Arguably worse than worseless, when it is actually destructive to society.

The history of banking in most countries is the story of a repeated cycle of abusing the trust of the people with money in the bank: The bank holds people's gold -> the bank issues 'gold certificates' -> the bank issues more certificates than it has gold -> system crashes and everybody loses their money.

In the end, the establishment of national banks to regulate/nationalize the appropriation of wealth.

Here is the history of the Swedish national bank, as an example (it could be copy/pasted from every other European national bank): https://en.wikipedia.org/wiki/Sveriges_Riksbank#History