A comprehensive EFT system would put more information in one place than there is currently. For example, the IRS keeps tax returns privileged from criminal prosecutors in general. Integrated EFT sounds like it would do away with such methods. I think that EFT is a case of the public falling in love with technology. There is no real need for this.
EFT works fine for transactions between financial institutions.
I disagree with Lynn Gold about the statute of limitations providing protection from misuse of old data. Much more common, however, is persecution outside the legal system. Anyone who declares bankruptcy, is convicted of a major crime, or is even acquitted of a morals charge may be similarly branded by his past. These records often show fugitive warrants that have not been purged after the suspect has already been found and released. Neither the statute of limitations nor uninforced laws against misuse are of any help in these situations.