All the commenters here that think the federal government should directly provide their banking services are going to be in for a rude awakening if it ever actually happens.
Maybe it all goes south and people are worse off with their privacy than now but I can't even imagine what "worse off" would be. The particular example you gave ("spooks in three letter agencies") currently happens and I can't exactly expect it to stop. How could it be worse?
To your concern that these three-letter spooks will spy on you: what would they do that they're not already doing? That isn't to excuse the spying; I'm just pointing out that these are separate issues. Tackle the fact that the NSA compiles all unencrypted HTTP traffic separately from the fact that JP Morgan Chase knows my financial history and doesn't have to care about keeping it private per my idea of private.
(Unless you're asking whether the protections are useless against corporations. Then yes, they're useless.)