This institution claims that all profits go back to customers through interest, but that isn't true. My term deposit was supposed to roll over upon maturity. I received a letter confirming it, but months later, I found out it hadn’t happened. After closing branches and moving to a more office-like setup, the service has declined. I was told I should have requested the rollover, but I did when I opened the investment two years ago. They placed it into a non-interest-bearing account instead of an interest-bearing one. It’s disheartening that a bank would misuse my money like this. I am no longer a customer.
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The Co-operative Bank, a bank based in and registered in New Zealand, provides everyday banking, deposits, savings, loans, insurance and small-business banking throughout the country.
