Aussie bank to resrict gambling use of credit cards

News on 29 Nov 2018

The Australia and New Zealand Banking Group (ANZ) has unilaterally set itself up as a shield against problem gambling, imposing restrictions on the use of its credit cards in online gambling transactions.

This week Shayne Elliot, the CEO of the bank, one of Australia’s largest, said that management has decided that its cardholders may not spend more than 85 percent of their credit on online gambling transactions, explaining that the restriction is designed to protect gamblers against the dangers of problem gambling.

Gambling is not the only ‘evil’ that ANZ has decided its clients need protection from – Elliot also revealed that ANZ is looking at ways to stop funding those involved in the tobacco sector.

The more cynical of the bank’s critics have pointed out that management should perhaps be devoting more time and attention to getting its own house in order following a number of allegations of poor consumer treatment, overcharging and responsible bank lending flaws.

ANZ intends implementing the new restrictions early next (December) month.

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