TD, RBC and BMO Block AI Agents From Bank Accounts: What Breaks, Who Pays

Four of Canada’s five biggest banks have now said they will block or limit personal AI agents, such as Meta’s Muse, that log into customers’ accounts. TD and RBC are blocking them, BMO says it does not permit them and Scotiabank says it will limit them; CIBC says it doesn’t support them but hasn’t announced a block, Global News reported on Oct. 28. The more urgent problem for anyone who already handed an agent their banking password is liability: the banks’ fraud guarantees are written around you keeping that password to yourself. The fix takes ten minutes. Change the password from the bank’s own app, then delete the saved login from the agent.

RBC put its position in writing first, in a client explainer published Oct. 27. The bank says it “has decided to block third-party personal AI agents from direct access to authenticated RBC digital properties including online banking,” and that for clients who have connected an agent, “those connections will stop working.” The page gives no effective date.

TD, RBC, BMO, Scotiabank and CIBC on AI agents, bank by bank

Here is each bank’s position in its own words, next to what its digital fraud guarantee says about passwords. Statements other than RBC’s were given to Global News.

CIBC went one step further in its statement, saying clients “should not share their banking credentials with an AI agent.” The Canadian Bankers Association told Global News on Oct. 22 that it “cannot comment on the operational matters of its members.”

Who pays if an AI agent empties your account?

The banks advertise full refunds for online fraud. Read the conditions.

TD’s Online and Mobile Security Guarantee promises “100% reimbursement of those account losses provided you have met your security responsibilities,” and lists, among the things you must not do, “voluntarily disclose your user name or password.” CIBC’s Digital Banking Security Guarantee promises to “return 100% of the money you’ve lost” if “you’ve met all of your responsibilities,” one of which is not sharing passwords “with anyone.” RBC says clients are “fully protected against any eligible digital transactions you didn’t make or approve,” then excludes cases where you share passwords or verification answers.

An AI agent that logs in with your credentials looks, to the bank, exactly like you. Global News put the consequence bluntly: “such transactions cannot be deemed unauthorized if credentials were shared by the customer.”

Our read: two situations follow. If an agent you set up makes a purchase you regret, the bank can argue you approved it, because you gave the agent the keys. If the agent’s maker is breached and your password leaks, the bank can point to the guarantee’s sharing clause. Neither has been tested publicly in Canada that we know of, and a bank may still choose to refund you. You just can’t count on it.

The federal government is watching. The office of AI Minister Evan Solomon told Global News that “Canadians should be extremely cautious about sharing their banking passwords with anyone, whether that’s an AI agent, an individual or a company.”

What breaks when banks block AI agents

Anything you delegated through an agent that signs into online banking: checking balances, paying bills, moving money between accounts, pulling statements for a budget. RBC says existing connections stop. Muse is the agent RBC names on its page. Global News describes it as able to “take banking and payments information and make purchases on behalf of human users,” and reports that Amazon has asked Meta to remove its platform from Muse’s reach. We compared Muse, OpenAI’s Dots and other always-on agents on Oct. 4, including what each can do without asking.

What the statements don’t settle is budgeting and aggregator apps that also sign in with your credentials. RBC’s page talks about “third-party personal AI agents” and does not mention them. If you rely on one, ask your bank before assuming it still works.

How to cut an AI agent off from your bank account

Do these in order. The first step does most of the work, because any agent holding your old password is locked out the moment it changes.

1. Change your online banking password from the bank’s own app or website. RBC’s advice is to “access RBC digital banking directly through our official website and mobile app.” Don’t follow a link from the agent or an email.
2. Change your security questions too, if you ever gave them to an agent. Both RBC and CIBC name them alongside passwords.
3. Delete the saved banking login inside the agent. In Muse, start with Meta’s help page on managing your Muse data; for Dots or an agentic browser, look in its connected accounts and saved-passwords settings. Menus change often, so confirm the credential is gone rather than just disconnected.
4. Review recent transactions and sign-ins. TD tells customers to “check your TD account(s) on a regular basis to verify that you authorized the transactions.” Report anything you don’t recognize; CIBC’s guarantee asks you to tell it “right away” about a mistake.
5. Turn on the strongest sign-in your bank offers. Two-step verification and, where available, passkeys make a copied password far less useful. Our passkeys explainer covers setup.
6. Let the agent prepare, and you pay. An agent can still draft a budget from a statement you download yourself, or line up a bill payment you then make in the bank’s app. RBC points clients to its “own digital tools and features.”

Canada’s open banking rules don’t cover agents that pay yet

There is supposed to be a sanctioned door for third parties. Canada passed the Consumer-Driven Banking Act, and draft rules were published in the Canada Gazette on June 27, 2026. “The proposed Regulations would operationalize the Consumer-Driven Banking Act,” the notice says, under “a secure framework overseen by the Bank of Canada.”

Even when that framework goes live, it won’t let an agent move your money. “Framework functionality will be limited to “read only” access under phase one,” the notice says, with write access left for “a second phase.” The Act’s ban on screen scraping, the credential-based login method agents rely on today, “will not be brought into force until broader consultation and policy development have taken place.”

The draft rules also promise a principle that would answer this guide’s central question: “liability flows with the data.” For now, once you hand an agent your password, it flows back to you. More on agents and your money is in our privacy and security coverage, including why the Big Six may not be on Canada’s new payment rail at launch.