Lloyds Bank Group Introduces Monthly Spend Limit on Gambling

Lloyds Bank, one of the big four in the UK has introduced a spend limit option on gambling if using a debit card. Back in September 2019, an optional freeze was introduced in conjunction with Gamban.However, Lloyds feel a more modern approach is needed allowing customers using the Lloyds Bank mobile app to set up monthly debit card spending limits on gambling, when using their debit card online, in person, or on the phone.

Prevent Over Spending

Although most online gambling operators provide tools for safer gambling, Lloyds feel the newly introduced spend limit on debit cards for gambling would raise more of an understanding to set spend limits alongside the tools already provided.GamCare CEO Anna Hemmings said, “As many households are having to think more carefully about their budgets, the launch by Lloyds Bank of its new in-app gambling spend limit feature will give those most vulnerable to gambling harm an important means of controlling their gambling. – and preventing harm from escalating.“This tool complements the range of existing support features that we can recommend to people reaching out for our help.”

Extra Controls on Customer Spending

Lloyds believe in the importance of giving customers extra control of their spending and budgeting, limits can be easily adjusted or removed at any time and unless changed by the customer the limit will roll on each month until the customer removes it.Lloyds bank agrees, by allowing customers to set a personalised gambling spending limit enables them to budget more successfully, prevents overspending, and establishes boundaries around their gambling habits.According to a survey conducted by Lloyds Bank, half of the participants would like banks to intervene more to help prevent gambling-related harm. A monthly spending limit was one of the biggest supported features participants wanted to see introduced.

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