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$10k deposit - potential triggers CTR or SAR

 
 
ps56k
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      11-04-2010, 09:57 PM
We recently received two checks
drawn from my wife's father's estate & trust -
one for $6k and another for $4k.
Deposited them today at the Chase ATM.

Was then thinking about the TV shows
where $10k is a trigger for "suspicious" activity.

Did some quick browsing,
and found several messages like the one below.
SO - will these Estate and Trust deposited checks
for $10k cause a CTR or SAR ?
If and when these are triggered,
is there some local notification or just an end of year W9 ?
---------------------


If the deposit is in cash or cash-like instruments (cashier's checks, money
orders, traveler's checks, 3rd party checks, etc.) a Cash (or Currency)
Transaction Report (CTR) will be filed if you make a single deposit (or
withdrawal) of $10k or more or make a series of deposits that add up to $10k
or more over a "short period of time." The short period of time isn't
defined by the law but anything less than 2 weeks generally would trigger a
CTR.

If the deposit is in the form of a check drawn on the account of the person
who gave you the check, no CTR is required regardless of the amount of the
check. (A SAR may still be triggered, see below.)

Note that CTR reporting applies to all cash or cash-like transactions, not
just bank deposits and withdrawals. If you withdrew $15,000 in cash from
your bank and bought a car with it, that would trigger at least 3 CTRs --
one for the withdrawal, one for the purchase of the car (filed by the
dealer) and one for the deposit made by the dealer to his bank.

If the transaction is deemed "suspicious" by your bank, a Suspicious
Activity Report (SAR) will be filed by your bank. "Suspicious" is anything
that is outside of your normal banking habits.

Banks use sophisticated software to flag transactions that are candidates
for SAR or CTR reporting. While the flagged transactions are reviewed by a
bank officer before the actual report is filed, banks tend to be
conservative entities and default to filing the report if there is any
question at all as to whether a report is required or not. From my
experience in the banking industry, anything flagged as a CTR candidate was
reported, while about 30% of the SAR candidates were eventually reported.

--
----------------------------------
"If everything seems to be going well,
you have obviously overlooked something." - Steven Wright

 
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Pico Rico
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      11-05-2010, 12:27 AM

"ps56k" <(E-Mail Removed)> wrote in message
news:iav6mp$ubp$(E-Mail Removed)-september.org...
> We recently received two checks
> drawn from my wife's father's estate & trust -
> one for $6k and another for $4k.
> Deposited them today at the Chase ATM.
>
> Was then thinking about the TV shows
> where $10k is a trigger for "suspicious" activity.
>
> Did some quick browsing,
> and found several messages like the one below.
> SO - will these Estate and Trust deposited checks
> for $10k cause a CTR or SAR ?
> If and when these are triggered,
> is there some local notification or just an end of year W9 ?
> ---------------------
>



I thought that was just for cash, but the text you supplied (I snipped it)
defines it more broadly.

However, I think the accepted definition of a "third party check" is "Check
endorsed by its payee to another party who becomes the holder in due
course."


So, it sounds like your transactions do not fit the test. I would also say,
there are a LOT of checks out there for more than $10k, or checks received
in a short period of time that total more than $10k, so if THAT is the
definition, there would be so many CTRs generated that yours would likely
get lost in the shuffle.

 
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ps56k
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      11-05-2010, 01:11 AM

"Pico Rico" <(E-Mail Removed)> wrote in message
news:iav8n3$pd3$(E-Mail Removed)-september.org...
>
> "ps56k" <(E-Mail Removed)> wrote in message
> news:iav6mp$ubp$(E-Mail Removed)-september.org...
>> We recently received two checks
>> drawn from my wife's father's estate & trust -
>> one for $6k and another for $4k.
>> Deposited them today at the Chase ATM.
>>
>> Was then thinking about the TV shows
>> where $10k is a trigger for "suspicious" activity.
>>
>> Did some quick browsing,
>> and found several messages like the one below.
>> SO - will these Estate and Trust deposited checks
>> for $10k cause a CTR or SAR ?
>> If and when these are triggered,
>> is there some local notification or just an end of year W9 ?
>> ---------------------
>>

>
>
> I thought that was just for cash, but the text you supplied (I snipped it)
> defines it more broadly.
>
> However, I think the accepted definition of a "third party check" is
> "Check endorsed by its payee to another party who becomes the holder in
> due course."
>
>
> So, it sounds like your transactions do not fit the test. I would also
> say, there are a LOT of checks out there for more than $10k, or checks
> received in a short period of time that total more than $10k, so if THAT
> is the definition, there would be so many CTRs generated that yours would
> likely get lost in the shuffle.
>

yeah - sorry -
after I posted - I thought more about that too....

I have received many other distributions,
mutual fund payouts, and matured CD's,
all much higher than just $10k -

 
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Igor Chudov
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      11-06-2010, 01:27 AM
On 2010-11-04, ps56k <(E-Mail Removed)> wrote:
> We recently received two checks
> drawn from my wife's father's estate & trust -
> one for $6k and another for $4k.
> Deposited them today at the Chase ATM.
>
> Was then thinking about the TV shows


I believe that this refers to cash or its equivalents.

The issue here is that you deposit money of unknown (to govt) origin,
when you deposit cash. When you deposit a check, the origin is known
since it is printed on the check.

Also, exceeding that limit and triggering a report is not a crime, I
have done it and had not a slightest problem. It just means that you
attract some extra attention at your financial dealings, but not much
for these amounts.

i

 
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      11-11-2010, 12:16 PM
Quote:
Originally Posted by Igor Chudov View Post
On 2010-11-04, ps56k <(E-Mail Removed)> wrote:
> We recently received two checks
> drawn from my wife's father's estate & trust -
> one for $6k and another for $4k.
> Deposited them today at the Chase ATM.
>
> Was then thinking about the TV shows


I believe that this refers to cash or its equivalents.

The issue here is that you deposit money of unknown (to govt) origin,
when you deposit cash. When you deposit a check, the origin is known
since it is printed on the check.

Also, exceeding that limit and triggering a report is not a crime, I
have done it and had not a slightest problem. It just means that you
attract some extra attention at your financial dealings, but not much
for these amounts.

i
i am up with u!!
 
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