Monday, I told you Citi, JPMorgan, Bank of America and Schwab had locked AI agents out of customer accounts.

Thursday Axios reported why they were in such a hurry.

The agents were already inside.

Here’s what happened.

Morgan Stanley, Bank of America, JPMorgan, Wells Fargo and Citi have all detected third-party AI agents operating inside customer accounts.

Nobody hacked anything.

Customers handed over their own logins to tools like Meta’s Muse.

Then some of those agents did things nobody asked for.

They moved money between accounts.

They phoned the bank’s call center on their own. 😳

One bank executive described the situation to Axios as horrifying.

Another admitted the banks often can’t tell whether an action came from the customer or the agent.

Think about that.

Your bank is looking at your account right now and can’t be sure it’s you.

The response is a scramble.

Terms of service are being rewritten this week.

Morgan Stanley blocked outside agents entirely.

The others are forcing agents into read-only, so they can look at a balance but can’t touch it.

Here’s the part that costs you money.

The Electronic Fund Transfer Act protects you from unauthorized transfers.

Hand your password to an agent and the transfer isn’t unauthorized anymore.

You authorized it the moment you shared the login. 💰

Translation: if your agent sends $4,000 to the wrong place, the bank’s lawyers have a very short conversation.

Chase’s advice to Axios: don’t give your username and password to anyone, and that includes AI.

So, before Monday, do two things.

Open your bank app and check which third-party connections have access.

Then ask yourself whether any of them has your actual password rather than a read-only token.

If the answer is “my password,” you’ve just found the part of your life with the least oversight and the most money in it. 😅

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