Anonymous asked in Business & FinancePersonal Finance · 6 months ago

Does a CTR get filed if you deposit more than $10,000 in a Prepaid Debit card or just bank accounts?

I'm asking this question out of curiosity. I know that a Currency Transaction Report (CTR) gets filed if you deposit $10,000 or more in a U.S bank account. How about prepaid Visa debit cards?

Does the same thing apply?

2 Answers

  • 6 months ago

    You would have a hard time finding a store or other business that would sell you a $10,000 PRE-PAID card (!) - but I am sure they would report you because that smacks of money laundering.

    • STEVEN F
      Lv 7
      6 months agoReport

      The reason they would report it is that a $10,000 CASH transaction makes the CTR legally MANDATORY. That said, you are correct that they would probably not even conduct the sale.

  • 6 months ago

    Currency Transaction Reports are required for CASH transactions. It doen't matter what the cash is used for. If you buy a car for $10,000 cash, a CTR is legally required.

    Note: You can deposit a check for $100,000 and a CTR is not required.

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