Jacksonville Business Daily

Is A Currency Transaction Report required for a customer who does cash transactions in several different banks?

Let's say someone makes a cash deposit or withdrawal of $7,000 in 3 different banks accumulating to $21,000, will a CTR be required? I'm assuming that the IRS will ask the last bank who did the last transaction to report it or request some information from the banks about the transactions.

Public Comments

1. Only if its over 10000 in one bank. The banks wouldn't know that he made three different deposits. Unless he went to three branches of the same bank.