Customers of Lloyds Bank will now be able to stipulate a personalised monthly limit on their gambling spend when using a debit card as part of a fresh trial being rolled-out by the group.
The feature, which follows the implementation of an optional freeze being introduced in November 2019 and alliance with Gamban three months later, is hailed as a “first of its kind offered by a UK high street bank”.
This allows those using the Lloyds Bank 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.
Anna Hemmings, GamCare CEO, 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 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.”
Lloyds noted that this latest launch is designed to help heighten the understanding of how helpful customers could find the ability to set such limits alongside those existing options already available as outlined above.
With the importance of giving customers more control in budgeting also stipulated, it is noted that the limits can be adjusted or removed at any time and will automatically roll on each month, until the limit is removed.
Philip Robinson, Director, Personal Current Accounts at Lloyds Bank added: “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.”
Research cited and carried out by Lloyds Bank of, 1557 respondents during November 2-3, 2021, is said to have found that half 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 amongst respondents.