American Bankers Association Exam CRCM Topic 6 Question 98 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 98
Topic #: 6

The manager of Main Street branch calls and relates the following information: John Smith purchased a cashier's check for $1,000 cash at 10:00 a.m. on Tuesday. At 11:30 a.m. Mr. Smith returned and purchased a cashier's check for $2,500 cash and deposited traveler's checks totaling $9,000 into his checking account. At 4:00 p.m. Mr. Smith returned and deposited $8,000 cash into his checking account. This deposit was after normal banking hours, so it was recorded as of Wednesday's business date. What action should the bank take?

ANone, because no single cash transaction exceeded $10,000

BFile a Currency Transaction Report (CTR) for $11,500

CRecord the $1,000, $2,500, and $9,000 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

DRecord the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

Show Suggested Answer

Suggested Answer: D

by Roxane at Sep 19, 2024, 05:22 AM

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Arthur

2 months ago

Option C seems like the way to go. I mean, who keeps track of all these thresholds anyway? The bank should just log everything to be safe. *laughs*

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Carylon

2 months ago

It's important for the bank to keep track of all transactions to prevent any potential issues.

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Tequila

2 months ago

I think option C is the most appropriate action to take in this situation.

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Cassi

2 months ago

Yeah, it's always best to follow the rules and regulations set by the bank.

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Hillary

2 months ago

I agree, it's better to be safe than sorry when it comes to these things.

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Hubert

2 months ago

This question is a real head-scratcher. I'm just glad I don't have to deal with these banking regulations on a daily basis. *chuckles*

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Kirby

1 months ago

C) Record the $1,000, $2,500, and $9,000 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

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William

2 months ago

B) File a Currency Transaction Report (CTR) for $11,500

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Tracey

2 months ago

A) None, because no single cash transaction exceeded $10,000

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Owen

3 months ago

Hmm, I think D is the right answer. The bank should only record the $1,000 and $2,500 transactions on the monetary instrument sales log.

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Shawna

3 months ago

I'm not sure, but I think option B is the correct action to take.

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Elenor

3 months ago

I'm pretty sure the answer is B. A Currency Transaction Report (CTR) should be filed for the $11,500 total.

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Basilia

2 months ago

C) Record the $1,000, $2,500, and $9,000 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

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Bok

2 months ago

I agree, the bank should file a CTR for the $11,500 total.

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Elden

2 months ago

B) File a Currency Transaction Report (CTR) for $11,500

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Roslyn

2 months ago

A) None, because no single cash transaction exceeded $10,000

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Sharan

3 months ago

I agree with Tijuana, the total amount exceeds the threshold so a report should be filed.

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Erinn

3 months ago

The correct answer is C. The total of the transactions exceeds the $3,000 threshold, so the bank should record the $1,000, $2,500, and $9,000 transactions on the monetary instrument sales log.

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