Citigroup and Bank of America are restricting artificial intelligence agents from accessing customer accounts, highlighting growing concerns over autonomous financial transactions, data security and regulatory accountability.
The restrictions follow discussions with regulators about AI-powered assistants potentially transferring customer deposits between banks to secure higher interest rates, threatening traditional banking relationships.
Citigroup clarified that third-party AI agents cannot log into customer accounts or execute transactions through its digital banking platforms, although customers can continue using authorised banking services.
Bank of America has similarly indicated that AI agents should not independently determine account balances or initiate financial transfers without explicit human authorisation.
The concerns intensified following Meta's introduction of Muse AI personal assistants, raising questions about whether autonomous financial agents could optimise customers' savings by moving idle cash.
A recent Apollo economic analysis suggested that substantial household deposits could migrate towards accounts offering higher interest rates, potentially disrupting banks' traditional low-cost funding models.
JPMorgan Chase, Bank of America and Wells Fargo reportedly hold approximately $1.6 trillion in non-interest-bearing deposits, representing a significant source of inexpensive funding.
If AI agents begin automatically reallocating deposits, banks could face rising funding costs, greater competition for customer balances and pressure on profitability.
However, restricting AI access also raises questions about consumer choice, open banking and whether established financial institutions are protecting customers or defending existing revenue models.
The bigger challenge is establishing trusted agentic banking. Financial institutions need secure APIs, explicit customer consent, transaction limits, continuous authentication and human oversight to balance innovation, consumer protection and financial stability.
