JPMorgan Chase has blocked external AI tools from processing transfers on behalf of its clients, and has launched a pilot program for its in-house AI wealth management tool.

Beating AI News Flash: JPMorgan Chase, the largest U.S. bank, has begun restricting external AI Agents from operating customer accounts. On October 13, CEO Jamie Dimon said the bank will not allow third-party Agents such as Meta Muse and Instinct to access its systems. Customers can still authorize AI tools to read account balances via approved channels like Plaid, but they cannot surrender online banking passwords for Agents to log in on their behalf, nor let Agents directly initiate transfers or pay bills. Dimon warned that if Agents act without authorization, the granting user may be held liable. Chase’s standard savings accounts offer an annual percentage yield (APY) of just 0.01%, while some high-yield savings accounts in the market exceed 4%. For a $10,000 deposit, annual interest would be only $1 at JPMorgan, compared to over $400 with top alternatives. In the past, many people found comparing rates, opening accounts, and transferring funds too cumbersome, so they preferred keeping their money with their existing bank. Now, personal Agents can handle these tasks for users. If a large number of depositors start using AI to automatically seek out high-yield accounts, the low-cost deposits that traditional banks rely on for profits could be impacted. JPMorgan is also developing its own AI wealth management tool, Smart Cash. The product recently launched a small-scale pilot program, aimed at predicting customer cash flow and automatically allocating funds to boost returns. Dimon emphasized that the bank does not oppose Agents, but customers must understand the potential liability transfer when they authorize external tools.