee) is also not relevant.

In your cashier's check scenario, the transaction is conducted on behalf of the remitter, the person who will use the check to satisfy an obligation, make a purchase, etc. The payee doesn't even have an interest in the check unless and until the remitter delivers it to the payee.

If the individual conducting the transaction is not the person on whose behalf the transaction is conducted, he or she gets listed in Section B as the conductor.

For example, Sam Sleezy purchases with cash a $15,000 cashier's check to be used by his business, Sleezy Used Buggies, Inc., to purchase three used vehicles from another dealer. He asks that the check be payable to Abbott's Auto Zone. How is the CTR completed?

The person on whose behalf the transaction is conducted is Sleezy Used Buggies, Inc., and its information is used to populate Section A of the form. Sam Sleezy's information is supplied in Section B of the form.

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#1428085 - 08/12/10 03:12 PM Re: CTR on cashier's check purchase John Burnett
chatty Offline
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Joined: Feb 2006
Posts: 34
Thanks for the good info.

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#1429357 - 08/16/10 12:28 PM Re: CTR on cashier's check purchase chatty
blondie8012 Offline
Member
Joined: Dec 2009
Posts: 91
Could I piggy-back on this thread to ask if the account number should be reported on the CTR when a bank check is purchased? I put the account number (because it is maintained at the bank even though it is the bank's account). Am I being too literal in this instance? Or does report account maintained at the bank only mean for customers accounts.

Thank you.

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#1429494 - 08/16/10 03:13 PM Re: CTR on cashier's check purchase blondie8012
John Burnett Offline
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John Burnett
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Posts: 40,086
Cape Cod
If the cash received is credited to an account in your bank, list the account number whether it is a customer account or an internal account. Ditto if cash is paid out. The purpose of the CTR is to provide a road map to the transaction records in your files. Without the account number, your map is incomplete.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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