Bank instant transfers ?

[David Beer]

Has anybody had a letter from Natwest saying payments were instant ? I did but didnt see any notice that some accounts would not take them, ie the VAT man ,he fined me £1580 as it was late !

[Plotloss]

David Beer said:

he fined me £1580 as it was late !

Is that the standard fine for being late with a payment?

[rich1231]

David Beer said:

Has anybody had a letter from Natwest saying payments were instant ? I did but didnt see any notice that some accounts would not take them, ie the VAT man ,he fined me £1580 as it was late !

No and if you read it correctly you will see that they mention and provide a link to APAC's.

The new iniative is called Faster Payments and most banks will be supporting it over the next 18 monts or so... it obviously requires the payer and payee banks to be signed up for it to work.

[David Beer]

the fine was 15 percent of the amount payable. My point is if was actually in writing that not all acounts would take the quick payments. I didn't keep the letter, did any one else by chance ?