The limit for filing the FBAR form Fincen 114 is $10,000. Since you transferred the money while you were already in the US, the account was above the limit while you were a resident alien even without making the election. So yes, you definitely need to report it. The FBAR form is for informational purposes only and does not result in any taxes.
http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
