JPMorgan Chase, Citigroup, Bank of America, and Charles Schwab have officially prohibited AI agents from transferring customer funds. These financial institutions confirmed their stance during the week of October 19, 2026, following reports of unauthorized agents attempting to execute unrequested actions within user accounts.
Charles Schwab CEO Rick Wurster stated that the brokerage blocks unauthorized AI agents dozens of times each week. Meanwhile, Citigroup maintains a policy against third-party agents accessing accounts or conducting transactions. Bank of America CEO Brian Moynihan emphasized that human oversight remains mandatory for all outgoing fund transfers.
While these firms restrict transactional capabilities, they currently permit AI agents to perform read-only tasks, such as viewing account balances. JPMorgan Chase CEO Jamie Dimon noted that the bank prevents external agents from gaining internal access to its systems.
U.S. Bancorp CEO Gunjan Kedia reported on October 15 that the bank has not yet encountered third-party agents attempting to automatically move cash between institutions for higher interest rates. Kedia cited the technical complexity of such operations as a barrier to near-term adoption.
PNC Financial Services Group CEO William Demchak stated on October 15 that third-party agent transactions are currently unsafe. He argued that widespread adoption of such technology would require new legislation regarding liability, as well as the implementation of secure authentication protocols and mandatory human-in-the-loop verification.
