Digital bank Monzo notes that gambling charity GamCare has revealed that more people are reaching out for support with problem gambling this year than ever before.
Back in June 2018 Monzo claims that it “became the first bank to let you block gambling spending from your bank account.” Together with other types of support and ‘self-exclusion’, stopping gambling spending from client’s bank account is “an important way people can choose to restrict their gambling.”
Monzo also mentioned that close to 100,000 people have “used it in the last 10 months and we’ve blocked more than 200,000 attempted gambling transactions.”
Monzo pointed out that they’re always looking “to improve our tools and support for gambling harm. Which is why they’ve been working closely with GamCare, their customers, industry experts and people with first hand experience to improve our gambling block.”
These changes will give clients “more control and flexibility over how you block gambling spending from your Monzo account.” They also mean they now “meet 87% of GamCare’s new recommendations for how banks can support customers at risk of gambling harm (up from 45% before).”
If you already use the gambling block, then Monzo won’t notify you about these changes “to avoid potentially triggering you, following the advice of industry experts and customers using the block.” But everyone has “access to these new features now.”
Take longer to cool down
If you’re using the gambling block and “decide to turn it off, you have to wait for a period of time before you get the option to switch it off and start spending on gambling again (and we can’t speed it up for you).” The decision to gamble is often “an impulsive one, so some extra ‘friction’ gives you the chance to think.”
Monzo just added “a range of longer options, so you can now choose to wait up to a year before you can make gambling transactions again.”
As well as their gambling block, Monzo have other ways “to help you manage your gambling.”
For example, they can help you “lower your spending limits, opt out of lending products like loans, or block you from making bank transfers.”
The gambling block works best alongside “other self-exclusion tools and support.”
Monzo continue to “advocate for banks and financial services companies to better protect people struggling with gambling, through their products and services, and by using their voice in the industry.”