Are transfer deposits between accounts treated as cash for the $10,000 bank reporting requirements?

[atikovi]

I have a business checking account at Capitol One where I deposit checks made to my business name. The next day after it clears I go into the branch and do a withdrawal from the checking and deposit it into my 360 Money Market account. Apparently there is no way to do transfers between accounts. If I withdraw $10,000 from checking and deposit it into the MMA will it trigger the bank cash deposit reporting requirement since the bank treats the deposit as cash?

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[Bend3r]

Why withdraw into cash can’t you use a bank check? Or they charge extra for that?

[atikovi]

I don’t physically withdraw cash, the bank just apparently treats it as cash, as in no holds placed on it.

[qcumber98]

What did the Cap1 branch say?

[atikovi]

They said it’s treated like cash. But I’m still not sure if that’s the same as it being treated as a currency deposit that would trigger a report.

[qcumber98]

So ask them if they’re treated the same. But why does it matter to you?

[atikovi]

Only concerned because I read all the time where the government seized assets of people making frequent cash deposits over $10K.

[scripta]

Generally speaking, you may not be able to push from a biz account to a personal account, but you should be able to pull from a biz checking account into anything. Logon to your 360 MMA, link the biz checking account as an external account, and make your transfers. There will probably be a hold, but it saves you from going to the branch or worrying about paper. And yes there’s a limit of 3 linked accounts, so pick your battles.

Or just write yourself a check.

[atikovi]

Writing myself a check is a good idea. I just go into the branch out of convenience since it’s less than a mile from home in a shopping center I would go to shop anyway. I think the 360 account has a $5,000 daily ACH limit so that wouldn’t work well.

[glitch99]

Is there two different transactionnumbers? If so, then yes, it’d most likely a withdrawal of cash from one account, and a deposit of cash to the other.

[TravelerMSY]

There would only be a report for physical cash, or for certain cash equivalents like travelers checks.

In any event, one or two CTRs is nothing to be afraid of if you have a good explanation. I’ve had hundreds of them lifetime and never got any questions from law enforcement.

[atikovi]

OK, it’s just every few months.

[Hyurp]

Only concerned because I read all the time where the government seized assets of people making frequent cash deposits over $10K.

Usually it’s people making deposits just under 10k. Any unusual activity is reported, and evasion is itself punishable. At this point government computers are monitoring all banking transactions, so this idea of “reports” must be some kind of “Big Brother is Watching You” psychological tactic

[glitch99]

There would only be a report for physical cash, or for certain cash equivalents like travelers checks.

If done in 2 separate transactions, they would be handing him $10k physical cash, then accepting $10k physical cash for deposit into the second account. Even if the teller doesnt actually count out and hand him the cash.

[gremln007]

In any event, one or two CTRs is nothing to be afraid of if you have a good explanation. I’ve had hundreds of them lifetime and never got any questions from law enforcement.

+1 Seems like OP would be covered due to normal business operations also.

[scripta]

At this point government computers are monitoring all banking transactions, so this idea of “reports” must be some kind of “Big Brother is Watching You” psychological tactic

I don’t know what you are talking about, because the bank is required to file a CTR. And they can’t tell you that they’re filing one, but you’ll know when they ask you where you got the cash and what you had for lunch.

[scripta]

I think the 360 account has a $5,000 daily ACH limit so that wouldn’t work well.

I doubt there’s a limit to how much you can deposit with an ACH pull, and if there is, it’s probably much higher. There may be a limit to how much you can withdraw via ACH push.

Automated Clearing House (ACH) External Transfer transactions are subject to limits on the dollar amount of electronic transfers between your account and external accounts at other financial institutions. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice

[Full_Disclosure]

At this point government computers are monitoring all banking transactions, so this idea of “reports” must be some kind of “Big Brother is Watching You” psychological tactic

I don’t know what you are talking about, because the bank is required to file a CTR. And they can’t tell you that they’re filing one, but you’ll know when they ask you where you got the cash and what you had for lunch.

For a CTR, there’s no reason they can’t tell you they’re filing one. They aren’t supposed to alert a customer if they’re filing a SAR. They could potentially file both with a single transaction (I think in practice this is actually the same form, just with an additional notation), but CTRs aren’t secret. There are statutory requirements for filing or not filing them. If a bank suspects a customer of structuring, for instance, it would be required to file a SAR, but inappropriate to file a CTR. There was one bank I used to use that would still store them on paper, and I would fill out a form before coming in to save time, so they just had to pull the info from that (and verify) instead of manually requesting it.