Banking question
06-14-2010, 07:43 AM
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Banking question
If there are two different transactions (deposit) on the same day adding up over 10K, would that trigger a reporting to uncle sam?
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06-14-2010, 08:20 AM
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yes. banks are required by the government to fill out a CTR (Currency Transaction Report). its anything above 10,000. so if you deposit 10,000 you are fine. 10,000.01 it gets reported.
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06-14-2010, 08:55 AM
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Originally Posted by f23power,Jun 14 2010, 08:20 AM
yes. banks are required by the government to fill out a CTR (Currency Transaction Report). its anything above 10,000. so if you deposit 10,000 you are fine. 10,000.01 it gets reported.
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What about 5k twice (two transactions) on the same day?
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06-14-2010, 09:57 AM
#9
^^The algorithms used to track "structured" deposits are not publicly known. If this is a one-time thing, then don't worry about it -- make two deposits on consecutive days and sleep at night.
The gov't is after drug money; not mom & pop hiding a few thousand bucks to avoid getting their gov't housing assistance canceled.
The gov't is after drug money; not mom & pop hiding a few thousand bucks to avoid getting their gov't housing assistance canceled.
06-14-2010, 10:13 AM
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Usually $10,000 triggers a CTR. However, if they can see that you're trying to circumvent a CTR then they will file a suspicious transaction report.
Example
Day 1: Deposit $5000 in cash
Day 1: Deposit $4900 in cash at a different time or branch
OR
Asking about the amount it would take to avoid the report to a banker.
Even though it's not over $10,000 it would still puts you in risk of getting that filed, and you won't know if it's being filed since the person doing a suspicious transaction report DO NOT have to tell you that they are doing it.
Lastly, spreading the deposits over a few days may trigger a report as well depending on how sharp the teller is, but this is highly unlikely.
Safest bet is just to do the $10,000 if you're legit. CTR doesn't mean crud if your money is legal.
Example
Day 1: Deposit $5000 in cash
Day 1: Deposit $4900 in cash at a different time or branch
OR
Asking about the amount it would take to avoid the report to a banker.
Even though it's not over $10,000 it would still puts you in risk of getting that filed, and you won't know if it's being filed since the person doing a suspicious transaction report DO NOT have to tell you that they are doing it.
Lastly, spreading the deposits over a few days may trigger a report as well depending on how sharp the teller is, but this is highly unlikely.
Safest bet is just to do the $10,000 if you're legit. CTR doesn't mean crud if your money is legal.