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  • FIRST POST
    • MSE Callum
    • By MSE Callum 5th Feb 18, 3:47 PM
    • 191Posts
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    MSE Callum
    MSE News: Lloyds bans Bitcoin purchases on its...
    • #1
    • 5th Feb 18, 3:47 PM
    MSE News: Lloyds bans Bitcoin purchases on its... 5th Feb 18 at 3:47 PM
    Lloyds Banking Group has banned customers from buying Bitcoin and other cryptocurrencies on its credit cards because of fears they could be left in debt as the value falls...
    Read the full story:
    'Lloyds bans Bitcoin purchases on its credit cards'

    Click reply below to discuss. If you havent already, join the forum to reply.
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Page 1
    • Paul_Herring
    • By Paul_Herring 5th Feb 18, 4:26 PM
    • 6,245 Posts
    • 2,952 Thanks
    Paul_Herring
    • #2
    • 5th Feb 18, 4:26 PM
    • #2
    • 5th Feb 18, 4:26 PM
    Next up:

    - barring customers from buying tobacco or alcohol, because of health concerns.
    - barring customers from buying petrol or diesel, because of climate change.
    - barring customers from buying ski holidays, because they might end up in hospital.

    This is simply needless intrusion into people's private finances, and the start of a very slippery slope unless it's clamped down on now.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • AstroTurtle
    • By AstroTurtle 5th Feb 18, 4:32 PM
    • 127 Posts
    • 485 Thanks
    AstroTurtle
    • #3
    • 5th Feb 18, 4:32 PM
    • #3
    • 5th Feb 18, 4:32 PM
    Or just use a debit card.
    • jonesMUFCforever
    • By jonesMUFCforever 5th Feb 18, 6:21 PM
    • 24,646 Posts
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    jonesMUFCforever
    • #4
    • 5th Feb 18, 6:21 PM
    • #4
    • 5th Feb 18, 6:21 PM
    IMO a great move.
    No spurious S75 claims for Bitcoin when you lost money - *(no mention if you made a profit LOL).
    What goes around - comes around
    give lots and you will always receive lots
    • AllieKat
    • By AllieKat 5th Feb 18, 6:28 PM
    • 91 Posts
    • 57 Thanks
    AllieKat
    • #5
    • 5th Feb 18, 6:28 PM
    • #5
    • 5th Feb 18, 6:28 PM
    Those things don't pose a risk to the issuer. This isn't to protect you. It is to protect them.

    Things like cash, cash equivalents and gambling are already banned from most credit cards (or limited to cash advances). Since buying Bitcoin is really all three, this just seems to be enforcement of existing terms...
    • dresdendave
    • By dresdendave 5th Feb 18, 7:05 PM
    • 732 Posts
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    dresdendave
    • #6
    • 5th Feb 18, 7:05 PM
    • #6
    • 5th Feb 18, 7:05 PM
    Seems a sensible move by the banks. Basically saying if you want to make a potentially risky investment, use your own money rather than theirs.
    • PeacefulWaters
    • By PeacefulWaters 5th Feb 18, 7:32 PM
    • 8,243 Posts
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    PeacefulWaters
    • #7
    • 5th Feb 18, 7:32 PM
    • #7
    • 5th Feb 18, 7:32 PM
    Next up:

    - barring customers from buying tobacco or alcohol, because of health concerns.
    - barring customers from buying petrol or diesel, because of climate change.
    - barring customers from buying ski holidays, because they might end up in hospital.

    This is simply needless intrusion into people's private finances, and the start of a very slippery slope unless it's clamped down on now.
    Originally posted by Paul_Herring
    Or maybe they're bringing credit cards into line with their personal loan products on this issue.
    • Shakin Steve
    • By Shakin Steve 5th Feb 18, 7:38 PM
    • 1,395 Posts
    • 1,121 Thanks
    Shakin Steve
    • #8
    • 5th Feb 18, 7:38 PM
    • #8
    • 5th Feb 18, 7:38 PM
    Whats a bitcoin?
    I came into this world with nothing and I've got most of it left.
    • hollie.weimeraner
    • By hollie.weimeraner 5th Feb 18, 7:48 PM
    • 1,475 Posts
    • 896 Thanks
    hollie.weimeraner
    • #9
    • 5th Feb 18, 7:48 PM
    • #9
    • 5th Feb 18, 7:48 PM
    Well it's potentially hit plenty of people already as it has lost half it's value from it's highs of 14,000 a few weeks ago.
    There were plenty of people predicting there would be a cliff fall.
    You can't blame the banks for trying to protect themselves, I'm sure if they didn't there would be those shouting for heads to roll if they left themselves open to massive claims.
    • D_M_E
    • By D_M_E 5th Feb 18, 8:24 PM
    • 1,437 Posts
    • 63,298 Thanks
    D_M_E
    This move has also been announced by Virgin Money.
    • Paul_Herring
    • By Paul_Herring 6th Feb 18, 12:34 PM
    • 6,245 Posts
    • 2,952 Thanks
    Paul_Herring
    Or just use a debit card.
    Originally posted by AstroTurtle
    Or maybe they're bringing credit cards into line with their personal loan products on this issue.
    Originally posted by PeacefulWaters
    Until they start using the same reasons to ban buying specific things on debit cards.

    Think it won't happen?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • msallen
    • By msallen 6th Feb 18, 12:54 PM
    • 775 Posts
    • 839 Thanks
    msallen
    Think it won't happen?
    Originally posted by Paul_Herring
    It definitely won't happen (with the possible exception of it takes you overdrawn). They have no interest in stopping you speculating with your own money, only with theirs.
    • PeacefulWaters
    • By PeacefulWaters 6th Feb 18, 12:57 PM
    • 8,243 Posts
    • 10,508 Thanks
    PeacefulWaters
    Until they start using the same reasons to ban buying specific things on debit cards.

    Think it won't happen?
    Originally posted by Paul_Herring
    If they can make money on it, without breaching law or external regulation, they'll carry on doing it.

    Loans and remortgages for capital "investment" have long been outside criteria for most banks. Because they know the risk of default increases.

    Credit card use for Bitcoin purchase is very much in line with a personal loan to buy shares. But they don't allow the latter.
    • boatman
    • By boatman 6th Feb 18, 7:21 PM
    • 3,842 Posts
    • 2,736 Thanks
    boatman
    If other banks follow, its a way to block the rise of cryptocurrencies. Its not in their interest to allow them as it will lead to the fall of banks as we know them, they def don't want that!
    • SnowTiger
    • By SnowTiger 6th Feb 18, 11:25 PM
    • 3,254 Posts
    • 2,220 Thanks
    SnowTiger
    If other banks follow, its a way to block the rise of cryptocurrencies. Its not in their interest to allow them as it will lead to the fall of banks as we know them, they def don't want that!
    Originally posted by boatman
    There may be an element of truth in that.

    The Royal Mint is launching its own offering, based on blockchain technology and backed by gold.

    Once-upon-a-time the Internet was awash with film, TV and music content that could be obtained illegally. That's largely gone legit now.

    However, banks are wise to limit their losses.

    Many threads have been started here by people who have lost money taking part in binary gambling, usually asking for a loophole they can use to get their losses back.

    And there's also been many threads here accusing banks of irresponsible lending and asking why did my bank let me do this?
    • Kim_13
    • By Kim_13 10th Feb 18, 4:50 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    Capital One also doesn't allow it, according to this article: http://uk.businessinsider.com/bitcoin-ethereum-ripple-price-buying-cryptocurrencies-uk-banks-2018-2/
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • adindas
    • By adindas 10th Feb 18, 5:08 PM
    • 3,505 Posts
    • 2,182 Thanks
    adindas
    IMO a great move.
    No spurious S75 claims for Bitcoin when you lost money - *(no mention if you made a profit LOL).
    Originally posted by jonesMUFCforever
    Indeed it is a Brilliant move.
    There is already a few spurious cases reported here where people start blaming the bank for not stopping them buying bitcoin using creditcard because they have lost in the speculation.

    Supposed they won are they going to blame the bank for letting them using creditcard ??

    Banks are within their right to protect their money but nothing to stop people to speculate / gamble using their own money from balance on their current account.
    Last edited by adindas; 10-02-2018 at 5:18 PM.
    • No_6
    • By No_6 10th Feb 18, 10:15 PM
    • 595 Posts
    • 122 Thanks
    No_6
    The banks money is not all theirs, it's mine as well,
    as they are using it for ME.

    So don't mind this.
    • chattychappy
    • By chattychappy 11th Feb 18, 9:12 AM
    • 6,723 Posts
    • 3,628 Thanks
    chattychappy
    Well it's potentially hit plenty of people already as it has lost half it's value from it's highs of 14,000 a few weeks ago.
    Originally posted by hollie.weimeraner
    Unless you were "short" !
    • jonesMUFCforever
    • By jonesMUFCforever 11th Feb 18, 12:37 PM
    • 24,646 Posts
    • 11,884 Thanks
    jonesMUFCforever
    The banks money is not all theirs, it's mine as well,
    as they are using it for ME.

    So don't mind this.
    Originally posted by No_6
    You are half right.
    Your money is your money and you can do anything legally with it using your debit card or bank transfer.
    The bank's money is theirs and using a credit card means using their money - so they can impose their rules.
    What goes around - comes around
    give lots and you will always receive lots
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