Seven banks have agreed with FCA to "retry" later in the same day payments that originally fail. Barclays, The Co-operative, HSBC, Nationwide, RBS Group, Santander and National Australia Group have signed up to the scheme and Lloyds, which already operates a same day retry policy on some types of payment, will now apply it to all transactions. FCA says this means that many transactions which banks try to process early in the day and which fail because funds are not available until later in the day will now succeed, with savings to consumers as the banks will not levy non-payment fees. The banks have also agreed to be clear with customers about the time by which moneys need to be in their account to meet obligations. (Source: Banks Agree "Same Day Retry" Scheme)