"Subjectifying" Objective U.S. Currentcy

I had an idea, please be aware this is all hypothetical: What if tender, lets say for the U.S. to keep this discussion contained, was made subjective in the sense that you could only buy things using credit/debit cards?

How?: The country makes a deadline for all civilians no matter how much bills or change they have, to aquire a bank account, all banks in america would be controled by the government, and which the banks would require no minium deposit making anyone eligble to open one. and since the banks would be getting more then enough money because they litteraly hold it all, things like "the insufficent funds fee"" wouldent exsist, they just wouldent allow you to go over if you didnt have the cash.

what would be the good side to this? what might be some drawbacks?