Citigroup and Bank of America limit the use of AI agents on accounts
Apollo economist Torsten Slok says that agents can move cash from checking accounts that pay 0.1% on average to accounts that pay 3.3% to 5%.
Citigroup says that it does not let third-party AI agents use customer accounts or make transactions on its digital banking platform. Bank of America CEO Brian Moynihan says that a human must agree before money moves out of an account. Jamie Dimon, CEO of JPMorgan, gave a sign this week that JPMorgan will also limit agents. Slok calculates that 3% interest on $1.6 trillion in deposits that pay no interest at 3 banks adds about $47 billion in cost a year.
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