Major Banks Block Third-Party AI Agents From Account Access

Citigroup, Bank of America, and JPMorgan Chase have each restricted third-party AI agents from logging into customer accounts or executing transactions. JPMorgan permits read-only data sharing through open banking connectors like Plaid but blocks write actions such as sending money or paying bills. Jamie Dimon cited two concerns: the liability that shifts to customers when outside agents act on their behalf, and the risk of thousands of 'rogue agents' operating inside the bank. McKinsey warned that AI agents acting for consumers could move deposits to better-yielding accounts, disintermediating retail banks. JPMorgan, Bank of America, and Wells Fargo together hold $1.6 trillion in non-interest deposits; paying 3% interest on those balances would cost roughly $47 billion annually, close to half their combined annual earnings. While blocking outside agents, JPMorgan launched a targeted internal pilot of its own AI tool, Smart Cash, which predicts cash flow and moves funds to maximize yield.