AI "agents" that can act on a user's behalf, booking travel, shopping and even managing money, are one of the hottest trends in tech. But major US financial firms are making it clear they will not let outside agents move client funds, at least for now.
What Schwab said
In a Bloomberg TV interview on 16 October 2026, Charles Schwab CEO Rick Wurster said the firm blocks unauthorised AI agents from making transactions in client accounts. He said he receives a weekly report showing blocked attempts numbering in the "tens and twenties".
- Schwab's own AI assistant, called Charley, cannot execute trades.
- External AI tools can connect only through read-only access that cannot move money.
- Wurster summed up the concern: "We can't control it, the client can't control it, something could go wrong and who's liable?"
JPMorgan takes a similar line
JPMorgan Chase CEO Jamie Dimon confirmed that the bank also blocks outside AI agents from accessing customer account information.
The liability gap
There is currently no US federal law that clearly sets out who is responsible when an AI agent makes a mistake with someone's money, whether the customer, the AI company or the bank. Proposed legislation on AI agents has stalled in Congress, leaving firms to set their own rules.
What it means for users
- Read, don't act: expect AI tools to be able to analyse your accounts and suggest actions, while you still approve transactions yourself.
- Beware of shortcuts: giving an AI tool your banking password or one-time codes can break your bank's terms and leave you unprotected if something goes wrong.
- Rules are coming: banks, regulators and tech firms are likely to develop standards for verified, permission-based AI agents over the next few years.
This article is based on reports available as of 19 October 2026. Details may change as the story develops.
