The high street bank HSBC extended the time period for its blocking gambling transactions. It now blocks them up to 72 hours.
Bank officials said that the British Gambling Commission data for October 2020 was a key reason to extend the ban. The number of active online accounts and bets has been increasing month on month as more workers are working at home.
Maxine Pritchard is the head of financial inclusion at HSBC UK. She said that many customers are facing challenges, including not being able to work and possibly financial difficulties.
By increasing the limit to 72 hours this gives our customers more time to think before they return to gaming.
Pritchard said, “We’re always on the lookout for ways to help our customers manage their money.” The feedback we received from our customers on the gambling control system showed that there were more things we could be doing to assist them. We worked with GamCare and closely with these clients to develop this solution.
The gambling transaction block was launched in 2019 as a measure to “cool off” those that feel their gambling is out of control.
The block can be activated on the HSBC App, in the section “Manage Cards”, by phone banking, or at a local branch.
GamCare’s chief executive Anna Hemmings stated that the ability to block transactions via your bank card, or an app, is important for people who are struggling with gambling. It is best used in conjunction with other tools, such as blocking software and self-exclusion.
Hemmings added that the University of Bristol Personal Finance Research Centre had also pointed out the importance of ‘positive friction,’ like a cooling-off period. This prevents blocks from being shut down in case of gambling urges. GamCare welcomes HSBC UK’s and first direct’s positive steps to help their customers.
Since June 2018, when online banks Starling, Monzo and others launched this feature, it has been a very popular one.
