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?
- SumDudeLv 76 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 FLv 76 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.