As many of these start out...there's currently a disagreement between SAR filers that I was hoping to get some information one way or the other to come to a conclusion. Here's our situation:
Customer A deposits cash in the amount of $4,000 this morning in a personal account. This same day, he also has a check clear his account in the amount of $4,000, cashed at another institution. Upon further review, it is noted that the spray on the back of the check reads yesterday's date. On yesterday's date, the customer did not have the funds available in the account to fund this check. It should also be noted that this check was made out to a business that the customer just so happens to own.
This sort of activity has happened for quite some time now, and is absolutely not an isolated incident. It goes in the same exact order, cash deposit for X amount, check clears account for the same X amount, and the spray always reads the prior day when the funds were not available in the account.
So, we're left with the questions: is this a cash kite? And should the SAR be filed? Additionally, should we contact the other bank via 314(b) in order to ensure that the same activity is happening at their institution, with the business account that we're seeing as the payee on our checks playing the opposite role at their institution?
Feedback is greatly appreciated, I love having ammo going into these discussions, because well, who wants to be wrong?
Life is like a bicycle. To keep your balance, you must keep moving.