Hi Enlightened peepz of Nairaland. please i want your enlightenment about a mind troubling issue. its about BANKS. what will happen to the customer of a bank when that bank shuts down? just like what happened to intercontinental bank and Oceanic bank.

1. will their money be gone?

2. what happened to those who buy there stocks and those who had a fixed deposits there?

3. What caused the shut down? (i heard they didn't meet some CBN requirement)

4. What bank is likely to shut down in the nearest future too?

The reason why i am so concerned is because i want to do some business with fidelity bank. i want to fixed 300 thousand Naira there till next year (a banker at fidelity bank told me its maximum of 3 months) so i plan to redo another 3 months fixed deposit as soon as the first one ends. I was about opening an account with them when a friend told me that what if they shut down just like oceanic bank? i had a rethink and i halt the move for now till i have some Infos concerning banks shutting down and the fate of their customers. please i need urgent replies. thanks in advance


PS: I was too busy and lost in the world when oceanic and intercontinental bank shut down, hence i dont know what went wrong with them or what they did wrong.

MODS AND SUPER MODS, FRONT PAGE THINGS, I NEED URGENT CONTRIBUTIONS. NAGODE!

I was banking with oceanic and intercont..they didn't shut down bt rather merged with ecobank and accessbank all dey did 2 my account was 2 giv me a new account no and automatically i was bankin with eco nd accessbank not oceanic nd inter...my money was save,and 4 fidelity i love d bank its save der cos i bank wit dem 2 thou d interest rate is not as high as zenith bank.

^^^Thanks so much for your contribution. I really appreciate it. My mind is at rest now.