Non-major bank’s ‘Happy Rebate Day’ gives $2.1m back to Kiwis

by NZ Adviser17 Jun 2016
The Co-operative Bank had its Happy Rebate Day yesterday, which saw it give back a record $2.1 million dollars to its 130,000 customers

The rebate amount saw an increase of nearly 17% on last year, more than double the first rebate that was paid in 2013. 

The Co-operative Bank stated they achieved a 16% increase in profit after tax in 2015/16 financial year ahead of the previous financial year. 

The bank celebrated the day by ‘put-pocketing’ (not pick-pocketing) everyday Kiwis with cash. 

Throughout the week, unsuspecting members of the public were put-pocketed, with bundles of cash slipped into their pockets, bags, jackets, and hoods with a video of the put-pocketers in action on the bank’s facebook page. 

“The put-pocketing video is yet another great example of how The Co-operative Bank is different, which is not an easy distinction to achieve as a bank,” comments corporate anthropologist, Michael Henderson. 

“I was really interested to see that people were able to be disarmed with a smile from the put-pocketers, after being initially caught off guard and assuming they were up to no good. It’s a nice metaphor for how The Co-Operative bank is not like other banks.” 

Co-operative Bank GM of marketing & online, Grant Jennings, said, “We’re the only bank in New Zealand to share our profits with its customers – we genuinely put the customer and their needs at the very heart of everything we do.

“We wanted to show all New Zealanders what it feels like to get money from a bank in the form of a rebate, acknowledging the depth of their banking relationship with no strings attached!” 

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