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Can banks block gambling transactions?

Some banks will refuse or block your gambling transactions.

kunal-chowdhury.com - Why Banks Don't Want To Block Gambling Transactions

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You may have heard that some banks can block your gambling-related transactions. The idea is that a player can contact a bank and they will block all transactions to online casinos. In return, a player will be unable to fund or deposit funds to his account and gamble. Some banks will refuse to do this. Here’s why.

No Laws Of This Kind

There are no laws that force banks to do this. Some banks can do this just because the officials want to offer this service. Others will refuse to do this. One way or another, banks are not controlled nor forced to block these or similar transactions. Laws are changing as we speak but there are no details that this one will be added any time soon. It is perfectly normal and it is something that makes this feature rare and not regulated at the moment. There is a different side to the story. We all deserve and need financial freedom. We use banks to control our own money and we have the right to do with it anything we want. This means that nobody can contact your bank and ask them to block your gambling transactions. You are the only person who can do this. But, it also means that a bank is not interested in blocking these transactions because it is your money in the end. There is one law that we must mention here. UKGC casinos do not accept credit cards. Nevertheless, there are still online casinos at Nongamstopslots that accept credit card payments. They claim that these cards are commonly used by gamblers who have gambling issues and they allow them to play when they don’t have funds on their account. As such, at all casinos with the UKGC license, you will have to use a different payment method. Keep in mind that this rule is set by the UKGC and not the banks, government, or anything similar.

Many Competitors

Banks have many competitors these days. We can see e-wallets, cryptocurrencies and so much more. Blocking the ability to fund casino accounts can have a negative effect on the bank. A client can easily switch to another payment method. He can open an account in an online bank and still play. In general, players or clients if you prefer have a lot of options they can choose from and they can easily use any one of them at any given moment. A client is important to a bank and losing them is not an option, especially these days when the financial situation is not great. As such, we can see many banks that allow gambling transactions and allow so much more as well. They have to protect the clients and they must offer them the possibilities they want. Keep in mind that more and more people want to gamble online and more are becoming gamblers as we speak so you can deduce the importance of this topic.

Fees And Interest

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One of the main reasons is also the most interesting. When a player uses his credit card to fund his online casino account, the bank gets an interest. These fees are between 3% and 5%. There is no grace period here and probably is one of the main reasons why all banks do not block gambling transactions. It means that as soon as you deposit funds from your credit card, fees and interest will be applied to your account. You will have to pay the fees for this. Banks work in a simple way. They give you money or manage your money and they charge fees and interest. These two are the main reason why banks are funded hence you can see why they will not block these transactions. If they block these transactions they will literally lose money hence many banks will refuse to do this. We can add that more and more banks are adding this as a feature. More banks will allow you now to block gambling transactions when you want that. We can also see that gambling transactions don’t give you any credit card points or anything similar. A bank is not obligated to offer any promotions and there is no liability on the end. Hence, many banks refuse to block these transactions simply because they can gain more if they refuse these limits. There are all kinds of additional fees, interests and so much more than all do one thing. They make a profit for a bank without the bank having to do or pay anything. In other words, a bank here is always a winner and a clear one. This is a huge perk for smaller banks so we can see that these are usually the ones that don’t care about blocking gambling transactions.

The Final Word

Some banks will refuse or block your gambling transactions. Others don’t have this option or just can’t when players avoid the verification process. In a nutshell, this depends on the bank and each one is different. If you want to block these transactions, you will have to contact your local bank and ask them about this feature. Even then, you can still gamble and find an alternative method. Gamblers these days have countless options to choose from.

kunal-chowdhury.com - Why Banks Don't Want To Block Gambling Transactions

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