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Does Transferring Funds Trigger CTR?
I have several checking accounts at several banks, due to my paranoia of bank failures, so I don’t put all my eggs in one basket, and have the availability to transfer my money from account to account from online banking. If I have $6,000 in my account (A) and want to transfer $6,000 from my account (B) to account (A) which would bring the balance in account (A) to $12,000 will this trigger a CTR filing? What would happen in the same scenario if both accounts are at the same bank?
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 CTR (Currency Transaction Report) filing is triggered by transactions in currency (thus the name) that exceed $10,000. The transactions you have described appear not be be currency transactions and are for less than $10,000.
For more information on these reports by banks, see the article, "What Your Bank Really Tells the IRS".
Published on BankingQuestions.com 10/19/09
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