Citigroup and Bank of America have joined other US banks in restricting AI agents from accessing client accounts, citing concerns that autonomous bots could drain deposits by moving idle cash in search of higher returns. Citi stated it does not permit third-party AI agents to log into customer accounts or transact directly within digital platforms. Bank of America CEO Brian Moynihan emphasized the need for a human to authorize money moving out of accounts, noting the bank is working with agent providers to clarify liability.
These restrictions follow the launch of Meta's Muse AI personal assistant and an economist's warning that AI assistants could sweep household cash into higher-yielding accounts. Apollo's chief economist Torsten Slok warned that if households use AI to optimize cash returns, banks could lose a large share of cheap deposits relied upon for loans. JPMorgan Chase CEO Jamie Dimon also announced restrictions, stating the bank is building tools to protect customers from rogue agents.
Regulators have privately welcomed the banks' moves, believing legal clarification is needed over customer authorization of autonomous technology and liability if transactions go wrong. Citi customers can still grant limited, read-only access to account information with certain open-banking providers.
Source: Financial Times Companies · Summarized by HeadlinesBriefing