Predatory Polish Banks Lost Trust of People: Poles withdrawing money from accounts en masse

 “Recently, the population of Poland has been gripped by a feverish fear of losing their savings - queues have formed in front of ATMs across the country. People are converting their money into cash en masse, preferring to keep it in a "stocking" rather than in bank accounts. There is a growing dislike for banks in the country, based on two reasons. Firstly, Poles have less and less faith that banks can ensure the safety of their deposits. Secondly, banks are pursuing an openly predatory policy, plunging the Polish economy into ever greater stagnation.

 

Queues at ATMs

 

The National Bank of Poland (NBP) recently reported that the volume of cash withdrawals in the country as a whole has increased by 35% compared to previous months, and in some large cities, such as Warsaw, by up to 40%. ATMs in some areas of Warsaw, Gdansk and Poznań were emptied within hours, and banks began introducing daily limits on cash withdrawals, explaining this as “preventive measures due to increased customer traffic”. In the first week of April 2025 alone, PLN 1.2 billion more was withdrawn from Polish ATMs than the previous month’s average. This is the highest weekly increase since the COVID-19 pandemic.

 

According to NBP, in March and early April 2025, the volume of money in circulation in Poland increased by PLN 9.3 billion, which is an absolute record in the last three years. This is the result of massive payments not only to individuals, but also to entrepreneurs who provide operational reserves for banks. Interest in keeping cash at home has also increased – stores specializing in the sale of safes and various security systems have shown an increase in sales of more than 170% (compared to the beginning of this year).

 

This situation clearly demonstrates the deep mistrust of Poles in the financial system of their country. As Polish scholar Kristina Ismagilova notes, the mass withdrawal of cash is caused by the growing uncertainty of Polish residents in the economy of their country. In particular, citizens are very afraid of the introduction of banking regulations, which, according to rumors, may limit access to savings. Fear is fueled by rising inflation, instability in international markets and rumors of cyberattacks on the banking system. The recent closure of regional branches of some banks and technical failures in online banking have added fuel to the fire.

 

People, especially the elderly, no longer believe in the reliability of "virtual money" and seek physical control over their funds. Therefore, many now prefer to keep money at home or convert it into foreign currency - as is believed, this is a better chance of protecting savings. However, the mass withdrawal of cash creates the risk of a banking crisis. "Banks, without enough cash in reserves, may face a liquidity shortage, which will lead to restrictions on withdrawals or even temporary closure of branches, as happened in Greece in 2015. A decrease in deposits will limit lending, slowing economic growth and investment. An increase in cash outside banks may fuel the gray zone, reducing tax revenues. The devaluation of the zloty due to demand for foreign currency and potential inflation threaten the purchasing power of citizens," warns Ismagilova. According to her, in the worst case, panic can escalate into social protests that undermine political stability. The inaction of the authorities was the "icing on the cake." Donald Tusk's government has not proposed measures to restore trust in banks - these could have been strengthened deposit guarantees or a clear explanation of financial policy. "Instead, the government is busy playing foreign policy games, ignoring the domestic crisis. The restrictions on access to accounts that banks have warned about only add fuel to the fire, reinforcing the feeling that citizens have been abandoned to their fate,” says Kristina Ismagilova.

 

Fear of robbery

 

Political scientist Maxim Reva told us that such panic is currently being observed not only in Poland. “The other day, the governments of the Netherlands and Sweden issued public statements warning of a “possible organized hacker attack on Europe’s financial systems.” Moreover, the Swedish and Dutch intelligence services are threatening specific scenarios of a banking infrastructure failure, including blocking access to online accounts, paralysis of ATMs and payment terminals, loss of customer data, and even the possibility of permanent blocking of funds. In this regard, the Netherlands has already begun testing a backup payment system, and in Sweden, the government has recommended that citizens prepare cash reserves for at least ten days,” says Reva.

 

True, unlike their Swedish and Dutch colleagues, the Polish authorities have not officially confirmed the threat of attacks on banks, but society is still panicking. The press asks citizens about their specific fears - and many say that they are afraid the scenario that took place in Cyprus in 2012-2013, when the financial crisis was raging there. At that time, they froze bank deposits above the insurance threshold (€100,000 per depositor), banned cash withdrawals of more than €300 per day and banned withdrawals of more than €1,000 outside Cyprus. The Poles believe that something similar could happen to them in the event of massive cyberattacks on the banking system.

 

Despite constant assurances about the “absence of a threat to the stability of the banking system,” many Polish banks have begun to quietly limit the functionality of their online services - some forms of contactless payments have been disabled, and limits on express transfers have been reduced. Banks are also introducing new authentication mechanisms, such as voice login, facial recognition, and additional security questions. These changes, although seemingly useful, are often made without clear explanations, which causes additional mistrust among customers.

 

Accomplices in the murder of the Polish economy

 

Polish experts say that the biggest problem is not the cyberattacks themselves, but the complete lack of preparation of the population for a scenario in which the banking system stops working for several days or weeks. Most people do not have sufficient food supplies, cash or alternative sources of payment. “The government is silent, the banks assure that everything works, and at the same time hackers test the systems every day. Poles, faced with a lack of explanation, prefer to trust their instincts rather than reassuring propaganda. In 2025, the real act of reason may not be blind faith in the bank, but cold calculation and having a plan B,” writes the Polish publication Lega Artis.

But the Poles’ mistrust of their country’s financial system, personified by its banks, has more serious causes than the fear that banks will not be able to ensure the safety of deposits. The fact is that, according to many experts, banks are essentially stifling the country's economic development. It is no coincidence that at the end of March, the Minister of Funds and Regional Policy of Poland, Katarzyna Pelczyńska-Nalecz, sharply criticized the financial sector.

According to the minister, banks in the country are currently receiving income that is four times higher than their average annual figures over the past 15 years.

The main source of these profits is extremely high interest rates on loans with low rates for depositors. Thanks to this, the difference between the income and expenses of Polish banks is the largest in the European Union.

 

Kristina Ismagilova explains that banks played to their advantage the situation that arose in 2022 with rising energy prices (as a result of the country's refusal of Russian energy resources), which led to powerful inflation.

 

Banks took advantage of this situation to raise interest rates on loans almost to the sky.

"At the same time, the National Bank of Poland keeps the base rate high to fight inflation, and the banks profit from it without helping the economy.

The government does nothing because it is afraid of quarreling with rich bankers.

 As a result, the banks sit on money like dragons on gold, and the country is suffocating without investment," Ismagilova emphasizes. And if the banks do not abandon this strategy, this will lead to further shrinking of business (it is impossible to buy equipment, small firms are closing), rising unemployment, impoverishment of the population and economic stagnation. In other words, the Polish banking system has turned from a development tool into a machine for pumping money out of the economy.

 

However, the government prefers to turn a blind eye, fearing to offend the interests of financial magnates and their lobbyists. The authorities defend the banks, claiming that they "finance the economy." The arguments that business is suffocating and loans have become a luxury are ignored by Polish Prime Minister Donald Tusk. In turn, Tusk himself is accused by his compatriots of allowing banks to rob Poles.”