So the agents move money from the regular account to a high interest account for days or weeks, keep on the lookout for accounts with even better conditions, and move just enough money back for the probably scheduled mortgage payment and other regular bills. That means the money doesn’t stay sleeping in the regular account where the bank can use it to make profits. And they’re very afraid everyone starts doing this, calling it an AI powered bank run.
That does sound like a bit of a risk. Similar to how high frequency trading affects stability of shares and elevates risk of mass sell-offs - if these agents had enough use from the general public, they could easily impact the stability of a bank.
Shit, I’ve been doing this manually. It takes maybe an hour of combined time to look on NerdWallet for the highest APY HYSA, make an account, link the old one, move everything over, and close out the old one. Automating that sounds nice though.
So the agents move money from the regular account to a high interest account for days or weeks, keep on the lookout for accounts with even better conditions, and move just enough money back for the probably scheduled mortgage payment and other regular bills. That means the money doesn’t stay sleeping in the regular account where the bank can use it to make profits. And they’re very afraid everyone starts doing this, calling it an AI powered bank run.
That does sound like a bit of a risk. Similar to how high frequency trading affects stability of shares and elevates risk of mass sell-offs - if these agents had enough use from the general public, they could easily impact the stability of a bank.
Shit, I’ve been doing this manually. It takes maybe an hour of combined time to look on NerdWallet for the highest APY HYSA, make an account, link the old one, move everything over, and close out the old one. Automating that sounds nice though.