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#2003834 - 03/25/15 01:22 PM Multiple Account Withdrawal CTR
PrimeTime Offline
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PrimeTime
Joined: Nov 2014
Posts: 173
I'm looking for confirmation of my thought process on the following situation:

Employee of Business A & Business B comes in as usual to make large cash withdrawals from the business accounts in order to have a supply of cash on hand for the day (check cashing businesses). The employee withdraws $60,000 from Business A's account and $40,000 from Business B's account. At the same time, Employee also withdraws $300 from his own personal account. So although Employee is not the beneficiary of the Business A or Business B withdrawals, I would still list it as :

Employee : 2a, $100,300
Business A : 2c, $60,000
Business B : 2c, $40,000

Correct? It just seems odd to me that the employee has to be listed as "same" for the full amount of the $100,300 even though he's only truly benefitting from the $300 from his personal account, but where he's conducting the entire transaction on the behalf of others I guess I can see the logic.

Please forgive me if I'm using the wrong box numbers, we do not file through eFiling directly, so I'm just basing this off of the form I have printed out. On my system it would be listed as Employee : "same" 100,300; Business A : beneficiary, $60,000; Business B : beneficiary, $40,000.
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#2003851 - 03/25/15 01:32 PM Re: Multiple Account Withdrawal CTR PrimeTime
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
Seems odd, but it is correct.
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#2003853 - 03/25/15 01:34 PM Re: Multiple Account Withdrawal CTR PrimeTime
PrimeTime Offline
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PrimeTime
Joined: Nov 2014
Posts: 173
Great, thank you for the confirmation!
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Life is like a bicycle. To keep your balance, you must keep moving.
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#2003899 - 03/25/15 02:39 PM Re: Multiple Account Withdrawal CTR PrimeTime
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
When the CTR is processed, FinCEN can determine from the rest of the file that he only deposited $300 to his own account.
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