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Home >> Scams/Fraud
Bank Wants Report Because of Large Transaction
I deposited $10,000 cash in to our business account. At the same time, in another transaction I bought cashier's checks with part check, part cash. The bank is saying I have to fill out a form because my business involved over $10,000. Is this true?
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 Yes, it's mostly true. When more than $10,000 in currency transactions are completed by or on behalf of the same person on a business day, a bank is required to file a Currency Transaction Report. It's the bank's responsibility to complete that filing, not yours, but the bank may need certain personal information from you if it doesn't already have it on file.
We get a lot of questions from individuals and businesses who are for one reason or another concerned that their bank might report a banking transaction to the government. For the unvarnished truth about which transactions banks report to the IRS and when, please read the article, "What your bank REALLY tells the IRS".
Published on BankingQuestions.com 9/29/09
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