Does a Credit Union have to abide by the same rules as a bank
 

My friend cashed out 20,000. He has it in a check. He ask me is there a way to avoid the 10,000 deposit audit. Does a Credit Union abide by the same standard in deposits.

Re: Does a Credit Union have to abide by the same rules as a bank
 

Every US financial institution abides by the same IRS rules.

Re: Does a Credit Union have to abide by the same rules as a bank
 

The $10,000 rule only applies to deposits made in the form of cash. The form he is concerned about is a CTR (Cash Transaction Report) which goes to the IRS. Contrary to popular belief, it isn't used for tax purposes, it is used to track money-laundering activities. So, if your "friend" has a check, he shouldn't have to fill out any forms, however, I would expect there to be a considerable hold placed on the availability of the funds.

Re: Does a Credit Union have to abide by the same rules as a bank
 

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The form he is concerned about is a CTR (Cash Transaction Report) which goes to the IRS.

[/ QUOTE ]

It goes to the Treasury Dept, not to the IRS. The IRS is not the primary agency involved in investigating money laundering. That being said, the IRS is a sub-dept of the Treasury Dept. and thus one could presume they would have easy access to the info.

Re: Does a Credit Union have to abide by the same rules as a bank
 

They may also decide to file IRS Form 8300. Don't ask me what it is, do a Google search yourself.