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The Bank Charges Levied On A Current Account Holder Is The Charge On? - Erudites Academy

The bank charges levied on a current account holder is the charge on?

by | Dec 3 | Accounting JAMB | 0 comments

A. transaction
B. turnover
C. transfer
D. cash received

Correct Answer:

Option B – turnover

Explanation

Charge on turnover (COT) also known as Commission on turnover are charges a customer incurs for debit transactions (transaction involving withdrawals and/or operating cost to the bank) from his current account.

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