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? asked in Business & FinancePersonal Finance · 8 months ago

Large cash withdrawal, CTS Report and maybe SAR?

I have been on unemployment since March. I was due to look for a job when the virus came and was unable to start working.

I have been keeping my unemployment money in the bank where it direct deposits weekly. But today I decided to transfer 2,000$ into a savings account for a Secure Credit Card to build my credit. I had said that I wanted to keep around 1,000$ in my checking account and take the rest out cash (8,000$). So the teller did a Withdrawal for 10,000$ and deposited 2,000$ of that money into the new savings account for the card.

When I asked to take out the 8,000$ cash--the office guy had to keep going back and fourth leaving the room with the teller to have him ask me questions. He asked what I did for work, I said I was self employed, even though I am unemployed, because I was embarrassed. I just said I'm a self employed student and gave them the name of my college. 

So he said they just had to ask questions to file some paperwork. So I'm guessing they filed a CTS report. 

My 2 questions are :

1. Should I be worried if they filed a CTS/SAR report? Even though all my money is legally coming from unemployment. 

2. Will this affect my unemployment since I said I am "self employed" on the paperwork, even though I am not. I am unemployed.

1 Answer

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  • Anonymous
    8 months ago

    Well to tell u the truth u should have said unemployment.I don’t think it matters just don’t spend the money 

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