What Bank of America said
Bank of America just emailed customers a note titled "Protecting your finances in the AI World". A Bank of America spokesperson confirmed to TechCrunch that it's real.
The ask is simple: don't share your username or password with an outside service, "including an AI-enabled tool or agent that offers to act on your behalf".
One line is worth knowing: "If you do share your credentials, keep in mind that you're responsible for activity resulting from that access." Android Authority points out this doesn't override US federal protections for genuinely unauthorized transfers. Your bank's own terms are the place to check.
JPMorgan and Citi are on it too
Axios and USA Today report that JPMorgan and Citi are also restricting third-party AI agents. Citi told USA Today it doesn't let third-party agents log in or make transactions for customers.
So why the caution? According to Axios, many banks can't yet tell whether an agent is really following the customer's instructions or has "gone rogue". Ping Identity's CEO told USA Today the hard part is spotting an agent and knowing it's acting on the person's authority.
The good part: read-only access
Here's where it gets interesting. Axios reports that most banks have authorized, or are moving toward, read-only access for AI tools. That means an AI can see your financial information without taking action. Citi already allows "limited, read-only access" through approved open-banking providers.
So your AI can look at your account. It just can't move your money. Honestly, that's a pretty sensible place to start.
Using AI with your bank, the way banks want it
- Keep your username and password to yourself, even with AI tools.
- Want an AI to see your finances? Look for read-only access through your bank's approved partners.
- Check your bank's own terms first. Rules differ by bank and by country.
Who this is for
Anyone in the US connecting an AI assistant or agent to a bank account. This brief covers US banks only.
Sources
How we checked
Every claim above is backed by at least two of the sources listed, using the original report or the company's own statement where there is one. If we could only find something in one place, it didn't make the cut.
This is news and information only, not financial, legal or security advice. Read our disclosures.
Partnerships
No paid partnership or affiliate link in this brief.