Are the banks all about to fold?

Forget Greece, forget Spain have you heard what's happened in Italy? It seems that The Bank of Italy has authorized the suspension of payments by Bank Network Investments SpA (BNI), the bank will be inacessible to depositors until 1 July. Now which bank is next? Is the world banking system about to collapse?

According to Alexander Higgins:

'‘Financial difficulties’ force Bank Network Investments SpA (BNI) to begin a Bank Of Italy authorized freeze on all customer accounts.

On May 31st Bank Network Investments discretely posted an announcement on their website that they would be freezing all of their customers accounts for 1 month freeze on citing financial difficulties.

The announcement was posted and the bank gave customers 7 days to act before the Bank of Italy approved freeze went into effect.

The bank’s customers are saying they were completely unaware of the notice being posted and are just now finding out about it when they go to the bank or the ATM for the first time.

The media certainly hasn’t reported on it and news of the freeze is only now starting to make its way around the internet after a complaint was posted on the popular Italian consumer rights website Adiconsum along with a photo of a shutdown ATM.

The freezing of the customer’s deposits, in a nation that apparently doesn’t have a mechanism like the FDIC to insure customer deposits against losses, has sent a shockwaves of terror across Italy raising fears that other customers will lose their deposits entirely.

In turn speculation is growing that other banks in Italy and across Europe may soon suffer the same fate as Europe officials announce they are planning ATM and Bank withdrawal restrictions to deal with a Greece exits from the Euro.''

I'm off to withdraw some money from each of my bank accounts now!