No, you only need to file an FBAR if all your foreign accounts added together were over $10,000 on any day during the year (not if more than $10,000 was transferred through the accounts over the course of a year).
According to the federal government;
If you have foreign bank accounts, you may
be required to file a Report of Foreign Bank and Financial Accounts (FBAR)
if are a US citizen or resident and:
- you had
a financial interest in or signature authority over at least one financial
account located outside of the United States; and
- the aggregate value of all
foreign financial accounts exceeded $10,000 at any time during the
calendar year reported.
To be directed to the US Treasury Government Website to
prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)
