Schwab and JPMorgan block AI agents from moving customer money

Charles Schwab CEO Rick Wurster told Bloomberg Television that Schwab blocks outside AI agents, including Meta’s Muse, that try to move client money using…

October 16, 2026 · Heads up

Charles Schwab CEO Rick Wurster told Bloomberg Television that Schwab blocks outside AI agents, including Meta’s Muse, that try to move client money using customers’ passwords, and that it stops them in the tens and twenties each week. JPMorgan CEO Jamie Dimon said the bank won’t let outside agents act in its systems. Schwab will let AI tools check balances and do research through approved connections, but not move money. Citigroup and Bank of America have also limited agent access, according to the Financial Times.

Why it matters to you: If you hand an AI agent your banking password, it is unclear who pays if something goes wrong, and your bank may block it anyway. For now, money moves should stay in human hands.

Try this: Before you give any AI agent your banking login, ask about the risks.

I’m thinking of letting an AI assistant help with my banking. Explain the risks of sharing my bank password with it, what read-only access means, who is usually liable if an agent makes a payment, and safer ways to get help with budgeting.

Source: The Next Web, Bloomberg

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