Chase Customers Who Tried TikTok ‘Money Glitch’ Could Face Fraud Charges
- Is It Even Worth Paying Medical Debt Under $500 if It Doesn't Hurt Your Credit Anymore?
- 4 Major Changes That Could Reshape How You Save for Retirement in 2025
- Typical Homeowners Are Now Nearly 40 Times Wealthier Than Renters
- Gas Prices Are Under $3 — and Could Be Even Lower by Christmas
- Why the Number of 401(k) Millionaires Just Hit a Record High — Again
- Dollar Scholar Asks: How Do I Negotiate a Higher Salary for a New Job?
- 6 Money Moves You Should Make Before the End of the Year
- When Social Security Recipients Will Get Their Checks in December
- Dollar Scholar Asks: What's the Deal With $2 Bills?
- Donald Trump Is the President-Elect. Here's What It Means for Your Wallet
An “infinite money glitch” went viral on social media over the weekend, leading scores of Chase Bank customers to cash fake checks to themselves (and, in many cases, post about it). If that sounds too good to be true, it is: The bank quickly fixed the issue and called the activity fraud.
Now, an unknown number of people who participated in the trend could face charges.
The "glitch" in question allowed people to withdraw large amounts of money from Chase ATMs, taking advantage of a brief processing delay that occurred while their fake checks awaited verification. However, the so-called glitch isn’t a glitch at all. It's both illegal and financially detrimental, as the bank wants its customers to understand.
“We are aware of this incident, and it has been addressed,” a Chase spokesperson said in a statement Tuesday. “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”
In general, check fraud can be a felony or a misdemeanor, according to SQN Banking Systems, a fraud protection firm. If the amount involved is over $500, it’s more likely to be a felony.
That means people who posted videos on TikTok waving their "free" cash outside Chase ATMs could be in serious trouble, along with everyone else who tried to withdraw money using fake checks. (Chase would not comment on the amount of money involved or the number of cases, nor have law enforcement authorities addressed any action that's been taken.)
Customers who wrote fake checks could end up with debt to the bank, which they’ll likely have to address one way or another. Some videos purported to show large negative balances, suggesting it was at one point possible to withdraw tens of thousands of dollars. However, those claims are unconfirmed.
Aside from potential charges, check fraud can ruin an individual's credit if the debt is sent to collections. The bank may also place a hold on the account.
The lesson: Life isn’t a video game, and the consequences of fraud can be severe.
More from Money:
Best Banks in America for 2023-2024
This New Investing Trend Can Double the Returns of Single Stocks — but It's Risky
Some Social Security Recipients Won't Get a Payment in September (and That's OK)
