Citi restricts AI agents from accessing customer accounts
Citi is the latest U.S. bank to bar AI agents from reaching accounts, as lenders worry chatbots could pull deposits toward higher-yielding options.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Citi has become the latest U.S. bank to restrict AI agents from accessing accounts. U.S. lenders fear chatbots could move billions of dollars in deposits to higher-yielding accounts. M&T's Chief Financial Officer Daryl Bible said the bank is monitoring the impact of AI agents but has not yet seen a significant effect on deposit flows.
Why it matters
Banks fear that AI agents could shift billions of dollars in deposits to accounts paying higher yields. Charles Schwab CEO Rick Wurster said only a small number of people are trying to use AI agents to move money.
Timeline
- Oct 16, 10:58 AM ET: Citi became the latest U.S. bank to restrict AI agents from accessing accounts.
- Oct 16, 1:09 PM ET: M&T Chief Financial Officer Daryl Bible said the bank had not yet seen a significant impact on deposit flows from customers using AI agents.
- Oct 16, 7:15 PM ET: Charles Schwab CEO Rick Wurster said only a relative handful of people were trying to use AI agents to move money.
Coverage
- After Muse Launch, U.S. Banks Are Saying Hell No to AI Agents Moving Money (Tom McKay)
- M&T says it's monitoring impact of AI agents on deposits (americanbanker.com)
- Citi becomes latest US bank to restrict AI agents from accessing accounts (Financial Times)
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