Banks Restrict AI Access to Customer Accounts to Prevent Deposit Outflows
Major U.S. banks, including Citigroup and Bank of America, are limiting access for AI agents to customer accounts. The measures aim to prevent significant deposit outflows driven by AI seeking higher yields elsewhere.
U.S. banks are implementing restrictions on artificial intelligence (AI) agents accessing customer accounts, responding to concerns about potential large-scale deposit outflows. Citigroup and Bank of America have begun limiting third-party AI assistants' ability to log into customer accounts or conduct transactions directly through the banks' digital platforms.
The primary concern is that AI agents, designed to help users find higher returns, might automatically move idle funds to other accounts. This could lead to substantial losses of deposits for the banks. Bank of America CEO Brian Moynihan stated the bank believes fund transfers must have human authorization and is developing rules for AI-authorized payments.
Industry analysts note that AI tools are increasingly capable of managing personal finances, prompting fears that widespread use of AI agents could shift billions of dollars from low-interest checking accounts to higher-yield options. This could significantly impact banks' profitability by increasing their cost of funds.
While some open banking services may still allow read-only access, the broader trend among large banks like JPMorgan Chase, Bank of America, and Wells Fargo is to prevent unsupervised AI access to customer funds. This move is intended to safeguard customer assets and maintain control over financial transactions.