Schwab and JPMorgan Block External AI Agents From Moving Funds
Charles Schwab and JPMorgan Chase are blocking external AI agents, including Meta's Muse, from accessing client accounts to move money due to security and liability risks.
Major U.S. financial institutions are restricting external AI agents from gaining direct operational access to customer bank accounts. Charles Schwab Corporation and JPMorgan Chase & Co. have specifically blocked tools like Meta Platforms Inc.'s Muse bot from performing transactional actions, such as moving client funds, to prevent security breaches and liability risks.
Charles Schwab CEO Rick Wurster stated the firm is preventing external agents from taking action on a client's behalf to protect both the customers and the company. While Wurster noted that weekly attempts to use these agents remain low—typically in the tens or twenties—he emphasized that allowing AI to make decisions without human approval is a leap too far. Similarly, JPMorgan Chase CEO Jamie Dimon warned investors that unrestricted entry by outside agents would expose the institution to the threat of rogue agents.
To maintain AI functionality without compromising security, both firms are developing proprietary tools. Schwab introduced an in-house conversational assistant named Charlie for administrative tasks, while JPMorgan Chase piloted a Smart Cash tool to optimize customer cash flow. Both institutions are restricting external tools to read-only access for balances and research through secure pathways, such as Model Context Protocol (MCP) servers or authorized intermediaries like Plaid. Schwab continues to hire human advisers, asserting that AI is intended to increase employee efficiency rather than replace human capital.
