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#1720766 - 07/17/12 06:43 PM File a CTR?
rachelchri Offline
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Joined: Aug 2010
Posts: 165
We had a situation where a customer (wife) came in and got $10,000 in cash out of a joint savings account. Later that day a customer (husband) came in and got $1,700 out of the same joint savings. Does a CTR need to be filed?

We weren't sure if being a Marital Property State, would figure into the "actual knowledge" of the other spouse benefiting from the transaction.


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#1720817 - 07/17/12 07:44 PM Re: File a CTR? rachelchri
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Here's a prior thread with a debate over how to report withdrawals from joint accounts should be reported. There are others.

Your situation puts a finer point on previous disagreements because if you do not assume at least one of the individuals benefited from both withdrawals you have no CTR filing requirement. Personally, I would make that assumption and aggregate the transactions.

The fact that yours is a marital property state does not affect how you comply with federal requirements.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#1720914 - 07/17/12 09:47 PM Re: File a CTR? rachelchri
Bee Cee Offline
Joined: Oct 2010
Posts: 97
I don't think you can be wrong in either case, whether filing or not. And I cannot see an auditor or examiner writing you up for not filing. There is no way to demonstrate both parties benefit from the withdrawal, as compared to a deposit.

“Chance favors only the mind that is prepared”. Louis Pasteur

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#1721044 - 07/18/12 02:24 PM Re: File a CTR? rachelchri
rachelchri Offline
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Joined: Aug 2010
Posts: 165
We decided to go the conservative route and file one. Thanks for all the input guys!!! smile

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