In America, citizens are provided the opportunity to bank, or not, with whatever institution that so suits them, of which, they are able to thereby utilize internet banks, credit unions, regional banks or interstate banks for their banking needs. Whereas, there use to be governmental restrictions, that limited banks to doing business only within one particular State, that restriction was lifted in 1997, and this then is the very reason that, through mergers, acquisitions, consolidation, and growth, that the four biggest banks headquartered in America, as reported by thebalance.com, are "…reportedly holding 45 percent of deposits in the United States."
This concentration of deposits into so few hands is both good news as well as bad news, for those that utilize and that deal with these banks. The good news is that when so much capital is concentrated into just four behemoth corporations, it becomes a lot easier to justify passing a national governmental comprehensive banking law, which will have the effect to regulate and to nationalize these biggest banks into a public utility, since their influence upon the nation has such massive implications, and to nationalize such would thereby help to stabilize and to protect the economy. The bad news is that by virtue of their considerable size and the power of these banks, that these banks will do everything within their power to preclude, co-opt and prevent the nationalization of these institutions.
Yet, the Constitution of this country, gives the specific power to Congress that they are "… To coin Money, regulate the Value thereof…" as opposed to some other entity. Further, to the point, this nation has public utilities of all types in regards to things such as our natural gas and electricity, our water, our sewage, our street lights, and so on and so forth. The reason that these are public utilities is because they are essential necessities for the public at large that should not be in the hands of unregulated for-profit companies that could thereby squeeze the public for every dollar in their pocket for those utilities which are part and parcel of what is needed to live a decent life.
This signifies that something as important as the coin of the realm, of which monetary transactions, whether done with physical dollar bills, checks, or through the internet, should be a public utility; especially in consideration that the stability and thereby the value of the dollar, is of upmost importance for the subsequent savings and investment by businesses and the public, at large. When on the other hand, the coin of the realm, is controlled by for-profit enterprises, that somehow have been designated by governmental forces that they are "too big to fail", then the cardinal error so being made, when a government will not permit dysfunctional businesses to rightly go out of business, is that they must thereby be nationalized and hence become a public benefit to the people as a public utility.
It is hard to argue against something as important as the national currency and the banking of it, not being a public utility, regulated and run by the national government, for the well-being of the people, of which, that government would have a vested interest in seeing that such a public utility would serve the public weal; rather than the current situation in which specific segments of the public are far too often, exploited by these banks for their private benefit.