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Should banks help restrict where you spend your money?

Barclays mobile banking customers can ‘switch off’ certain types of spending

Mobile banking customers can now choose to block their ability to spend with certain types of retailer, in a move which could put people struggling with addictions more in control of their finances.

The new feature launched by Barclays could help those dealing with gambling problems, for example, to cut off their spending in betting shops and on gambling websites.

People can also block their own spending in pubs and bars.

Barclays said it has developed the tool to turn off certain types of spending with vulnerable customers in mind.

A button within the Barclays mobile banking app enables customers to choose which types of retailers they are able to spend with.

Attempted payments that fall within the “turned off” category will be automatically declined.

Barclays app

Barclays mobile banking app will allow people to block their spending on certain sectors, such as gambling

The new feature is now available to all Barclays debit card customers, and will be rolled out to credit card holders in the near future.

Barclays said it will help all its customers take greater control over where their money can be spent, as well as making them less vulnerable to fraud and scams.

The bank’s work has used research from the Money and Mental Health Policy Institute set up by consumer champion Martin Lewis.

It also worked with the Money Advice Trust (MAT) to identify types of customer who would particularly benefit from being able to decide how and where their money is spent.

These include people with mental health issues and addictions as well as those who rely on carers or a guardian to handle their finances.

Mr Lewis said he hopes other banks will follow suit.

He said: “Mental health and debt is a marriage made in hell. Many with mental health issues struggle to control their spending – whether through gambling, shopping or premium phone lines – and I commonly hear from people with thousands of pounds of debt as a result.

“This is one reason why I set up the Money and Mental Health Policy Institute charity – and its detailed research shows the power of giving people more options for control tools that can add friction to this type of spending.”

Barclays has five retailer groups where customers can control their spending – groceries and supermarkets; restaurants, takeaways, pubs and bars; petrol and diesel; premium rate websites and phone lines – which blocks purchases made from these services, not the numbers themselves – as well as gambling websites and betting shops.

Spending control

Barclays customers can control their spending on five retail categories within the mobile banking app

What do you think? Is this a positive move from Barclays and should it be made available by all banks? Share your views at Speakers Corner. 

Should banks help restrict where you spend money?

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viking
4th Jan 2019
0
Thanks for voting!
The question should NOT be"should banks help restrict where yiu spend money" , but should be............should we be able to restrict banks on how much interest they are allowed to charge their customers !!!
LizA45
23rd Dec 2018
1
Thanks for voting!
Good idea but if the person can turn the spending off, surely they could switch it back on again
Brandywalker
23rd Dec 2018
1
Thanks for voting!
If someone has a bank account with money in it then why should that person be controlled about where the money is spent. Too much interference in this Nanny state already!
Kinesco
21st Dec 2018
1
Thanks for voting!
There is far too much interference in people's lifes these days under one pretext or another and the worst offender is the Government followed by do-gooders who think they are entitled to interfere because they 'know best'. If people cannot control themselves that is their problem and they should live with the consequences of their actions.
kidney bean
21st Dec 2018
2
Thanks for voting!
I do agree if you have a partner that's is spending your money out of your joint account without you knowledge. It will be easy to control.
Yodama
18th Dec 2018
3
Thanks for voting!
Incremental control is what this is. Served as a helpful dish which may become unpalatable further down the line.
Never give anyone the power to control you.

Online gaming and adverts for gambling are like confetti, people who have little or no control are dazzled by the idea of winning millions which is pie-in-the-sky.


Ban adverts for gambling and drinking.
Ads for borrowing money while repayment fees are astronomical should be banned too.

Quite like adverts for chocolate though!
Lionel
22nd Dec 2018
2
Thanks for voting!
There's none so blind as those who want to be blind.
Krazee
15th Dec 2018
3
Thanks for voting!
One of the reasons I think that this is a great idea is, that I have a few nephews & nieces who, at some time or other have used their parent's phone to play a game or listen to music etc. Sometimes theses apps ask for payments for extras and the children don't always realise this is "Real" money so, they click & buy whatever it is they want/need for their game etc. The time the parent/aunt etc. knows this has happened is when they check their statement & see money has been debited to Facebook/Google Play etc.
So, if you could set your phone/laptop or whatever not to accept these payments then the little darlings wouldn't be able to spend your money without you knowing.
Irene88
14th Dec 2018
4
Thanks for voting!
We have to take responsibility for ourselves rather than expect some app to do everything for you. You'll just end up as an idle zombie.
LizA45
23rd Dec 2018
2
Thanks for voting!
Too late. The zombie uprising has begun, you see them shuffling along gawping at their phones in their thousands!
Irene88
27th Dec 2018
1
Thanks for voting!
You are proabably right.
ArchieUK
14th Dec 2018
1
Thanks for voting!
Anything to help people with their money, it not just gambling and drugs but many other areas, general shopping, impulse buying etc. Regetably we live in a society where spend today and pay tomorrow has become the norm and a lot of people have not been brought up enough to be able to look after their mony, but this has gone on for the last 60/70 years.
Parent have not or have been unable to teach their children or grandchilden how to handle money so perhaps a lot of the blame should lye with them, do not blame the banks their job is to make a profit by lending money the individuals job is to look after their money, but anything to help them do that job is usefull.
I was bought up to believe that you can only spend your money once. Remember Mr Macorber.
Wilf
13th Dec 2018
1
Thanks for voting!
I think its a good idea if it prevents people spending money on gambling etc
Alicia
12th Dec 2018
2
Thanks for voting!
There is no issue in this house and we do not need to be controlled by our bank. Many people should be controlled due to their gambling, drugs and alcohol habits.
AlisonP24
12th Dec 2018
3
Thanks for voting!
It is a good idea to have this choice, choice being the operative word.
ecarg
11th Dec 2018
5
Thanks for voting!
If vulnerable people are unable to control their spending this seems a good idea ,it will be seen as controlling but when people's lives are out of control and their mental health is affected it seems to me to be a positive move,the difficulty will be to convince those at risk of overspending to agree to implementing this plan on their accounts.

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