I think people are not that smart but also not that stupid. People are used to small amount of inflation (in Western countries) and thus already planned ahead for it. It works differently in countries with high-inflation, people take notice when prices are increasing fast.
My guess is that people expected bank accounts to work as something they have, that is secure and untouchable. It's not that it can't happen (a bank can go bankrupt and the CB refuses to cover the customers) but people who haven't gone through it, believe it can never happen. Their balance being reduced tipped them off that something is not quite alright.
What I'm trying to say is that people are more concerned about the bank dipping into their accounts (regardless of the amount) rather than them losing some Purchasing Power.