JPMorgan Chase blocks outside AI agents from acting on retail customers' accounts

JPMorgan Chase will not let external AI agents operate retail customers' accounts, CEO Jamie Dimon said on the bank's third-quarter earnings call. A spokesperson confirmed that third parties cannot obtain customers' login credentials to access accounts.

Outside agents can read some data, such as balances, through authorised connectors, but cannot move money or pay bills. No timeline was given for safeguards that would let agents act directly on accounts.

Dimon said the bank uses agents internally but will not allow just any outside agent in because it is too risky for clients and for JPMorgan. He warned of rogue agents, potentially thousands of them, and of a liability transfer when customers hand access to a third party. CFO Jeremy Barnum said Smart Cash, the bank's own cash-management tool, is in a targeted pilot.

The position follows the September launch of Meta's Muse assistant, which raised concerns that agents could pull deposits out of low-yielding accounts.

The read: the largest US bank has moved agentic finance from what is technically possible to what is contractually allowed.