Answer:
Whether the bank suffers a loss or not, is not a factor. If the check was written after the account is closed, this is check fraud. If the amount is $5,000 or more, a SAR is warranted.
First published on BankersOnline.com 3/08/10
Check Written on a Closed Account - File a SAR?
Question:
Is it necessary to file a SAR on customers who write checks in excess of $5,000 on a closed account, when there is no loss to the bank? What about filing a SAR when a customer writes a check in excess of $5,000 and the check returns NSF? We have never heard of this, but are being told by our AML are that it is required.
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