CTR question

Posted By: LisaL

CTR question - 07/17/14 05:18 PM

We have a customer who deposited $9000.00 cash into his business account and also same day paid $5000.00 cash on his personal loan account....anyone have any advice on reporting requirements?
TIA
Posted By: Elwood P. Dowd

Re: CTR question - 07/17/14 05:20 PM

As both transactions were carried out by the same person, on the same day, and the bank knows about them, they are subject to aggregation and reporting. You would need to supply some more information about the business and the loan if you're wanting someone to tell you how to complete the CTR.
Posted By: LisaL

Re: CTR question - 07/17/14 05:27 PM

Thank You that's what we thought also, business has an TIN and loan is personal under cust. social security #.
Posted By: John Burnett

Re: CTR question - 07/18/14 05:37 PM

And that doesn't complete the picture. The business has its own TIN, as you have said, but is the business a sole proprietorship (which may have a TIN that is an EIN if it has employees), an LLC, a corporation, a tin flute?