passwella.
Menu

WAEC Commerce 2005 Question 8

Question 8

Banking

The fee which the bank charges for services rendered to their current account customers is

  1. A.commission on turnover
  2. B.bank rate
  3. C.minimum lending rate
  4. D.interest.
Show the answer and explanation

Answer: A (commission on turnover)

Explanation

Banks charge current account holders commission on turnover (COT) for running the account.