Lloyds Bank rolls out Trusted Person Card feature amidst lockdown

By Megha Bhattacharya

Lloyds Bank announced the launch of a new Trusted Person Card. The new feature aims to enable the vulnerable consumers to purchase groceries and essential goods during the lockdown. The card will enable a trusted person to make purchases in shops, or withdraw cash, for the account holder, without sharing the primary card or other confidential account details.

Philip Robinson, Director of Personal Current Accounts, Lloyds Bank said, “We understand that for some, getting out and about isn’t always straightforward, and lockdown and shielding restrictions mean that many of our customers are relying on others to help them with groceries and picking up essentials. We’ve developed the Trusted Person Card to make sure that there is a straightforward and, crucially, secure way to ask family, friends and carers for help.”

According to Lloyds, all transactions made using the card will be shown on the customer’s bank statement. It has a weekly spending limit of £100 and a weekly cash withdrawal limit of £100 and is not available for pruchases made online, abroad or over the phone. The card will have a different card number and PIN to the customer’s existing debit card.

The new card will be made available to the most vulnerable customers of Lloyds Bank, Halifax and Bank of Scotland and is a secondary card, attached to the customer’s main current account.

Recently, Lloyds Bank announced that it has teamed up with working capital FinTech Demica in a bid to offer a new supply chain finance platform for the UK businesses and supply chains. The new Open Account Platform is expected to offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal, thus helping UK businesses and their suppliers optimise working capital.