I was asked for a COT code to transfer money to my account. Is this a scam?
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.
What is the meaning cot code for money transfer?
Cost of Transfer
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.
What is a code of transfer?
A wire transfer code is a string of numbers and letters that identify an account into which money should be transferred. Some common wire codes are IBAN, SWIFT or BIC. When performing a domestic wire transfer, the bank code, the routing number and the receiving account number is all that is needed.
What does cot mean in banking?
Zero Commission on Turnover
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 RBI cot code?
We understand that you tried to make an online transfer of your award money into your local account but your operations was automatically stop as you are required to provide C.O.T code which is called Minimum cost of transfer differential & digital signature code of transfer.
Is there such a thing as a cot code?
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. The victim is told that before they can receive a wire transfer of the large amount they’ve been promised they need to pay to have a “COT code” (which ostensibly stands for Cost Of Transfer) issued.
What is a cot verification?
What is the COT Verification Committee? This committee is responsible for verifying that a trauma center has the necessary resources for delivering optimal trauma care. As a guide, it uses the Resources for Optimal Care of the Injured Patient.
What is a payment code?
Payment codes can provide details to banks or payments systems about transaction handling, bank charges, or payment reasons for regulatory reporting purposes. Payment code types include: Bank instruction codes. Delivery channel codes.
What details do you need to transfer money?
Six-digit sort code of the account you’re paying.
- Eight-digit account number of the account you’re paying.
- A payment reference (often your name or customer number) to let them know the money came from you.
- Sometimes you’ll need the name and address of the bank you’re sending the money to.
What bank details are needed to receive money?
Receiving money from within a state and abroad
- Name and address of the recipient (you)
- Bank name and sometimes the bank’s address.
- Bank BIC/SWIFT code.
- Your account number.
- Your account type.
- The amount.
- The day on which the payment should be made.
Do banks still charge cot?
Account Maintenance Fee/COT (N1/Mille)
Commission on Transactions (COT), now Account Maintenance Fee (AMF), is usually taken on current and corporate accounts. The AMF is charged at N1/Mille, i.e One Naira is deducted from your account per One million naira withdrawal.
How is cot calculated?
The cotangent of x is defined to be the cosine of x divided by the sine of x: cot x = cos x sin x .
Is there a fee for a wire transfer?
Wire transfer fees typically range from $0 to $50. Domestic outgoing wire transfer fees typically range from $0 to $35, while international outgoing wire transfer fees are usually $35-50.
What is a Swift Code?
A SWIFT code, also called a SWIFT number, is used to identify banks and financial institutions worldwide. The term Business Identifier Code (BIC) is used interchangeably with SWIFT code and means the same thing.
What is a category code?
Category codes are user defined codes to which you can assign a title and a value. The title appears on the appropriate screen next to the field in which you type the code.
What is a bank code Capitec?
As indicated, the Capitec branch code is 470010, a global and unique identifier code you can use for any banking service Capitec requires.
What is a cost of transfer code?
The user is asked for a required “Cost of Transfer Code” which requires several thousand dollars – a small price to pay for a soon-to-be millionaire. After agreeing to pay the fee, the curious individual, now turned victim, can proceed with the fictitious transfer.
How do I transfer money with Capitec cellphone number?
How to send cash using USSD
- Dial *120*3279# and reply 9.
- Accept the terms and conditions.
- Reply 1.
- Choose “From” account.
- Enter the amount you want to send.
- Create a 4-digit secret code (this will be used to collect the cash)
- Enter your Mobile Banking PIN.
How do I reverse a Capitec transfer?
How to reverse money using Capitec app
- Step 1: Open your Capitec Mobile Banking app.
- Step 2: Choose Transact.
- Step 3: Choose Debit Orders.
- Step 4: Enter your secret Remote PIN to sign in.
- Step 5: Choose a debit order from the history menu.
- Step 6: Choose a reason for the dispute.
- Step 7: Accept the agreement.
How do I transfer money to a phone number?
Open your mobile banking app or log in to Internet banking and select the ‘pay someone’, ‘make a payment’ or ‘pay’ option. Select the payee from your list of recipients, or select ‘add a new payee’ if you’ve never sent this person money before.
How long does a Capitec transfer take?
2 – 3 working days
Transfers between banks can take up to 2 – 3 working days to reflect. For faster transfer results in future, you can use immediate transfer via Capitec, at an additional fee of R7. 50.
Can you reverse a bank transfer?
Once a bank transfer has been included on a bank reconciliation, for either bank account, you can’t delete or edit it. To remove the values from your bank accounts, you simply enter the transfer in reverse.
How much is an immediate payment with capitec?
Transfers/Payments
| Transfer between own accounts (app/Internet/*120*3279#1/Capitec Bank ATM/branch2) | FREE |
|---|---|
| App/Internet | 1.50 |
| Branch2 | 9.00 |
| Immediate payment to other bank | 7.50 |
| Payment to Capitec Bank client (with verified cellphone number)(app/Internet/ *120*3279#1) | 1.00 |