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#670737 - 01/23/07 10:34 PM Coast Guard Withdrawal - Is a CTR required?
Rosie O'Grady Offline
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Rosie O'Grady
Joined: Nov 2005
Posts: 438
California
Help! One of our branches is on a military base and our staff cashed a check for a Coast Guard ship that is being deployed. They do not have an account with us and it is the first time that we've encountered a cash transaction for a "government" entity. Is a CTR required?

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#670840 - 01/24/07 12:55 PM Re: Coast Guard Withdrawal - Is a CTR required? Rosie O'Grady
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
It's probable that the cash will be used to run the ship's store and provide pocket money needs for personnel. Since the Coast Guard is an arm of government, you should cover yourself by filng a DEP form and no CTR would be required.
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#672767 - 01/25/07 10:17 PM Re: Coast Guard Withdrawal - Is a CTR required? John Burnett
CantBeShocked Offline
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Joined: Apr 2006
Posts: 260
MS
I agree with this except that you need to file a CTR for the transaction that occurred since they were not exempt yet at that time.
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#673347 - 01/26/07 05:58 PM Re: Coast Guard Withdrawal - Is a CTR required? CantBeShocked
nemsi Offline
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Joined: Nov 2005
Posts: 383
As long as you file the DOEP within 30 days of the transaction you should be fine exempting this transaction.

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