It may not be the best of times for the troubled First City Monument Bank (FCMB) as depositors in the bank are reportedly closing their accounts with the bank in droves.
According to media reports, the development came about, as a result of a leaked internal memo within the bank, to the effect that depositors within a particular youth age limit should be treated as fraud suspects.
The decision, reports maintain, has backfired as depositors are reported dumping the bank in droves as a result of the directive.
The development is causing serious loyalty problem within the bank as the management remain at cross roads regarding how the confidential letter got to the media.
Source within the bank volunteered that things are presently not going well with the banking institution, adding that it is only struggling to meet up with the level of competition in the industry.
” Since the Covid, the bank has been struggling to cope. And it has not been getting much of government patronage compared with others. That’s why you see us engage in the sponsorship of all sorts of society friendly programs of late, all in the bid to belong”
The source who also confirm what she refers to as ”loss of pockets of good accounts of late” said ” even before this latest development, depositors have been leaving. And the trend became noticeable after the infidelity issue about a top management member of the bank became public knowledge sometime ago. This latest one is just adding to the already bad state of the bank” she mentioned.