Co-operative bank gives back to customers
The Co-operative bank in Hamilton will hand out part of its profit back to customers as part of its annual rebate.
The company earned $46,924 in surplus profit this year, and is the only bank in the country to hand that surplus back to customers.
In Hamilton, 3831 customers will receive a rebate.
All up, the bank would hand $1.3 million in rebate payments back to punters. Chief executive Bruce McLachlan said that was up on the $1m handed back last year.
"As a co-operative, our customers are our owners and shareholders. This is why we pay a rebate," he said.
"We have some amazingly loyal and long-standing customers and the rebates are a great way for us to show them that we continue to appreciate their support in banking with us. "
Most customers will recieved rebates of between $7 and $100. MacLachlan said it wasn't a huge amount, "but we know that our customers would rather see a small slice in their own pocket than see profits sent to anonymous shareholders overseas".
The bank will reinvest the rest of the profit.
This is the Co-operative Bank's second year in operation, and it was awarded the CANSTAR Blue award for Most Satisfied Customers.