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Filing CTR for Deposit/Withdrawal Husband/Wife

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The wife of the member withdraws $6,500 from their joint account. Later that day, the husband comes in with several checks. He wishes to just cash them, which amounted to about $4,500. In total the cash was $11,000. Do we need to file a CTR, and if so, do we do it on both?

The consensus on withdrawals from joint accounts is that they are presumed to be conducted on behalf of all joint owners, unless you have knowledge to the contrary (for example a statement like "I'm treating myself to a solo cruise. Paul (the joint owner) can't get away from work, but he told me I should take the trip anyhow.") If your credit union shares in that consensus, you'd file the CTR, naming each spouse as a person "on whose behalf the transaction is conducted."

First published on 8/20/12

First published on 08/20/2012

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