The two financial giants block unauthorised third-party agents: read-only access to accounts via MCP servers, but no transactions. Schwab blocks dozens of them every week.
On 16 October, Charles Schwab and JPMorgan Chase confirmed on Bloomberg TV that they prevent unauthorized external AI agents from acting on their customers' accounts. At Schwab, dozens of access attempts are blocked every week. Its general manager Rick Wurster summarized the fear that a client would confide his password to an assistant like Muse of Meta, to let him operate in his place.
Look, not touch
The compromise that emerges is through Model Context Protocol (MCP) servers: third-party language models can view a balance or search, but any movement of funds is prohibited. Schwab's assistant house, Charley, is himself confined to administrative and information tasks, without the possibility of making orders.
There is currently no federal law that sets out the responsibility for an AI agent's error in finance: several proposals, including Senator Warner's AI AGENT Act, are blocked in committee. In the absence of a framework, it is therefore the banks themselves that lay down the rules, and their choice could become the de facto norm of the sector.
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