Citigroup and Bank of America Restrict AI Agent Access to Accounts to Prevent Deposit Drain via Automated Transfers

Citigroup and Bank of America have become the latest major U.S. banks to restrict AI agents from accessing customer accounts. Major banks have voiced concerns to regulators that AI agents could move idle funds in pursuit of higher yields, leading to deposit outflows. Citigroup said it does not allow "third-party AI agents or assistants to log into customer accounts or directly initiate transactions within our digital banking platforms," stating that the move is aimed at protecting customer accounts and information security. Bank of America's Brian Moynihan also said that the bank is restricting AI agent access to retail deposits until relevant rules are established and the ultimate responsibility for AI-authorized payments is clarified. "We hold the view that money moving out of an account has to have human review and authorization," Moynihan said in an interview on Wednesday. "We're talking to the AI agent providers: you certainly don't want a customer coming in and saying money was moved out of my account and I don't know where it went, and it was all done by an AI agent." A person familiar with the matter confirmed that Bank of America has already implemented access restrictions.