Lloyds Bank customers should find it easier to see just how much they are spending on subscriptions – and cancel the ones they no longer want – due to a new feature on the company’s mobile app.
Monthly subscription services are an easy and convenient way to enjoy services such as TV and film streaming, audio books, food boxes and gyms.
But people may forget about a service they no longer use, or inadvertently continue making payments after an initial free trial ends.
The new Lloyds Bank mobile feature provides a snapshot of debit card subscriptions.
Customers will receive notifications about any price increases.
Lloyds said the new function enables personal current account customers to cancel their subscription in “three easy clicks” within the mobile banking app.
Following an initial pilot, the service will be rolled out across Lloyds Bank mobile banking iOS and Android users over the next few months.
The number of customers signing up for new subscriptions has surged during the coronavirus lockdown as people’s usual habits changed due to spending more time at home.
More than 1.3 million Lloyds Bank, Halifax and Bank of Scotland customers added new subscriptions in March – the month the coronavirus lockdown started – quadrupling from 325,000 in February.
In April there were nearly 600,000 new subscription registrations, Lloyds said, but subscriptions fell back in May to pre-lockdown levels.
Nick Edwards, digital service director, Lloyds Bank, said: “With the growing popularity of subscription services we’ve launched this market-leading service to respond to our customers’ desire for more control and flexibility in the ways they manage their money.
“With over 16 million customers online and 12 million using our mobile app, this is one in a series of new and exciting features we are launching this year to continually improve customers’ online experience.”
The new service is being provided through partnerships with Minna Technologies, a Swedish financial technology provider, and Visa.
People should bear in mind the terms of any contracts they have signed up to when deciding whether to cancel a regular payment.