KEW, Victoria, Australia–Gamblers in Australia will not be able to use their credit union’s credit card.
Bank Australia, which like many credit unions in Australia uses “bank” in its name and which is an amalgamation of dozens of local credit unions, recently informed its members that it would block “all gambling and gaming transactions” on its credit cards effective Dec. 1, according to CalvinAyre.com.
Bank Australia previously included gambling in its list of sectors to which wouldn’t lend cash as part of its responsible gambling policies, CalvinAyre.com stated. The other forbidden sectors include tobacco, fossil fuels, weapon makers and live animal exports.
Bank Australia claimed the shunning of “casinos, online gambling operators or businesses that derive revenue directly from poker machines or sports betting” was supported by 87% of its members, according to CalvinAyre.com.
The organization said it respects its members “freedom” to gamble, but crafted its policy because the more funding gambling operators receive from banks, “the more prevalent and accessible they become,” CalvinAyre.com reported. Depriving them of funding offers the chance to “limit the growth of these companies” as well as the potential for problem gambling, the report added.
Bank Australia isn’t the first Aussie financial institution to impose banking restrictions on gamblers, as several banks have announces similar prohibitions.