In that case, you likely have a Currency Transaction Report on your tax file with the IRS. The lender says they are fine with the deductible being this high.Suppose you recently took a trip to Las Vegas, and you got lucky – in fact, you took home more than $10,000 in gambling winnings. I told the lender the deductible is too high for the coverage amount, but the borrower is insisting on keeping his deductible at $50k. He does not have sufficient cash on hand to handle a deductible this large. The borrower's flood policy is for $183,000 with a $50,000 deductible. The loan amount is $183,000 and the building is valued at $240,000. We have a loan closing for a commercial property. What's an Acceptable Deductible for Flood? How can I get that information, which I will need if we have to make an indemnity claim against that other bank. There is no information on the check to indicate where it had been accepted for deposit before we took it. We just received a $750 check that was returned to us unpaid as a duplicate presentment. How do financial institutions track loan policy exceptions? Identifying the bank that accepted a mobile deposited check If Representative Payee dies, what happens to existing funds in the account post reclamation of that months funds? Does the new Rep Payee have authorization to access funds? Can we recover the full amount of the check? Rep Payee and Reclamations We charged the check back to our customer’s account, creating a $500 overdraft, and we have learned our customer has left the country. We learned from the paying bank that the mobile deposited check was indorsed with only the payee’s signature (which is all we got on the paper check when it was deposited with us. My bank wants to make an indemnity claim against a bank that accepted a mobile deposit of a $1,200 check that we accepted in paper form three days later. Limits on Reg CC’s indemnity for losses from mobile deposits Do we need to add the cash back amount to the reportable CTR? Pages The POS transaction happened after banking hours. I found out that our client did a POS and got cash back. Is this necessary? Currency Transaction Report Filed by MistakeĬan you tell me where to find guidance on, or when to actually do, when a Currency Transaction Report was filed by mistake? Currency Transaction Report Filed by MistakeĬan you tell me where to find guidance on, or when to actually do, when a Currency Transaction Report was filed by mistake? Add Cash Back Amount to Reportable CTR? We continue to collect information regarding deposits over $10,000.00 from our customers who have a CTR exemption. How do I handle Part III of a CTR if part of the withdrawal was at a branch and the other part was through an ATM at another location? The total cash amount exceeded $10,000.00 in one day. Is this necessary? Part III of a CTR- ATM at Different Location How would you complete the CTR in this situation: is there only one Part 1 (customer) or two Part 1 (customer and family member)? And the $7,000, would be under negotiable instrument and $13,000 under fund transfer? The reason stated was that they are in the process of buying a house and escrow wanted him to show the proof of funds in a statement which was the reason for the transfer. He is not on the family member's account. He returned later the same day with an account number of a family member and wanted to transfer $18,000 using the cash deposit and preexisting funds from his account. He then wanted to purchase a cashier check for $7,000. The funds were first deposited into his account. The teller inadvertently runs the transaction twice resulting in software showing a $16,000 total withdrawn. If a customer doesn't truly deposit or receive over $10,000 in cash, but a bank transaction error causes it to appear that they did, should a CTR be filed or should the transaction just be documented appropriately? Example: A customer withdraws $8,000 in cash. So in short is there a regulation stating that banks need to exempt customers, or why is it done? CTR for Bank Error We just filed CTR's on large cash transactions. He lives off the grid.we will file a SAR for sure.Īre banks required to exempt customers for CTR filing limits? I've worked for banks in the past that never exempted anyone. Can or should we cash the checks and create a CTR, or refuse him? He does have a DL. Our problem is that he doesn't have a Social Security Number. He is traveling from KS to Fla to cash these checks. We have a non-banking client who received several checks from his deceased grandmother (our client) which total over $10K. 2023 BSA/AML Top Gun Conference ON-DEMAND.2023 Lending Compliance Triage Conference.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |