If you have Standing Orders, Direct Debits or Future-Dated Payments going out of your account you can potentially benefit from a ‘retry’ process that was introduced across the banking industry.
The introduction of the retry process means that when one of these types of payment fails because of insufficient funds in your account, you have until 2pm - as a minimum - to pay cleared funds into that account to cover the payment when it is subsequently ‘retried’ by your bank or building society later that same day.
Introduction of the retry process is the result of a collaborative banking industry initiative, brought about 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 guide helps to explain how customers can manage their account to avoid fees caused by bounced payments.