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Withdrawing or Structuring?
I closed my CD accounts for the amount of $15,000. I have transferred this amount to my personal account. Will this transfer be reported to the government? Later, I withdrew $3000 in one day, and another $4000 two days later, and another $4000 the next day. Is this sequence considered structuring? Will withdrawing money from your own account of more than $10,000 be reported to the government? What will the government do with the CTRs that the bank reported? How long will the bank keep the record of transaction?
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 You have asked a number of questions with a common theme: a reluctance to have transactions reported to the government. If your financial transactions are legitimate and legal and you don't hide income illegally from taxation, you should have nothing to worry about if the occasional transaction triggers a report.
As to your first question, unless your transfer of funds from the CD accounts was accomplished with a physical move of currency, it would not be reported on a Currency Transaction Report. If the series of transactions that you ask about are deliberately arranged so as to avoid the filing of a Currency Transaction Report, it's likely that that would be considered structuring. Banks are required to maintain records of most transactions for five years. For further information on Currency Transaction Reports, please review this pamphlet.
Published on BankingQuestions.com 4/02/09
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