The banks are massively closing client accounts. Make certain your savings are safe

In fresh months more and more Poles study cases unexpected closure of bank accounts by financial institutions. Customers who have been utilizing the same accounts for years receive information about their abrupt closure without giving circumstantial reasons. What's behind this block wave? Could your money be at risk?

Why do banks close client accounts?

The closures of bank accounts in Poland intensified in 2024. Many people say their accounts were closed without prior warningand the only justification given by the banks is ‘Business Decision’. In practice, this means that the financial institution need not give a circumstantial reason That's a decision.

The most common reasons for closing accounts are:

• Anti-money laundering (AML) legislation – banks are required to monitor transactions and may close accounts if they consider that there is simply a hazard of illegal operations.
• Low account activity – in any cases accounts that do not make profits for the bank are closed.
• Changes in bank strategy – any financial institutions limit the number of accounts offered or retreat older products.
• Suspected fraud – even if the client is innocent, any transactions may look suspicious, leading to the closure of the account.
• No client data update – any banks require regular updates of user information. If the client fails to supply the required documents, he may be cut off from his account.

Which banks usually close their accounts?

Although the problem is most Polish banks, it is peculiarly common for complaints to appear on:

• mBank – users study abrupt block of accounts without prior warning,
• PKO BP – cases of closure of accounts of entrepreneurs,
• ING Bank of Silesia – increased number of terminations of bank contracts,
• Santander – frequent closure of individual client accounts,
• Alior Bank – reports of the closure of accounts linked to cryptocurrency transactions.

It is worth noting that banks request not give a circumstantial reason for closing the account – it is adequate that they trust on their rules and general safety policy.

How do I check if your account is compromised?

In order to avoid abrupt closure of your account and problems with access to funds, you should regularly:

• Monitor transaction history – sudden, different transfers may rise suspicions of the bank,
• Provide the required documents – if the bank asks to update the data, it is worth doing so as shortly as possible,
• Avoid high-risk transactions – large cash deposits, transfers from abroad cryptocurrency exchanges or non-standard operations can draw attention to banking systems,
• Have an alternate account – having an account in a second bank is simply a good practice in the event of abrupt blocking of the main account.

Can you recover money after closing your account?

When a bank decides to close the account, the client usually receives information about Transfer of funds to another account or the anticipation of them payments in the branch. However, in any cases:

• Measures may stay locked for a long timeIf the case goes to anti-money laundering.
• Bank can require additional documentsto release access to the money.
• If the client does not have another account, the bank may transfer the funds by postal or cash transfer.

If you have problems, delight contact Financial Ombudsmanwho can aid you enforce your rights.

Can banks close client accounts in bulk?

Although banks have the right to self-deciding on closure of accounts, the scale of this phenomenon raises expanding doubts. Consumer organisations indicate that lack of transparency in decision-making and abrupt cutting off customers from resources can lead to many abuses.

In Poland work is already underway on regulations that would have increase the protection of bank customers and force more transparent procedures for closing accounts.

• Banks are increasingly closing client accounts for no reason – most frequently citing AML regulations and interior safety policy.
• The most susceptible are accounts with suspicious transactions, seldom utilized accounts and those that do not make profits for the bank.
• To avoid problems, it is worth having an account in more than 1 bank, monitor transaction past and update individual data.
• If the bank closes the account, the funds can usually be recoveredbut this process may proceed and require additional documentation.
• Financial spokesperson can aid in case of bank problems – it is worth utilizing this option if the bank does not want to cooperate.

Massive closure of accounts is simply a disturbing phenomenon that can affect any bank client. Therefore, be prepared for any changes and have an alternate strategy for managing your finances.