Bianco Says Banks Blocking External AI Agents Are Protecting Deposit Profits, Not Customers

Bianco: Banks Blocking External AI Agents to Protect Deposit Income

Jim Bianco, president of Bianco Research, said on Unchained's Bits + Bips livestream on October 26 that banks are blocking third-party AI agents from accessing customer accounts to protect their own revenue rather than customer interests. He cited JPMorgan Chase as an example: the bank does not allow third-party AI agents to log into Chase accounts or act on customers' behalf. CEO Jamie Dimon told analysts on October 13 that external agents carry a "rogue agent" risk and that JPMorgan "won't let any external agent into the company." According to Unchained, Citibank, Bank of America and Wells Fargo have also taken steps to restrict third-party agents, and Charles Schwab CEO Rick Wurster said the brokerage is blocking third-party agents that try to move funds in customer accounts.

Bianco's core argument is the spread on demand deposits. According to FDIC data, as of the end of June 2026, U.S. banks held about $4.04 trillion in non-interest-bearing deposits, roughly 21% of domestic deposits. JPMorgan Chase Bank alone held $628.8 billion, about 28% of its domestic deposits. Bianco argues that agents could move idle customer funds into money market funds on customers' behalf, thereby reducing banks' earnings on these zero-interest balances.

Wells Fargo's revised online access agreement takes effect on November 24. It states that transactions by AI agents authorized by customers are treated as the customers' own transactions, and that customers are responsible for unexpected actions by agents until they notify the bank to revoke the agent's authority.

Source: https://unchainedcrypto.com/jim-bianco-says-banks-blocking-ai-agents-are-protecting-their-profits-not-customers/