How Halifax Bank is supporting customers after parent company's pre-tax profit falls by 95 per cent

Russell Galley, managing director at Halifax, said the measures “will provide some breathing space in these challenging times”.

The bank has also temporarily waived interest on the first £500 of arranged overdrafts and provided emergency access to savings in fixed-term accounts without charge.

Mr Galley said: “Being there for our customers when they need us is our continued focus, and I’m immensely proud of our colleagues’ unwavering commitment through this period of uncertainty from within our branches, our call centres and from home.

“We have been working hard to keep the majority of branches open to provide essential services, so that customers can continue to access cash, and ensuring that those who are vulnerable or in financial difficulty can speak to colleagues.”

The bank has also set up a dedicated telephone service to help customers aged over 70 and it has prioritised calls for NHS workers.

It has made it easier for cheques to be paid in via its mobile app by increasing the limit to £1,000 per cheque and £2,000 total per day, as well as increasing the contactless limit on debit and credit cards to £45.

Mr Galley said: “Helping keep our customers’ money safe is our priority and Halifax customers are already benefiting from the added protection of the new Confirmation of Payee account name checking service that Lloyds Banking Group was the first to introduce at the beginning of March.

“We’ve seen in recent weeks how quickly fraudsters have adapted their methods with new scams related to Covid-19, and falling victim to fraud can have devastating effects – not just on people’s finances but also their lives.”

The new name checking service is designed to provide added peace of mind for customers setting up new payments or amending existing payments, either through online or mobile banking, over the phone or in branch.

In addition to the sort code and account number, the Confirmation of Payee service also helps people to ensure that the name on the account being paid is the same as the one provided.

“While it is still early days, the evidence we’re seeing suggests Confirmation of Payee is already making a real difference and has reduced the number of scams affecting our customers by nearly a third,” said Mr Galley.

He made the comments as Halifax’ parent company Lloyds Banking Group revealed a massive drop in profit after taking a major hit from deteriorating economic conditions in the first three months of the year.

It said a £1.4bn impairment charge had hit profits. Pre-tax profit plunged 95 per cent to £74m, down from more than £1.6bn in the same three months of last year. It marks a major challenge for the bank as it tries to prop up ailing businesses.

Lloyds’ chief executive Antonio Horta-Osorio said: “The coronavirus pandemic presents an unprecedented social and economic challenge which is having a significant impact on people and businesses in the UK and around the world.”