You are here: Home - Saving & Banking - News -

Monzo calls for mandatory gambling blocks on bank accounts

0
Written by: Emma Lunn
16/02/2021
The challenger bank says the government should force banks to let customers block all gambling transactions.

According to Monzo, about 2 million people in the UK experience harm caused by gambling such as getting into debt, losing your job, and falling out with family and friends.

It says gambling blocks are a powerful way that problem gamblers can get their gambling under control.

A gambling block allows you to block your bank account or bank card from being used for gambling transactions.

It has been illegal to use a credit card to gamble in the UK since April 2020.

Problem gamblers often install gambling blocks when they are trying to stop or reduce their gambling – having a block in place can stop them giving into temptation in the future. Blocks can be removed but there is usually a cooling off period of 24 or 48 hours.

According to research by the University of Bristol, 50% of people who turned on a gambling block had spent less or no money on gambling since.

Monzo launched its gambling block in April 2018 and says it’s used by more than 275,000 people. The bank blocks up to 585,000 gambling transactions a month – this equates to one or two attempted gambling transactions for every person who uses it.

Other banks which offer the facility to block some gambling transactions include Halifax, Natwest, Lloyds and RBS. However, 40% of UK current accounts don’t let you block gambling.

Monzo is calling on the government to make sure everyone can access a gambling block.

Together with researchers, charities and other organisations, the bank has sent an open letter to the government.

The letter asks the government to: “Introduce a new requirement for account providers in the UK to make sure every consumer can access a friction driven, card-based gambling block – regardless of who they bank with.”

Under Monzo’s proposals, gambling companies would also be made to hand over their own bank account details, which could be stored on a central registry. This would help banks block all forms of payment for customers who want the feature, preventing them from using other means to circumvent card blocks.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Privacy Preference Center

Necessary

Advertising

Analytics

Other

Read previous post:
Pet owners urged to check cover against thefts

Animal owners have been encouraged to check that their pet insurance covers them in the event that their pet is...

Close