In a likely implementation, it will centralize control over accounts and transactions. Anyone with access will be able to grab all financial data in a pinch. Rich people, and resourceful organisations, OTOH, will be able to circumvent it. So it is to be expected that e.g. terrorism investigations will center on normal citizens, just because it's easier to do.

And any future authoritarian regime will of course not play by today's rules, and put the opposition under financial scrutiny within a day, and simply starve the people it doesn't like.

I hate banks, but I think I like them better than this option.