Letter Re: SARs and CTRs
Hugh, Regarding L.O.’s letter and “don’t act suspicious and you won’t be suspected”, SARs and CTRs are required by federal law. CTRs for any cash transaction for $10,000 or more are required. This is also true of a cash transaction at a jeweler, car dealer, et cetera. Also, in high crime areas (drug areas), the bank may be required to report any cash transaction over any amount set by a federal agency. For a time, in Eastern KY, all transactions over $3000 required a CTR. These are done without the customer’s knowledge or permission, usually after the transaction is completed, …