Major US banks restrict outside AI agents from moving money

JPMorgan Chase, Citi, Bank of America and Charles Schwab are restricting outside AI agents from moving customer funds, according to PYMNTS. The firms still allow some authorized services to retrieve account information without making payments or transfers.

JPMorgan Chase lets customers share balances through connectors such as Plaid, but blocks outside agents from operating accounts. Citi permits certain open banking providers to retrieve information in read only form. Bank of America is limiting access to consumer deposits while it develops rules for liability and expects people to approve transfers. Schwab blocks unauthorized agents and plans servers that will let approved AI models check balances and conduct research under its rules.

JPMorgan Chase and Schwab are developing their own assistants for account tasks. JPMorgan Chase is testing Smart Cash to move funds between checking and brokerage products, while Schwab is introducing Charley to answer questions about transfers, trades and other account actions.