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Is a Report Required on a Cash Withdrawal, Too?
I was moving my savings from one bank to another and because it was over $10,000 ($12,700), the banker told me she had to make a currency transfer report. I have never heard of that and was upset that I was asked for my DL, Social Security number, date of birth, and occupation. I told my husband what happened, and he said he thought a report was only made when someone was putting money in the bank (which they did not do when I opened the account). Can you tell us what is right?
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 It appears that you asked to make the transfer by withdrawing the balance from your old bank in cash. Large cash transactions – whether they are deposits, withdrawals, or swaps of denominations – must reported by bankers on a "Currency Transaction Report" (CTR).
In your case, this transfer would result in a CTR filing by the bank paying out the cash to you and another CTR filing by the bank accepting your cash deposit. Neither CTR should be a concern, however. CTR filings are mandated by federal law and regulations in order to create a paper trail of cash transactions that can be used when law enforcement is pursuing evidence in financially-related crimes. Law-abiding individuals needn't be concerned that reports on occasional large cash transactions will cause them grief.
Published on BankingQuestions.com 9/22/06
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