Comments on: Large and Shady Bank Transfers Are Reported

By: Investor

Investor — Tue, 23 Jun 2009 14:45:40 +0000

It’s sad that someone who even works at a bank truly believes that making multiple deposits under $10,000 to avoid the CTR reporting to the IRS is a crime. It’s not! And you shouldn’t be working in the banking business if you believe so. How is your customer service to people who are making multiple deposits when you are falsely accusing them of being criminals? Get smarter. Get an education. Be better informed.

By: jim

jim — Wed, 24 Dec 2008 13:36:51 +0000

It will most likely be reported to the government.

By: Mo

Mo — Wed, 24 Dec 2008 11:32:50 +0000

If someone deposits a larger sum of like ten million dollars from a bank transfer into their bank account, what will happen?

By: Anonymous

Anonymous — Sat, 11 Oct 2008 15:23:46 +0000

Does anyone know what the IRS/FinCEN does after they receive a report?
I just deposited a large sum of money, and am wondering if they’ll come after me at work or something with all these questions.

By: Anonymous

Anonymous — Fri, 02 May 2008 17:53:27 +0000

I just made a payment of $14,130.00 to my mortgage company
by using a personal check (no cash). Is this something that they
would report to the IRS?

By: JasonP

JasonP — Fri, 24 Aug 2007 19:51:59 +0000

Structuring is also not a crime, just another thing you could be written up for to be flagged (with a SAR instead of a CTR). Its not a crime to make multiple deposits instead of one big one, but it is something tellers look out for to write a SAR for. The SAR basically exists so that people making multiple deposits are written up the same way people making big deposits are. No two are a crime.

By: Tom

Tom — Thu, 23 Aug 2007 02:33:01 +0000

I’m not suggesting that. But to structure your deposits in order to avoid a CTR is a crime. And I do work at a retail bank currently. Not such a bad gig if you ask me.

By: JasonP

JasonP — Mon, 20 Aug 2007 21:35:18 +0000

Tom,
Having a CTR or a SAR report filed for you doesn’t mean you’re in any type of trouble or are a criminal. Its just their way of red-flagging it for a closer look to make sure you’re legit. For example, a vending machine business owner depositing $15k in cash once a month isn’t a criminal, nothing is wrong with it. They’ll just check it more closely to make sure its not from criminal activity and isn’t being laundered.
I used to work at a retail bank, by far the worst job I’ve ever had.

By: Tom

Tom — Sat, 18 Aug 2007 05:20:07 +0000

Jason is correct, this is only for paper cash transactions. Also, its actually any cash transactions *over* $10000 meaning that you can withdraw $10k without a CTR, but if you take $10000.01 then a CTR needs to be filed.

Also, if a teller tells you what the threshold is for filing a CTR they may be guilty of violating the Bank Secrecy Act and could be subject to some serious criminal penalties. Its illegal to structure cash transactions in order to avoid a CTR. For example, if you have $11k burning a hole in your pocket and deposit $5000 today and $6000 tomorrow, you are now a criminal.

Sorry, I work in a bank and this is just so fascinating to me. Yes, I’m a nerd.

By: MoneyNing

MoneyNing — Sat, 18 Aug 2007 02:08:03 +0000

Hmm. I wonder if there is another rule that governs wire transfers? What if someone’s parents is paying for their daughter’s house and wanted to transfer the money to her bank account first?

By: zevgoldman

zevgoldman — Sat, 18 Aug 2007 01:07:41 +0000

The reporting amount can be changed daily. Sometimes it as low as two thousand dollars. the ten thousand dollar figure is a smoke screen to more or less catch people who are repeatedly trying to stay under that figure to avoid detection.

By: Kevin Spring

Kevin Spring — Fri, 17 Aug 2007 21:42:21 +0000

I wonder if my bank did this to me when I deposited $15,000 into my account the other day. I got it from Amex for 0% credit card arbitrage.

By: dong

dong — Fri, 17 Aug 2007 18:10:29 +0000

yeah, I learned this from watching the Sopranos.

By: JasonP

JasonP — Fri, 17 Aug 2007 15:22:18 +0000

Clarification, these reports are filed only when the transaction involves actual paper cash. Wire, ACH, checks, etc.. are not included.

By: Blaine Moore

Blaine Moore — Fri, 17 Aug 2007 14:50:35 +0000

I knew that there was a reason that I haven’t closed my unused online banking accounts…heheh…

If only there was somebody to fill them up with $9000 deposits…I don’t suppose that if they were made to different accounts that the form would get filed.