Lloyds Bank launches trial on personalised gambling spend cap
Lloyds Bank customers can now set a personal monthly limit on gambling spend when using a debit card
Lloyds Bank has initiated a trial of personalised monthly limits on gambling spend to give those most vulnerable to gambling-related harms an important means of controlling their finances, according to GamCare’s CEO.
During the trial, customers can use the bank’s mobile app to set a monthly debit card gambling limit of any amount to the nearest whole pound, when spending online, in person or over the phone.
The limit can be adjusted or removed at any time and will automatically roll on each month, until the limit is removed.
Research carried out by Lloyds Bank in November 2021 found 50% of people would like banks to take further action to help prevent gambling harm, with monthly gambling limits being one of the most supported features among respondents.
The feature, claimed by Lloyds to be the first of its kind offered by a UK high street bank, is being launched to glean how helpful customers find the ability to set a monthly limit.
This will run alongside an existing facility, introduced by Lloyds in 2019, which permits customers to freeze gambling transactions on their debit and credit cards completely.
The block also includes a ‘defrost’ period which means customers can remove the block at any time but must wait 48 hours before they can resume spending on gambling.
Philip Robinson, director, personal current accounts at Lloyds Bank, said: “For several years, we’ve helped our customers ‘turn off’ gambling spend.
“Our newest feature lets customers set a personalised gambling spend limit, helping them better manage their money and establish boundaries around certain spending behaviour.”
Anna Hemmings, GamCare CEO, added: “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 harms an important means of controlling their gambling – and preventing harms from escalating.
“This tool complements the range of existing support features that we can recommend to people reaching out for help.”