Citi and Bank of America Restrict AI Agents' Access to Customer Accounts 🔹 American banks Citigroup and Bank of America have restricted AI agents' access to customer accounts amid concerns that autonomous assistants could move depositors' funds en masse into higher-yield financial products. 🔹 In October 2026, banking industry representatives also approached Federal Reserve (Fed) regulators over the growing use of AI for financial transactions. Banks are concerned about losing a significant share of low-cost deposits that they rely on to provide loans. 🔹 Citigroup stated that it does not allow third-party AI agents or assistants to log in to customer accounts or independently conduct transactions through its digital banking services. According to the bank, these restrictions are necessary to protect customer accounts and personal information. However, customers can grant certain open banking services limited, read-only access to their account information.