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#1728447 - 08/08/12 12:46 PM Transfer of Funds
biz Offline
Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
Customer A transfers $40k to customer B's account. Both accounts with us, no cash ever leaves the teller drawer. Customers A&B are not on the other's account.

Is a CTR required for this?

Debate going on. Thanks

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#1728448 - 08/08/12 12:47 PM Re: Transfer of Funds biz
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
No currency, no Currency Transaction Report.
_________________________
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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#1728452 - 08/08/12 12:57 PM Re: Transfer of Funds biz
biz Offline
Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
Thank you. I win!

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#1728536 - 08/08/12 02:40 PM Re: Transfer of Funds biz
biz Offline
Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
Another part of this-apparently the teller ran this out of one and in to the other account as cash, which is our policy when the is no relationship between the account holders. But as stated earlier, it was actually transferred from one to the other with no money leaving. So now we don't have a CTR for what our cash tickets indicate was cash. Is your answer the same . . .no cash, no CTR. Thanks Mr. Pegasus.

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#1728541 - 08/08/12 02:44 PM Re: Transfer of Funds biz
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
No cash, no CTR. Annotate your cash blotter/record/report to indicate the entries are fictitious and offsetting, due to the bank's procedure for recording such transfers.
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BankersOnline.com
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