Have you ever tried to transfer fund from zenith bank to other banks and vice-versa? I was shocked today when I transferred a certain sum of money from my Zenith bank savings account to fidelity bank and I also transferred the same sum of money from my fin bank account to a fidelity bank savings account. The amazement ia that I was charged #460 as VAT and another #3,150 as COT. Whereas in the other bank I was charged only #460 VAT. Please I want the central bank to explain where on this earth COT is charged on savings account? If I were allowed to collect my money over the counter I wouldnt have been charged COT. Is this the meaning of cashless economy?

Cashless economy goes with ghost charges. Wait they will post 1st qtr profit to the tune of N20b.

I sincerely wish that policy makers in this country will do things with the common man in mind.

dedonchi: Have you ever tried to transfer fund from zenith bank to other banks and vice-versa? I was shocked today when I transferred a certain sum of money from my Zenith bank savings account to fidelity bank and I also transferred the same sum of money from my fin bank account to a fidelity bank savings account. The amazement ia that I was charged #460 as VAT and another #3,150 as COT. Whereas in the other bank I was charged only #460 VAT. Please I want the central bank to explain where on this earth COT is charged on savings account? If I were allowed to collect my money over the counter I wouldnt have been charged COT. Is this the meaning of cashless economy?

I do same with gtb and the cost is so small I can't even locate it.

Neft transfer takes hours and can be done from a savings account while instant transfer gets to the other account instantly in another bank. The cost is so minimal that it is negligible. So use your brain, no one is chaining you to your thieving banker.