Citi and Bank of America Limit AI Agents' Access to Customer Accounts

American banks Citigroup and Bank of America have restricted AI agents' access to customer accounts due to concerns that autonomous assistants could transfer depositors' funds into higher-yield financial products. In October 2026, the banks approached U.S. Federal Reserve regulators regarding the increasing use of AI for financial transactions. Citigroup does not allow third-party AI agents to access customer accounts or conduct transactions. Customers can provide limited read-only access to account information. Bank of America CEO Brian Moynihan confirmed the need for oversight of AI financial actions, stating that a human must be involved in the process of confirming transfers. According to Apollo's economist, AI agents could transfer savings to accounts with rates of 3.3–5%, posing a threat of $47 billion in annual losses for banks. JPMorgan will also restrict third-party AI agents' access to customer accounts. Federal Reserve regulators supported the restrictions on AI agents' access to accounts, deeming it necessary to clarify the legal rules for authorizing transactions by autonomous systems.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.