JPMorgan, Schwab, Citi and Bank of America restrict outside AI agents from logging in to customer accounts
The banks are blocking agents that use customers' own credentials, while JPMorgan keeps customer-authorized data sharing through open banking providers and Schwab steers clients to its own assistant.
JPMorgan Chief Executive Jamie Dimon said on the bank's third-quarter earnings call that JPMorgan would block outside agents that try to access accounts with customers' banking credentials, while still supporting "customer-authorized data sharing through open banking providers," Banking Exchange reports. "You don't want rogue agents, and there could be thousands of them," Dimon said. Citing the Financial Times, Banking Exchange reports that Citi "does not permit third-party AI agents or assistants to log in to customer accounts," and that Bank of America has limited access while it considers who would be liable for payments an AI authorizes.
Schwab's version
On Schwab's earnings call, Chief Executive Rick Wurster said "there's one way we think is not safe, and that's just an agent coming to our site," adding, "We are not going to allow that," Financial Planning reports. He said Schwab won't let AI move money because "there's too much risk there to the client and to the firm," and is steering clients to Charley, its own assistant, which will start with tasks such as changing an address.
Why it matters
If your finance team is piloting an agent that logs in to a bank portal with a person's credentials, that path may stop working, and while it works the liability for what the agent does may sit with you. Use the bank's own data connections or open banking APIs instead, and keep any money movement behind a person's approval.