Such is the volume of subscription services these days, it’s easy to lose track of which are active, which free trials have rolled over into paid memberships and which you’ve forgotten to cancel.
If only there was a way to easily keep tabs and then cancel all the unwanted subs in one place? Enter Lloyds Bank’s new in-app service that’ll enable customers to cancel those plans within three clicks.
The new feature will present users with a snapshot of their active direct debit subscriptions including a cancel button for whatever food box or streaming service they’re paying out for.
From here, Lloyds will block further payments from the account in question and it appears there’ll be no further action required in terms of contacting the service provider.
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This probably means Lloyds has developed a means of interacting with the content provider based upon the name and account details to ensure the cancellation goes through. It’s also possible the cancellation of the direct debit just shuts off the money, leading content providers to automatically close of the account. However, that would likely mean the likes of Netflix would start pestering users for updated payment information. The bank did not explain exactly how this will work.
The tool will also intelligently inform subscribers about price increases and subscription changes via real-time notifications, should they opt in.
Lloyds research says that there were 1.3 million new subscriptions from Lloyds Bank, Halifax and RBS customers when lockdown commenced in the UK. That was up from 325,000 in February. It’s not immediately clear when the tech will be rolling out, but it’ll be available to customers of all three banks on iOS and Android.
Nick Edwards, digital service director at Lloyds Bank, says: “Customers have been able to manage direct debits and standing orders online for some time. 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.”