I understand that a CTR report is for cash transactions over $10,000. Is there a certain report that will trigger when I transfer money with my online banking between two of my own checking accounts at different banks in excess of $10,000? If one of my checking accounts has a balance of $8,000 and I transfer $7,000 more into that account from my other checking account from a different bank online, my new balance will be $15,000. Is there a certain report this will trigger?
I want to take advantage of a higher bearing interest account, and sometimes both of my banks compete on the better interest rate. I don’t want to go to the bank for these transfers every thirty days or so when I can do the transfer with my online banking. This saves time and is much easier. Sometimes I want to transfer all my money over to the better checking account to maximize the higher interest. Will this trigger a certain report between the banks?
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Most banks have certain internal reports they use to identify customers with substantial balance swings. Each bank that uses such reports, however, establishes its own report parameters.
Unaffiliated banks do not report to one another when customers move funds from bank to bank. Whether Bank A will know that you've transferred funds from your account with them to an account with Bank B will depend on the way the transfer system is programmed and whether management reports indicate the names of the receiving institutions.
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Most banks have certain internal reports they use to identify customers with substantial balance swings. Each bank that uses such reports, however, establishes its own report parameters.