Why you should never give an AI agent your bank login
Bank of America is warning customers not to share banking passwords with AI tools, and account agreements at most banks put the responsibility on you, TechCrunch reports.
What happened
TechCrunch reports that Bank of America sent customers an email with a plain request: never share your username and password with another person or an outside service. That includes any AI tool or "agent that offers to act on your behalf."
An AI agent is software that can take steps on its own, like paying a bill or buying something when the price looks right. A Bank of America spokesperson confirmed the email was real, the outlet says.
Why it matters
According to TechCrunch, account agreements at most banks hold customers responsible for anyone they give their login to. The bank's email puts it this way: "If you do share your credentials, keep in mind that you're responsible for activity resulting from that access."
The outlet lists three risks. The assistant could do something with your money without your knowledge. Your bank might think someone is raiding the account and lock you out. And a security flaw in the AI tool could leak your credentials, giving hackers a way in.
The piece also notes that banks, payment providers and processors are still trying to figure out how to let customers access their bank accounts using AI tools.
What it means for your business
A business account may have payroll, suppliers and rent riding on it. A mistake or a lockout could hit all three.
- Restaurants and retail shops: If a tool offers to hunt for cheaper suppliers or pay vendor invoices, don't let it log in as you. Ask for a way to send it invoices or reports instead.
- Accounting firms and bookkeepers: You may be holding clients' logins. Handing one to an AI tool could put you in a tough spot with the client and the bank. Check your agreements before you try anything.
- Trades and contractors: Apps that promise to "handle the paperwork" are tempting between jobs. Keep your banking password out of them.
- Nonprofits: Donor and grant money comes with trust attached. Write down which tools can see financial information, and keep logins out of that list.
One thing to try this week
Write a short "AI access rule" and share it with everyone who touches your money. Three lines is plenty:
- No AI tool gets a banking username or password, ever.
- AI tools may work with exported statements or invoices that we choose to give them.
- Anything that moves money needs a person to approve it.
Then call your bank and ask what it offers for letting software see your accounts, such as view-only access or approved connections. Their answer will tell you what is actually allowed.