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Tuesday, 20 August 2013

How to Calculate Bank Charges on Withdrawals: COT and VAT on COT


How to Calculate Bank Charges on Withdrawals: COT and VAT on COT


Do U have a current account acct here in Nig? Ignorant about the COT + VAT on COT bank charges on ur acct every transaction which sums up @ end of d mth? Let me quickly give U clue on how to get what you are been charged.  On any amt U want to withdraw frm UR acct, use this simple formular (0.005 x the amt + 5%Vat) the 0.005 is used when you are been charged N5/miles but U may key-in N3 if that's what ur bank charges U. U need to ask!  You will get total amt to be charge on ur acct. I.e (0.005x1,000,000+5%) = N5,250 for N1,000,000 withdrawal or (0.003x1,000,000+5%)= N3,150. Key in the figure this way in ur calculator and the ans is displayed. U can visit: www.correctnaijainfo.blogspot.com for more hints & latest news!

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