AI agents could move cash to accounts with higher interest rates, potentially threatening banks’ cheap deposits. Americans forgo untold sums every year on a "laziness tax," such as failing to refinance mortgages or keeping cash in low-interest accounts. Now, AI is threatening to end that.

Apollo Global Management Chief Economist Torsten Slok raised the prospect of an AI-induced bank run, saying people could use bots to sweep money into higher-paying accounts. His observation went viral on X. "Consumer inertia has been a very powerful force in shaping the financial industry," said John Campbell, a Harvard economics professor. Morgan Stanley Research estimates AI could double the portion of borrowers refinancing mortgages.

Banks rely on deposits to make loans and pocket the extra interest. About $7.12 trillion sits in consumer and business checking accounts, often bearing little or no interest. However, analysts doubt a sudden drain, as institutional clients already do this via treasury management, and consumers trust familiar banks. "You're not going to give your money to some bank you've never heard of," said Peter Crane of Crane Data.

Investors are taking note. Financial stocks slid after Meta Platforms' release of its Muse virtual assistant, which can renegotiate bills or spot unused subscriptions. The idea that AI could level the playing field assumes bots recommend the best products, but they may have blind spots.