What is a cot code in online banking?

What is a cot code in online banking?

What is a cot code in online banking? COT code refers to cost of transfer for a bank to transfer funds from one account to another. COT codes are often associated with fraudulent activity.

What does cot mean on bank statement?

Zero Commission on Turnover (COT), according to the Central Bank of Nigeria (CBN), is the removal of commission on all customer-induced debit transactions by Deposit Money Banks (DMBs) in the country.

What is a cot pin?

The C.O.T. code stands for Cost of Transfer, which is allegedly needed to complete questionable international wire transfers, but please be wary, as this is most likely a scam.

Where is my bank code?

You can usually find your bank’s SWIFT/BIC code in your bank account statements.

How do I find the SWIFT code for my bank?

Check the bank statements You can usually find your bank’s BIC/ SWIFT code in your bank account statements. If you’re using an online bank, log into your digital bank account to easily view your bank statement.

Do you need a swift code for JP Morgan Chase?

If you’re making an international transfer to a Chase Bank (Jp Morgan Chase) bank account, or if someone is transferring you cash to your Chase Bank (Jp Morgan Chase) bank account in the United States, you’ll be asked for a BIC/SWIFT code along with details like the bank address.

Is there such a thing as a cot code?

When you attempt this, it asks for a COT code which you do not have. Can they obtain your bank information if the attempt was unsuccessful? A bit of googling suggests that this is indeed a scam. There is no such thing as a “COT code”, but the term is sometimes used as one of the steps in an advance fee scam.

How much does a chase wire transfer cost?

Online wires sent to a bank outside the U.S. in foreign currency (FX) have no Chase wire fee for amounts equal to $5,000 USD or more or only a $5 Chase wire fee when less than $5,000 USD