I have not had an American bank account in ten years.
Praise be to God.
I don’t think the government has any business doing this but, beyond that it makes sense. Firstly, it’s not “reams and reams” of information but, computerized transaction records that the banks and other institutions are - justifiably - pissed at having to waste a ton of money and manpower to strip of personal information.
If I were working on a national level, 10 million customers (the width of the dive) wouldn’t strike me as anything other than reasonable. It’s the time period (the depth of the dive) where you could see serious problems: 2 years, fine. 10 years, problem.
Moral: Pay cash or use money orders.