A ‘glitch’ at Chase bank’s ATMs which allowed customers to withdraw money from their account after depositing fake checks for large sums has seen a wave of people flaunt their cash online.
It appears some Chase customers wrote checks with outlandish amounts and deposited them to get tens of thousands of dollars that weren’t theirs, which had some calling it an ‘infinite money hack.’Â
But experts say this isn’t a harmless life hack but rather a case classic check fraud, which is punishable by fines and jail time in serious cases.
Social media users who ‘tried’ the hack reported seeing the money initially reflected in their account balance or were able to get cash from ATMs before their fake checks cleared.
However Chase, one of the oldest banks in the country, was quick to crack down, leading to many customers posting update videos where they’re devastated over huge negative balances in their accounts.
‘We are aware of this incident, and it has been addressed. Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,’ a Chase spokesperson told DailyMail.com.
One of the most recognizable videos to come out of this short-lived trend showed a man walking out of a Chase branch in Yonkers, New York, and cheering as he fanned out a wad of cash
Later in the video, they cruise through the streets with hundred dollar bills in their hands and their Chase debit cards in their mouths
Multiple images and videos have emerged of dozens of people lining up outside Chase bank branches, allegedly hoping to exploit the so-called money glitch
Chase declined to comment any further on how people were able to circumvent its safety protocols.
One of the most recognizable videos to come out of this short-lived trend showed a man walking out of a Chase branch in Yonkers, New York, and cheering as he fanned out a wad of cash.
Three of his friends surrounded him as they all celebrated their ill-gotten gains.
They then cruise through the streets hanging out of their car holding hundred dollar bills in their hands and beaming with their Chase debit cards in their mouths.
Other videos showed dozens of people lining up outside Chase branches, allegedly hoping to exploit the supposed glitch.
The euphoria was short lived though, as people began to share screenshots of their Chase accounts with scarily large negative balances.
Both of these people are showing their negative account balances after they allegedly engaged in the Chase money glitch
Many people also took the opportunity to make fun of the people who fell for get-rich-quick scheme through snappy memes
This person joked that people are putting themselves in ‘generational debt to buy a nice car they’ll own for two days before all their assets are seized by the bank.’
One visibly distressed man showed pending deductions from his account’s balance, one for $31,000 and another for over $7,000. Both were due to an ATM or deposit error.
‘F**k man,’ he said as he rubs his face. ‘They really told me to tap in, the next day it was supposed to clear, but look at my account.’
Another person showed that his account was nearly $11,000 in the red after taking part in the trend.
Many people also took the opportunity to make fun of the people who fell for get-rich-quick scheme through snappy memes.
One person joked that people are putting themselves in ‘generational debt to buy a nice car they’ll own for two days before all their assets are seized by the bank.’
Others didn’t quite see the humor in it, instead opting to warn people what may be coming for them.
This woman said Chase is going to ‘ put a hurtin’ on ‘ anyone who engaged in this fraud
Jim Wang, a popular financial educator on TikTok, posted his own take on the Chase glitch mania and warned people that they’ll face serious consequences for what they’ve done
One woman said Chase is going to ‘put a hurtin’ on‘ anyone who engaged in this fraud and criticized people for being foolish enough to post their stealing on social media.
‘Go ahead and spend that money now,’ she said. ‘Who told you this was going to be a safe way to get money. You don’t think that this is going to be trackable?’
Jim Wang, a popular financial educator on TikTok, posted his own take on the Chase glitch mania and warned people that they’ll face serious consequences for what they’ve done.
‘In the case of this “glitch,” it was just check fraud. You’re going to get in huge trouble if you do something like this,’ he said.
‘Just because money appears in your account, doesn’t mean it’s literally yours,’ he said. ‘If you spend it and are forced to pay it back you’re going to have to figure out a way to pay it back.’
Many people who did the glitch complained that they were now in debt, but that could be the least of their worries.Â
Check fraud can be prosecuted at the state or federal level.Â
The maximum punishment for large thefts of money from financial institutions is a fine of $1 million and 30 years of imprisonment.
