Major U.S. Banks Restrict AI Agents’ Access to Customer Accounts Over Deposit Outflow Concerns

Citigroup and Bank of America joined JPMorgan Chase in restricting unrestricted access to bank accounts by third-party AI agents. The financial institutions are concerned about potential deposit outflows and security risks associated with automated transfers, according to the Financial Times.

Executives at major U.S. banks contacted the Federal Reserve to express concerns about the growing number of financial transactions carried out by AI agents on behalf of customers. Questions remain about how customers should authorize such systems to execute transactions and who would be held liable for potential errors.

Bank of America CEO

said customers should be required to authorize transfers from their accounts. He explained that the bank was working with AI agent developers to establish safeguards against situations in which funds are transferred without account holders’ knowledge and liability for such transactions remains unclear.

JPMorgan Chase CEO

also supported restricting third-party AI agents’ access to bank accounts. He warned that thousands of uncontrolled agents could emerge, posing security risks to customers. According to Dimon, the bank is developing its own security tools but doesn’t intend to grant external agents unrestricted access to its systems in the meantime.

Citigroup banned third-party AI agents from independently logging into customer accounts or executing transactions. However, customers can still authorize certain financial service providers to access account information without permission to move funds.

Apollo Chief Economist

warned that widespread use of AI agents to manage savings could deprive banks of a significant share of the low-cost deposits they rely on to fund lending. This could reduce bank profits and create additional risks for the broader financial system.

According to Slok’s estimates:

• The average interest rate on U.S. checking accounts is 0.1% annually, compared with yields of 3.3% to 5% on alternative accounts.
• JPMorgan Chase, Bank of America, and Wells Fargo hold a combined $1.6 trillion in non-interest-bearing deposits, representing 16% of their total liabilities.
• Paying 3% interest on these deposits would cost the 3 banks about $47 billion annually, equivalent to nearly half their combined annual profits.

As AI-powered financial assistants become more widespread, banks may need to rethink their customer retention strategies.

, a senior partner at consulting firm Simon-Kucher, suggested that expanding loyalty programs could help retain deposits, including by offering more favorable lending terms to customers who keep their funds with the bank.