Wells Fargo: customers liable for AI agent activity unless they prove revocation

Nov. 24 date the new customer liability terms take effect

Wells Fargo’s updated online access agreement, effective Nov. 24, makes customers responsible for everything an AI agent does with their accounts until they notify the bank they have revoked it, and requires them to keep evidence of the revocation, “to the extent permitted by law or regulation.” American Banker says Wells Fargo appears to be the first bank to require such proof. JPMorgan Chase has also changed its terms to hold customers liable for agents they authorize. A Wells Fargo spokesman says the bank may otherwise not know when an agent’s authority ended, but did not say what counts as evidence. One expert called the requirement unrealistic. Another asked who is liable when an agent goes rogue anyway.

Alan's takeHere we go. Consumer: 'I didn't authorize that payment so the bank should refund me.' Bank: 'But your agent did authorize that payment.' How long until agent authorized payment disputes make it to the Supreme Court?