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CTR on Closing Cost Down Payment

Answered by: 
Randy Carey

Question: 
We had a customer bring in $20,000 to pay for closing costs and to use as a down payment. Does this transaction require a CTR?
Answer: 

All customer transactions that involve more than $10,000 in cash must be reported on a CTR. Consideration should be given to a possible SAR filing if the bank cannot determine the source of the cash.

First published on BankersOnline.com 3/23/09

First published on 03/23/2009

Filed under: 
Security
Filed under security as: 
SAR

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