Banks close the door on agents
Charles Schwab has confirmed it is blocking unauthorised AI agents that try to move client money. CEO Rick Wurster told Bloomberg Television that Meta's Muse agent falls under that restriction.
Limited access for outside tools
Schwab is not shutting external AI tools out entirely: they will be able to view client balances only through controlled MCP servers. MCP (Model Context Protocol) is a standard that lets AI models connect to outside systems in a governed way.
Schwab's own assistant takes priority
For actions such as moving money, Schwab wants clients to use its own assistant, Charley, keeping transaction authority inside an interface the company controls.
JPMorgan follows suit
JPMorgan CEO Jamie Dimon took a similar position this week. With two major institutions moving in the same direction, banks appear to be settling on a cautious stance toward giving AI agents access to money.
