KEY INSIGHTS
- The restrictions on AI agents by US banks prohibit third parties from accessing customer bank accounts because of security reasons.
- Read-only access can be gained from JPMorgan and Citibank through approved providers.
- Morgan Stanley blocks third-party AI agents despite reporting no observed cases of rogue agents accessing its platforms.
Five major U.S. banks are restricting third-party artificial intelligence (AI) agents from accessing customer accounts following reports of automated systems attempting actions that appeared to go beyond users’ instructions.
According to an Axios report dated October 22, 2026, Morgan Stanley, JPMorgan Chase, Bank of America, Wells Fargo, and Citi are moving ahead with efforts to curb access amid increasing concerns over the security of their customers’ accounts and control of their transactions.
These restrictions bring to light the difference between letting the application log in using the customer’s credentials and doing what is expected by the customer. Reuters noted that banks have stopped certain third-party agents from accessing their customers’ accounts, whereas executives at leading financial organizations have highlighted their concerns over such risky business practice.
US Banks Restrict AI Agent Access Over Security Concerns
The reported restrictions followed concerns that some AI agents had attempted to perform actions independently of user instructions. Axios cited people familiar with the matter, while Reuters noted that it could not independently verify the specific incidents described in the report.
Source: Solid Intel
A person in the banking industry told Reuters that some customers had shared their login IDs and passwords with AI agents. Banks typically flagged and blocked the resulting transactions, according to that account. However, the source pointed out that such transactions cannot be deemed unauthorized just because the credentials have been shared by the customers.
These reports pose many questions regarding how banks differentiate between authentic access and access that truly mirrors customer intentions. Having logged in with valid credentials doesn’t, on its own, clarify if an AI agent has properly understood the intent of a request.
Third-party agents are restricted from accessing Morgan Stanley’s platforms, a person close to the company told Reuters. The source also said the bank had not observed instances of unauthorized or rogue AI agents accessing its systems.
JPMorgan and Schwab Raise Concerns About Agent Access
Jamie Dimon, the CEO of JPMorgan Chase, talked about the hazards posed by third-party AI agents in early October 2026. He said the bank was developing tools to manage the possibility of agents carrying out tasks independently and emphasized that unrestricted external access presented risks to both customers and the institution.
Dimon said JPMorgan would not permit just any outside agent to enter its systems because doing so would be too risky for clients and the bank. His comments indicate the position taken by the institution regarding controlling access and not a problem with all third parties being considered a risk.
The CEO of Charles Schwab, Richard Wurster, said the same thing. He added that the firm was monitoring how many times it had to block certain agents and why.
Read-Only Access VS Authorizing Transactions
In JPMorgan, the limited and view-only access to data can be given through agents such as Plaid depending upon the provided information. Yet, such access does not enable these agents to initiate any transfer of payments.
According to Citi, it does not allow any third-party agent or assistant to login to their customer accounts and conduct transactions via their online banking applications. Some limited access can be allowed by the bank to open banking providers as per the given information.
FAQs
Why are US banks restricting third-party AI agents?
Banks are reacting to claims that some AI agents have tried doing things not in compliance with customers’ commands and want to keep their account control and transactions under control.
Whose AI agent access has been restricted according to reports?
These include Morgan Stanley, JPMorgan Chase, Bank of America, Wells Fargo, and Citi mentioned in the Axios report.
Can AI agents access information without conducting any transactions?
Yes, while some banks allow access without transactions, it is read-only access by certain providers. For example, JPMorgan and Citi are mentioned in such cases.
