Bank of America is warning customers against sharing banking credentials with AI agents. I was getting ready to make a joke about this when it occurred to me that the warning is less obvious than it should be.
First, never give your banking passwords to anyone who isn’t authorized to take complete possession of your bank accounts. I’m pretty sure everyone knows this without being told. However, agents are so convenient, and the reports are so complete and useful, that people are giving their agents their passwords. If this is you, stop right now.
There are ways to give agents financial information without giving them your banking password or authority to move money. Tiller brings balances and transactions into spreadsheets that agents can analyze. Its bank connections are read-only and cannot move or invest money. Plaid supplies connections used by financial apps. The specific app, connection method, and permissions determine its access. Some Plaid connections store banking credentials. Check how your chosen service connects.
Bank of America (and most other big banks) support connections where you sign in directly with the bank and authorize a participating service to receive account data without receiving your banking password. Review those permissions. Read-only access still exposes financial information, so the receiving service’s privacy practices matter.
Importantly, typing “only review my spending” into a chat does not create a bank-enforced restriction on account access.
I’m a huge fan of vibe-coding projections, simulations, and optimizations, and AI makes forecasting a much more pleasurable experience. Just take a few minutes to ensure that you are using secure, qualified, third-party tools, that your credentials are kept private and safe, and that you are completely aware of the workflows and processes that your agent will use on your behalf.
Lastly, if you want your agents to have full access to your bank or trading accounts, please consult a highly qualified professional. Said differently: don’t try this at home.
Every company needs a Claw strategy. Do you have one?
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. This work was created with the assistance of various generative AI models.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with AI strategy, implementation and governance, as well as technology, media and marketing. Named one of LinkedIn’s Top Voices in Technology, he is a bestselling author, covers tech and business for Fox 5’s Good Day New York, is a regular commentator on CNN, and writes the popular daily business blog Think About This. Follow @shellypalmer or visit shellypalmer.com.