Is it true or false that a credit union must file a CTR if a member purchases $15,000 worth of traveler's checks with money from their checking account?

A credit union must file a Currency Transaction Report (CTR) when there are cash transactions exceeding $10,000 in a single day. However, when a member purchases traveler's checks using funds from their checking account, this transaction is not considered a cash transaction, as the funds are withdrawn electronically or through check processing rather than being given in cash. Since traveler's checks involve the movement of non-cash instruments, the requirement to file a CTR does not apply in this case.

The distinction is important; CTRs are specific to cash transactions in which the currency is physically exchanged. Therefore, when the member uses funds from their checking account to buy traveler's checks, the guidelines dictate that filing a CTR is unnecessary. This clarifies why the statement is false regarding the requirement for filing based on that specific transaction.