Designed to improve banking business for millions of consumers, the approach will be implemented by Barclays, The Co-operative, HSBC, Nationwide, RBS Group, Santander and National Australia Group which manages Clydesdale and Yorkshire banks.
Lloyds Banking Group, which has already been using a same day retry process on many of its transactions, is now updating its systems to ensure it is used for all transactions.
The lenders process incoming and outgoing payments, including direct debits, credits and standing orders early in the morning, and after this time the customers with deposits are left with an unpaid item fee, which is estimated to be nearly £200m a year.
As per the retry process, if the deposited money is not present when a debit is carried out, the bank will retry the payment in the afternoon before finalizing the transaction.
FCA supervision director Clive Adamson said, "It is little things like this that have a big impact on customers’ everyday banking experience, even though many people won’t be familiar with the process.
"There are no new rules here – this is an agreement with the industry; working together for the benefit of consumers can often be more effective than writing new rules, and it certainly delivers results more quickly."
