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The Chase ATM ‘glitch’ that went viral is probably check fraud according to the bank
The Chase ATM ‘glitch’ that went viral is probably check fraud according to the bank
Videos went viral across TikTok of people depositing checks for substantial sums of money through ATMs and immediately withdrawing the cash for a lesser but still significant amount before the check cleared.
The Chase ATM ‘glitch’ that went viral is probably check fraud according to the bank
It’s all too good to be true, and it really is, because this process is just a form of check fraud-a criminal offense. Chase Bank issued a statement to USA Today that the issue has now been addressed.
Simple illegal trick:
The scheme revolved around a common banking rule allowing the depositors to have some cash that had been deposited through a check even before the full check amount has cleared.
Those participating in the TikTok challenge would write out checks for thousands of dollars and withdraw all the available cash immediately before the check would always bounce.
Whatever you might read online, depositing a phony check and taking the money out of your account is fraud, pure and simple,” said a Chase spokesperson.
The scheme was based on a banking rule that allows check depositors to have some of their cash available, even when the total amount in the check has not fully cleared. , participants wrote checks in obscene amounts and withdrew the maximum possible money before it could bounce.
Videos gone viral over the past weekend show individuals throwing dollar bills up in the air, rejoicing in their newfound richness.
Other videos show the aftermath of the glitch-a user showing their negative account balances in their Chase accounts after trying the hack.
It’s not your money:
Whatever you might read online, depositing a phony check and taking the money out of your account is fraud, pure and simple,” said a Chase spokesperson.
Videos gone viral over the past weekend show individuals throwing dollar bills up in the air, rejoicing in their newfound richness.
Other videos show the aftermath of the glitch-a user showing their negative account balances in their Chase accounts after trying the hack.
It’s not your money:
JPMorgan Chase is warning people to stop committing a form of check fraud that blew up on TikTok. A number of viral TikTok videos had some people believing they could get “free” cash from Chase ATMs.
But it was just a glitch – and those customers were actually committing fraud, according to the bank.
Over the weekend, videos began to appear on the app of individuals depositing checks for large sums of money through Chase ATMs and then withdrawing immediately a smaller yet still-substantial amount, to which they would then speculate that a bug was found and they were hitting the jackpot.
The problem is, this is a form of check fraud-a crime. Chase said in a statement to aaz ka news “This issue has been addressed and people are advised not to try this stunt.”.
The bank’s parent, JPMorgan, is reviewing the matter carefully, a person close to the situation told to aaz ka news. It has not determined how many Chase customers were affected or what dollar amount was involved, the person said.
