UK Nationwide Bank Promotes Cooling Off Period for Gamblers
One of the United Kingdom’s (UK) leading banking organizations, Nationwide, has announced it will allow its customers to temporarily block their accounts from gambling activities. This move comes following extensive research carried out by Nationwide on the gambling behavior of its customers.
Nationwide Bank introduces a 72-hour cooling-off initiative.
LISTEN TO THIS ARTICLE:The bank conducted a survey of 2,000 participants in a report on the gambling activities of its customers. The research found that some customers were at risk of gambling-related harm. The financial institution says it wants to provide help and support to those customers who may be at risk from gambling-related harm.
One of the tools the bank has decided to introduce is the ability for customers to initiate a 72-hour cooling-off period which is a scheme designed to discourage players from engaging in impulsive gambling. The scheme can be accessed from a range of media platforms such as its app, in a branch, or through its gambling helpline.
Nationwide has teamed up with responsible gambling organization GamCare to come up with some initiatives to reduce gambling-related harm. The cooling-off scheme was one of these tools, as well as providing access to some of the responsible gaming tools provided by GamCare.
People need to know support is available, without judgement, should they need it. We made a conscious decision to offer a gambling block with a 72-hour cooling off period to support customers making decisions that are right for them. We are delighted to be the first financial services firm to join the Gambling Harms Action Lab and look forward to working alongside them and the wider industry to make a positive difference to people’s lives.
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Nationwide Research Highlights Betting Patterns of its Customers
In a detailed breakdown of the research report from Nationwide, it was revealed that 63% of the respondents had a wager a least once a week this included buying lottery tickets. The bank said that 23% of those who gambled did not set a limit on the amount of money they gambled or the time they set aside to gamble.
The Nationwide said there were concerns in the research with vulnerable players saying they spent too much time gambling and would often hide their gambling behavior. The research showed that players spent an average of £351 over the last year. Nationwide says that the research shows that a small number of vulnerable players need help and the bank hopes this initiative will provide the required support for players at risk from gambling-related harm.
GamCare’s National Gambling Helpline provides free confidential support 24/7, 365 days of the year - including Christmas Day and the whole of the festive season. There are many ways you can get support, whether it’s calling an Adviser or using our live chat and WhatsApp features in case you are concerned about privacy while family and friends are around.
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