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COT Charges - Business - Nairaland

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COT Charges by Nobody: 7:13pm On Oct 02, 2014
Hello all fellow nairalanders,pls permit me to post this here,if this is the appropriate section
Please i want to know the % being charged as C.O.T for a corporate account in gtbank because what i am being charged as C.O.T is so much and looks funny.
I really want to know before going to the bank to table my complain.
Thanks for the views and response.

Regards,
Samuel.
Re: COT Charges by Nobody: 8:06pm On Oct 02, 2014
19views and no response.
Re: COT Charges by Nobody: 9:29am On Oct 03, 2014
52 views and yet no response.
Re: COT Charges by Zector(m): 1:39pm On Oct 03, 2014
#3 and 5% vat on the amount of cot deducted
Re: COT Charges by Nobody: 3:35pm On Oct 03, 2014
Zector: #3 and 5% vat on the amount of cot deducted

thanks, i will cross check with the said amount.
Re: COT Charges by Nobody: 1:21pm On Oct 05, 2014
Zector:
#3 and 5% vat on the amount of cot deducted

i have checked and from my calculation it is 0.5%.

Regards,
Samuel
Re: COT Charges by maduka001(m): 7:54am On Oct 06, 2014
segzy14:


i have checked and from my calculation it is 0.5%.

Regards,
Samuel
For commercial banks in Nigeria, a COT of N2 is charged on every N1000 that is drawn from a current/corporate account. Apart from the COT, VAT of 5% is also charged on the COT. Any aside the afore mentioned should be taken up with the bank
Re: COT Charges by Nobody: 7:57am On Oct 06, 2014
maduka001:

For commercial banks in Nigeria, a COT of N2 is charged on every N1000 that is drawn from a current/corporate account. Apart from the COT, VAT of 5% is also charged on the COT. Any aside the afore mentioned should be taken up with the bank

are you serious?
are you sure?
Re: COT Charges by sholatech(m): 9:21am On Oct 07, 2014
Sure, feel free to contact your bank if the calculation seems inappropriate. Divide total debits for the month(total withdrawals) by 1000 and multiply what you get by 3. Then compare with the figure on your statement for COT. The VAT calculation is always a different figure stated seperately in the bank statement
Re: COT Charges by Nobody: 11:20am On Oct 07, 2014
sholatech:
Sure, feel free to contact your bank if the calculation seems inappropriate. Divide total debits for the month(total withdrawals) by 1000 and multiply what you get by 3. Then compare with the figure on your statement for COT. The VAT calculation is always a different figure stated seperately in the bank statement

i will do the calculation and give feedback here.
thanks @ all.

Regards,
Samuel
Re: COT Charges by Nobody: 1:17pm On Oct 07, 2014
sholatech:
Sure, feel free to contact your bank if the calculation seems inappropriate. Divide total debits for the month(total withdrawals) by 1000 and multiply what you get by 3. Then compare with the figure on your statement for COT. The VAT calculation is always a different figure stated seperately in the bank statement

thanks, i just did it and got the exact figure that was deducted from my account.

thanks all.

Regards,
Samuel
Re: COT Charges by chiboy11(m): 4:05pm On Oct 07, 2014
D reason I stop using GTBankis cuse dey charge 3N per each 1000 n VAT stil, its so much while bank like diamond bank s free,n stil dey can't help u our in ur busines so wats d ned
maduka001:

For commercial banks in Nigeria, a COT of N2 is charged on every N1000 that is drawn from a current/corporate account. Apart from the COT, VAT of 5% is also charged on the COT. Any aside the afore mentioned should be taken up with the bank
Re: COT Charges by Nobody: 5:05pm On Oct 07, 2014
chiboy11:
D reason I stop using GTBankis cuse dey charge 3N per each 1000 n VAT stil, its so much while bank like diamond bank s free,n stil dey can't help u our in ur busines so wats d ned

are you serious cos i am thinking of porting to diamond bank.
Re: COT Charges by dorthmaen: 5:09am On May 28, 2015
Diamond bank is not free;they Av a fixed amount they deduct every month Instead of the COT.

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