Banking
Deployment record
In the tracker →- Organisation
- Wells Fargo
- System
- AI agents
- Stage
- Announced
- 01Wells Fargo's updated Online Access Agreement, effective November 24, 2026, states that customers are solely responsible for supervising AI agents accessing their accounts.
- 02The agreement allows the bank to act on instructions from AI agents without further verification, and customers use AI agents at their own risk.
- 03Wells Fargo does not monitor AI agent activities, and customers must provide evidence of revocation of an agent's access if requested.
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- 04Bank of America has issued a warning to customers about sharing credentials with AI agents, emphasizing that they are responsible for any resulting activity.
- 05Major US banks, including JPMorgan Chase and Bank of America, are restricting third-party AI agents from accessing customer accounts while developing protocols for liability.
Wells Fargo
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Wells Fargo is setting out who is responsible when an AI agent acts inside a customer's account. An updated version of the bank's Online Access Agreement, which takes effect on November 24, 2026, lists among its terms "your responsibilities for artificial intelligence agents, if and when we permit the use of such agents."
The agreement states that the bank may act on instructions from AI agents, and that customers are "solely responsible for supervising" their authorized representatives and delegates, along with those parties' AI agents.
It also says that permitting an AI agent or a third party to access an account "may adversely impact the commercially reasonable security procedures" the bank uses.
The agreement takes effect three days before Black Friday.
What the AI Agent Section Says
The agreement's dedicated AI agent section, Section 15, has been quoted by Tech Times, Forkast and other outlets. It defines an AI agent as "any software that takes autonomous, semi-autonomous, or non-autonomous action on behalf of any person or entity."
Under Section 15(d), instructions or transactions from a customer's agent "are deemed to have been initiated and authorized directly by you, without further verification."
Section 15(e) states: "Your use of any AI Agent is AT YOUR OWN RISK." The terms apply subject to applicable law or regulation, according to Tech Times.
The section also states that the bank does "not monitor, screen, or review AI Agent activities," according to a review of the terms published on Substack.
Customers who revoke an agent's access "must retain evidence of such revocation and must provide such evidence to us, at our request," and remain responsible for the agent's activity until they notify the bank. The bank also reserves the right to require customers to register their AI agents.
Wells Fargo has not issued a public statement explaining the change.
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Bank of America's Warning
Bank of America has taken a similar position in a message to customers. In an email titled "Protecting your finances in the AI World," the bank warned customers not to share their username and password with another person or an outside service, including "an AI-enabled tool or agent that offers to act on your behalf."
"If you do share your credentials, keep in mind that you're responsible for activity resulting from that access," the email said. A Bank of America spokesperson confirmed to TechCrunch on October 27 that the email, first posted on social media, is authentic.
The bank pointed customers to its consent-based option for third-party apps, which lets them log in directly with the bank and revoke an app's access at any time.
On JPMorgan Chase's October 13 earnings call, CFO Jeremy Barnum said customers who share credentials with an external agent bear the risk if that agent acts against their interests.
Restricting Agents While Designing the Rules
The terms follow a period in which large US banks restricted outside AI agents. Major banks have been blocking third-party agents from operating inside customer accounts and making transactions, Reuters reported on October 22.
JPMorgan CEO Jamie Dimon said the bank is "not going to allow just any outside agent to come in inside the company because that's just too risky for clients and for JPMorgan," as quoted by Reuters.
Bank of America said it is limiting agents' access to consumer deposits while it develops protocols to determine liability for AI-authorized payments, and that a human should remain in the loop to approve money leaving an account. Citi does not allow third-party agents to log into customer accounts or carry out transactions directly.
At the same time, Wells Fargo and Bank of America, along with BBVA and Synchrony, have joined the Personal Agent Protocol as design partners, according to American Banker.
The protocol was announced on October 6 by Meta and Sierra, and remains a draft framework for how AI agents connect to banks and other businesses.
The Open Liability Question
Under Regulation E, the federal rule governing electronic fund transfers, consumers are protected against unauthorized transfers, which the rule defines as transfers initiated by someone other than the consumer without actual authority. Where a customer has handed their credentials to another party, that protection may not apply in the same way.
The Consumer Bankers Association, in a white paper published in January, described the question of whether a consumer has furnished access to an agent as "the central doctrinal question of the field," according to Tech Times. No court or regulator has yet ruled on how it applies to AI agents.
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