Seems like a good idea before there is a bank run due to various reasons. Do I have to report a withdrawal of like 5k?
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (77)
sorted by:
No it really doesn't get reported. That is only on suspicious deposits of 10K and over
Or wire transfers. Not withdrawals, usually
False. They look at withdrawals as well. Even the person who worked at a bank who commented here said it. Part of the patriot act or some shit
That’s right, it is part of the Patriot Act. Worked for a bank for many years. Every single cash transaction (deposit or withdrawal) over $10k gets a Currency Transaction Report. Cash being the operative word. Wires or checks don’t fall under that rule.
Every cash transaction over $10k gets reported, suspicious or not. It’s called a Currency Transaction Report and the bank could get fined or have legal penalties if they don’t file for every cash transaction over that amount.
They may file but the powers that be don't investigate unless it's suspicious. I've done MANY transactions over 10K and never had a knock on my door. And banks never questioned me about the transactions.
Sorry, just reread your comment and you are correct that even though a CTR is filed, it’s basically meaningless if you’re not doing anything fishy like financing terrorists. I had many regular customers that dealt in cash for various reasons and I never bothered them about it, there was nothing concerning about how they would operate so I’d just do the paperwork and not bug them with questions so we could all move on with our day.
Were they cash transactions? If they were and it’s a bank where you have an account, the teller likely did the CTR without even telling you since they already have all of your information for your bank account. If they were not cash transactions, a CTR was not required. It’s the bank that gets fines for not filing a CTR when required, not you as a customer. So if they didn’t do one when they should have, you wouldn’t be made aware of that.
Many times it was cash transactions. I always knew they were filing but never worried about it. Recently pulled a lot of cash and they bitched because they didn't have that much cash on hand so I had to go back for more. And they probably reported it but I didn't care, it was my money........