[Newguyintown]

Do EFTs (electronic wires) from sportsbooks to banks of over 10k trigger CTRs? The CTRs say something about "cash" and not sure if this is covered.

Any accountants out there?


N G T

[bigboydan]

Banks in the U.S. are obligated to report anything over $10,000 and above to the goverment. My advice is to transfer your funds in smaller portions to not draw attention to yourself.

[CA_Bettor06]

Do EFTs (electronic wires) from sportsbooks to banks of over 10k trigger CTRs? The CTRs say something about "cash" and not sure if this is covered.

Any accountants out there?


N G T

I spoke to Neteller recently about this and they did mention transactions $10K+ are reported to the government in both Canada and the US. If you try to request an EFT above $5K with Neteller, it won't go through. You have to request multiple transactions of $5K or less.

[JDK192]

That's a common misconception BBD. Banks only report cash transactions (withdrawls and deposits) 10k and above. Deposits and withdrawls of checks over 10k (any amt) are not reported, wire transfers are not reported (any amt), eft's are not reported (any amt). CTR is Cash Transaction Report. So the bank doesn't report any of that to the gov't, that said if you get audited you'll still have to explain these transactions to the IRS.

[pags11]

didn't know that JDK...