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#1927833 - 05/29/14 09:26 PM Third party handling our Payments: Who files CTR?
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
We allow our loan customer to make payments on their mortgage loans at select supermarkets. The payment may be in cash.

All payments are deposited into the supermarket’s bank and transferred to us by wire transfer.

Customer makes a loan payment of $11,000.00, supermarket is not subject to CTRs; who files the CTR:

1)The Supermarket’s Bank on the supermarket; or

2)Us on the customer

3)Non of the above

Thanks for the help. This is a new service for me, and I am not sure how to handle it.

BC78a (Paul)
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#1927842 - 05/29/14 09:36 PM Re: Third party handling our Payments: Who files CTR? BC78a
kw004h Offline
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Joined: Nov 2009
Posts: 219
Chicagoland, IL
The supermarket would have had to file Form 8300 either by paper http://www.irs.gov/pub/irs-pdf/f8300.pdf or electronically http://www.fincen.gov/news_room/nr/html/20120919.html.

The supermarket's bank would then be responsible for filing the CTR.
Last edited by kw004h; 05/29/14 09:37 PM.
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#1928056 - 05/30/14 04:25 PM Re: Third party handling our Payments: Who files CTR? BC78a
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
Thanks KW.
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