Co-operative bank gives away $2 million to its customers

Flava radio show hosts Pua Magasiva and Sela Alo helped celebrate the day. Photo / Supplied

Kiwis banking with the Co-operative bank could expect extra money in their back pockets today, as it gives away more than $2 million to its customers.

Calling it "Happy Rebate Day", NZME's Flava radio show hosts Pua Magasiva and Sela Alo helped celebrate the day, hitting the streets of Auckland this week to "put-pocket" unsuspecting Kiwis with cash.

The experience was filmed as the pair walked around the streets putting cash into people's back pockets, bags - even giving away money to drivers waiting in traffic.

The Flava hosts also stuffed cash into a neatly folded blanket under a bench for a homeless person.

The passersby were initially caught off-guard, but later smiled and thanked the pair.

The pranksters had creative ideas to give away money - attaching cash to a fishing rod and moving it around in front of a man, and putting money in a hood of a woman's coat.

Magasiva, a Shortland Street star, even tried his luck camouflaging himself in a leaf costume, but eventually ran after passersby to slip the cash into their back pockets.

The Co-Operative bank, owned fully by its customers, will give $2.1 million to more than 130,000 of its customers today, after making a 16 per cent increase in profits ahead of the previous financial year.

Customers can expect between $10 to $600 back, based on the level of investments, and the balance of deposits in their accounts.

Corporate anthropologist Michael Henderson said the video was "a nice metaphor for how The Co-Operative bank" was different to others.

"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."

Bank marketing and online general manager Grant Jenning said: "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."

• The Co-operative bank will pay $2.1m for the 2015 to 2016 financial year to 75 per cent of eligible customers.

• This is an increase of nearly 17 per cent on last year, and is more than double the first rebate that was paid in 2013.

• Most customers will receive a rebate between $10 and $600.

• Average proportional rebate payment has increased from $29.20 to $33.80.