Brief

U.S. banks block Meta’s Muse AI bot from moving client money

Schwab and JPMorgan cite risk and liability concerns as they stop the Muse bot from accessing accounts.

By Felo News Desk · Published Sat, 17 Oct 2026 06:40:22 GMT

Charles Schwab and JPMorgan Chase announced they are blocking Meta’s Muse AI bot from moving money in client accounts, citing unacceptable risk and liability concerns.

What happened

Schwab CEO Rick Wurster told Bloomberg TV on Friday that the brokerage is actively preventing Muse from executing transactions because the firm cannot control the bot’s actions or the client’s liability. He said weekly reports show the number of blocked attempts is in the “tens and twenties” per week. JPMorgan Chase CEO Jamie Dimon made a similar statement on an earnings call, saying the bank will not allow any external AI agent to move money for retail clients because it is “too risky for clients and for JPMorgan.”

What the reports add

Wurster noted that Muse collects extensive data on users and their contacts, raising privacy concerns after a prior incident where the bot allegedly disclosed a home address to a stranger. He also said Schwab is encouraging use of its own AI assistant, Charley, which is limited to administrative and informational tasks and will not trade on behalf of clients. Dimon added that the bank is wary of “rogue agents” and that the ban applies to any external AI agent for retail customers.

What was said

“We don’t want someone just giving their password to Muse, and letting Muse come in and take action on that client’s behalf. We can’t control it, the client can’t control it, something could go wrong and who’s liable?” – Rick Wurster, Bloomberg TV, reported by Gizmodo.

“We’re not going to allow just any… outside agent to come in inside the company, because it’s just too risky for clients and for JPMorgan.” – Jamie Dimon, earnings call, reported by Gizmodo.

How it came about

The ban follows recent scrutiny of AI agents handling financial data, including Schwab’s rollout of its in‑house assistant Charley last month and broader industry concerns about AI‑driven financial services.

Key facts

• Schwab is blocking Meta’s Muse AI from moving client money (gizmodo.com)
• JPMorgan Chase also bans external AI agents from executing transactions (gizmodo.com)
• Schwab reports weekly blocked attempts number in the tens to twenties (gizmodo.com)
• Schwab promotes its own AI assistant Charley for limited tasks (gizmodo.com)

Sources

• [1] gizmodo.com — originally reported as “After Muse Launch, U.S. Banks Are Saying Hell No to AI Agents Moving Money”