Wouldn’t it be good if there was a ‘retry’ process?
Well, you’re in luck, because as of September 2016, the majority of banks implemented a ‘same-day retry service’. What this means is that you’ve got a few more hours for credits to clear or for you to put enough money into your account for your pre-arranged payments to go through.
The second attempt at processing your payments is around 2pm but this isn’t set in stone and varies from bank to bank so if you like sailing close to the wind then it’s worth finding out exactly what time your bank’s retry time is.
What the retry process means is potentially an end to hefty fees for bounced payments. Of course if you can’t top up your funds and you aren’t able to fulfil the payment at the retry time then you’ll still be hit with a returned item charge.