U.S. banks restrict AI agents from accessing customer accounts

Major U.S. financial institutions, including JPMorgan Chase, Bank of America, Citigroup, and Charles Schwab, are implementing restrictions to prevent external AI agents from accessing customer accounts and moving funds. This move follows the launch of Meta’s AI assistant, Muse, and concerns regarding the security and stability of the banking system.

JPMorgan Chase CEO Jamie Dimon warned of the risks posed by “rogue agents,” noting that the bank will not allow unauthorized external software to log in using customer credentials. While the bank supports read-only data sharing through approved open banking providers, it prohibits agents from performing transactions like paying bills or transferring money. Charles Schwab CEO Rick Wurster echoed these concerns, stating that the bank actively blocks attempts by AI agents to move money to protect both the firm and its clients.

Beyond security risks, banks are concerned about the economic impact of AI-driven “deposit flight.” Analysts warn that AI assistants could automatically move idle funds from low-interest checking accounts to higher-yield accounts elsewhere, potentially costing major banks billions in lost interest expenses and threatening the availability of low-cost deposits used for lending.