The Payments Council has published a press release, webpage and guide for consumers detailing that from 1 September 2014 there will be an extension to the retry process within the UK banking industry.
The retry process means that, if a customer’s standing order, direct debit or future-dated payment bounces because of insufficient funds in the account, the bank or building society will process the payment again later the same day. This gives customers the opportunity to pay cleared funds into their account, which will allow the ‘retried’ payment to be successfully processed the second time around.
View New ‘retry’ process helps customers avoid fees caused by bounced payments, 19 August 2014
View Retry process, 19 August 2014