Schwab blocks SI agents trying to move clients' money; Citi, per the FT, is also restricting their access
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
Big banks let SI agents into accounts only to look: until it is clear who is responsible for an agent's mistake, they won't trust it to move money.
According to The Next Web, Charles Schwab is blocking unauthorized SI agents, including Meta's Muse; CEO Rick Wurster told Bloomberg Television that major agents are stopped "in the tens" each week (he gets a weekly report), and explained: "We can't control it, the client can't control it, something could go wrong — and who's liable?" Instead of write access to accounts, Schwab plans to offer view-only access through secure MCP servers. According to The Next Web, JPMorgan chief Jamie Dimon took a similar line this week. According to the Financial Times' feed description (the article is paywalled), Citi became the latest US bank to restrict agents' access to accounts; banks fear chatbots could shift deposits to higher-yielding accounts.
Sources 2