Australian Bank ANZ Limits Credit to Online Gamblers

Published Thursday, November 29, 2018 -
Australian Bank ANZ Limits Credit to Online Gamblers

The situation regarding excessive gambling by Australians has made one of the country’s largest chartered banks to limit the use of credit when the card credit is applied to gambling. The Australia and New Zealand Banking Group (ANZ), which was established in 1835, is the third largest bank in Australia and it also has branches in 24 other nations.

It is an established fact that punters with gambling problems often use their credit to continue betting. Dealing with the issue the ANZ is putting a cap on the amount of credit a person can use with a gambling platform. Shayne Elliot, the chief executive of ANZ speaking before a royal commission on banking said the move was to counteract the temptation to play longer and spend more to win. The executive also stated the bank is looking for ways to derail funding for those occupied with the tobacco industry.

The bank has been under fire recently with a number of accusations levied against the institution including breaking responsible lending laws and not treating their customers in a fair manner.

There have also been five other instances where ANZ overcharged customers with fees affecting over 2 million account holders. Gamblers have already been banned from using credit to fund the habit at terrestrial gaming venues and now the bank will limit credit card transactions to 85% of the limit on the credit card when accessing online betting platforms.

CEO Elliot said to the commission that the move was akin to the responsible service of alcohol at bars, "There is a responsibility not to serve people – people can buy alcohol but at some point not if they're intoxicated. And we tried to apply those principles here to provide some level of protection to customers so they would not get themselves in harm's way by using our products perhaps irresponsibly."


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