Have a Tax Question? Ask a Tax Expert
Please be aware - there is often a scam or fraud when COT code is involved.Please be sure you do NOT pay any money.COT stands for "cost of transfer". You need to contact the bank immediately and they will advise you.If that is related to something like lottery winning or inheritance - that is very likely a fraud.
If someone want you to pay upfront to obtain COT - that is very likely a fraud.If that is a legit transfer and your question is related to "cost of transfer" code - based on that code the bank will charge you for that specific transfer.To obtain the code - you need to contact the Bank - they have several options - and will advise which one to use.
EMC011075 ONLY….PLEASE NO ONE ELSE RESPOND TO THIS