The difference is that the physical box at the bank is not subject to being stolen by foreign adversaries remotely. With information that is stored in databases

The difference is that the physical box at the bank is not subject to being stolen by foreign adversaries remotely. With information that is stored in databases or on phones that may be lost or stolen there is no border. And when you start to consider the critical national infrastructure that is managed by private companies and individuals, it becomes clear that on balance Americans are safer if the FBI cannot read Tony Soprano's email because any tool they can use to get his data can be used by sophisticated adversaries to get at the emails of the CEO of the nuclear power plant and more. While I do not have a link at the moment to share, Retired General Michael Hayden, the former NSA and CIA director, says the same thing.