Major US Banks Restrict AI Agents From Accessing Customer Accounts

AI agents in personal finance have raised alarm across the US banking industry, with several major banks now restricting their access to customer accounts.

According to the Financial Times, Citigroup has banned third-party AI agents from logging into customer accounts, while Bank of America has limited their access to personal deposits, stressing that money must not leave accounts without human approval. JPMorgan CEO Jamie Dimon said outside AI agents will not be allowed into the bank's systems.

A report from Apollo Global Management's chief economist warns AI assistants could move idle money from checking accounts paying just 0.1% to accounts offering 3.3% to 5%. JPMorgan, Bank of America and Wells Fargo together hold $1.6 trillion in non-interest deposits, and paying 3% would cost an extra $47 billion a year.

If households widely use AI agents to boost savings returns, banks could lose a big pool of cheap money for lending, which may shake the financial system.