Schwab, JPMorgan, Citi, BofA block outside AI agents like Meta's Muse from moving money
Charles Schwab is blocking unauthorised outside AI agents, including Meta's Muse, from moving client money, CEO Rick Wurster told Bloomberg Television, saying that when a client hands over a password, no one can control the agent and liability is unclear. Schwab will instead offer controlled MCP servers that let outside AI tools view balances and do research but not transact, and it is steering clients to its own assistant Charley, announced on 30 September. His remarks follow JPMorgan CEO Jamie Dimon saying on the bank's earnings call that outside agents will not be allowed to act inside its systems, and reports that Citigroup bars third-party AI agents from logging into customer accounts or transacting on its platform while Bank of America has restricted agent access to consumer deposits, amid concern agents could shift idle cash out of low-rate accounts.
Major US banks and brokerages are publicly drawing a 'no moving money' line for third-party agents, setting early ground rules for autonomous financial AI.