They can turn on and off your bank account right now whenever they feel like it, for things unrelated to banking.

Think of how much power they'll have over you when an entire system is designed to keep you from buying things at specific stores that no longer want certain people shopping there. Amazon could just say no one even a millimeter to the right of Chairman Mao can shop here.

Or your health information will be tied to it, and you won't be able to buy certain foods because of health issues you may have.

And of course, I can bet money they'll charge you for that service, too.