Dimon's warning: hand an agent your password and 'there's a liability transfer'

JPMorgan moved first: on the October 13 earnings call, Jamie Dimon said the bank would not let just any outside agent operate inside its systems — "You don't want rogue agents" — and warned customers who hand an agent their password anyway that they "should understand there's a liability transfer." In other words, if the software does something the customer did not intend, the customer may be the one who pays.

Citi's position is the bluntest — no third-party agents logging in or transacting at all — and behind the security argument sits roughly $1.6 trillion in deposits that pay no interest. Apollo chief economist Torsten Slok asked in a widely circulated note whether an "agentic bank run" is coming, with assistants sweeping household cash paying a national average of about 0.1 percent into accounts paying 3.3 to 5 percent.