High Networth Individuals, Pension Fund Administrators and active trading companies can now enjoy reduced transactions with Spring Bank Plc. This is courtesy of the Charges on Turnover (COT) -free product launched by the bank last week in Lagos.

COTPLUS is a COT-free current account designed to minimize transaction cost of customers (Corporate and Individual) with high turnover activity on their accounts.

Stating the benefits of the product at a media launch in Lagos, the Product Manager, Nkechi Madu said the COTPLUS offers zero COT on balances of N100,000.00 and above, instead of paying cost of transactions to the Bank, COT are paid to customers on credit turnover with a dedicated account officer to manage the customer’s account.  The minimum opening and operating balance of N100,000.00 and zero COT is maintained on all withdrawals provided the minimum balance is maintained.

Average credit turnover of N500,000.00 and above qualifies the account for a bonus COT of 25k/mille on credit turnover and any withdrawal that leaves account balance below N100,000.00 attracts COT charge of 5/mille for the month.

Other benefits include lodgment of all clearing instruments and access to telephone and internet Banking. Unincorporated bodies and NGOs, Investment Groups/Clubs, Insurance Companies are other bodies that can benefit from the product.

The product was launched by Mr. Olusegun Spencer, Nigeria Union of Road Transport Workers (NURTW) National coordinator who was made to launch the product personally.

Spencer in his speech commended Spring Bank Plc for financing 100 Busses for members of the NURTW from China with 25 of the rolled out already.