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#1905513 - 03/14/14 04:10 PM CTR on Estate Distribution
thisisme08 Offline
Junior Member
Joined: Oct 2012
Posts: 47
Hoping someone can help me figure out who to file this CTR on.

Scenario:

-We have an Estate account.

-Funds in account are currently being distributed to children of estate owner due to sale of real estate.

-Executor of Estate comes into branch with a $18,800 check made payable to one of the children. States that Individual lives in a nursing home out of state and cannot receive said check as it will mess with their income controlled nursing care (let's just ignore that fact for now).

-Check is "signed" by Individual and countersigned by Executor. Executor presents item for payment and recieves cash. (again, SVP Retail approved transaction but lets just ignore that)

I believe that the CTR should be filled out with the Executor being listed as "conducting transaction for another" and named individual being listed as "person on whose behalf transaction was conducted" as it was clearly stated to us the $$ was for her benefit. Keep in mind we do not have ID info for the Individual named on the check, just a name.

Am I right or wrong here?
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#1905524 - 03/14/14 04:20 PM Re: CTR on Estate Distribution thisisme08
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
I don't think you are wrong.

I also hope that the SVP Retail realizes he just put the bank on the hook for $18,000.
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#1905536 - 03/14/14 04:37 PM Re: CTR on Estate Distribution thisisme08
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
In comparison to the things that were ignored, I don't think how the CTR is completed makes 10 cents worth of difference.
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#1905593 - 03/14/14 06:05 PM Re: CTR on Estate Distribution thisisme08
thisisme08 Offline
Junior Member
Joined: Oct 2012
Posts: 47
grin

Oh Ken, always telling it how it is (sat through many of your BSA seminars) and thank you RlCarey for your input too.
Last edited by thisisme08; 03/14/14 06:06 PM.
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#1905609 - 03/14/14 06:35 PM Re: CTR on Estate Distribution thisisme08
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Sorry, when I attempt to control my reactions it makes my head hurt. wink
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