Whanganui customers share slice of The Co-operative Bank's profits in rebate scheme

Whanganui branch manager Jon Palmer (left) with The Co-operative Bank's chief executive David Cunningham who announced a $2.1m rebate for customers.

The Co-operative Bank's Whanganui customers are sharing a $82,000 rebate in the bank's annual payout from its profits.

On Monday, June 25, chief executive David Cunningham announced $2.1 million in rebates for more than 115,000 customers around New Zealand.

Whanganui branch manager Jon Palmer said the rebates were part of the bank's profits.

"We're proud of the fact we pay rebates out and that our profits stay in New Zealand," Palmer said.

"This year Whanganui customers will share $82,000 and there has been $416,000 paid to our customers over the last six years. We're really excited about it - it's something else we can do for the community and for our customers.

"We get a lot of positive reaction to the rebate. It gives the customers ownership and makes them proud their bank is giving them something back. It's a sense of belonging.

"The rebate is based on the business they have done with the bank over 12 months. The minimum payout is $10 and the average is about $28."

The bank's total rebate has increased from $1m in 2013 when 93,000 customers were paid a minimum rebate of $5. That year 8000 customers received a rebate of more than $25, compared with 21,000 customers this year.

Palmer said the bank's customers were invited to its annual general meeting in Palmerston North on Thursday, June 28.

"We're different to some other banks because our customers own the bank and they can come to the AGM and vote for the board of directors," Palmer said.