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.
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