The retry process has been designed to help customers manage their payments (Standing Orders, Direct Debits and Future-Dated) to avoid fees caused by bounced payments. An important service, it gives customers with insufficient funds the chance to pay cleared funds into their account and avoid penalty charges before the payment is ‘retried’ later the same day.
Its introduction was the result of a collaborative initiative, in response to customer demand. It builds on an agreement reached in June 2013 between the Financial Conduct Authority (FCA) and seven of the UK’s biggest high street banks for them to use a same-day retry system.
This user friendly guide – published by Pay Your Way, Payments UK’s consumer advice campaign – provides simple, practical advice on the Retry Process: