Chase Bank aware of customers attempted to game ATMs with viral ‘glitch’

Summary

A viral TikTok trend involving users depositing fraudulent checks into Chase Bank accounts and withdrawing funds before detection is exposed as a serious scam. Despite the illusion of a 'money glitch' or 'free money hack,' this act constitutes check fraud, with Chase warning against it. Participants risk legal repercussions and financial liability, potentially owing thousands to the bank. The trend has sparked a counter-movement on TikTok, with users clarifying that this is not a loophole but a crime.

Takeaways

• 📺 A new viral TikTok trend involves users depositing fraudulent checks into their Chase Bank accounts.
• 💸 Users are withdrawing money before the checks are flagged as fraudulent, believing it to be a 'money glitch'.
• 🚫 The act is actually check fraud, and Chase Bank has released a statement clarifying it is not a glitch but illegal activity.
• 💡 Chase Bank is aware of the situation and is handling it, urging people not to participate in this fraudulent activity.
• 🏛️ Legal consequences for participating in this trend could include facing a case with Chase in court.
• 💰 Individuals involved may be required to pay back large sums of money if the fraudulent checks bounce.
• 📉 The trend has sparked a counter-movement on TikTok, with many users warning others that this is not a loophole but a crime.
• 👥 There is a demographic of younger users who may be unaware of the legal implications and are being educated by their peers on the platform.
• 🔍 The situation has highlighted the need for financial literacy and awareness of banking regulations among the public.
• 📢 The media is playing a role in clarifying the nature of the trend and its consequences to the public.

Q & A

What is the new viral TikTok trend involving Chase Bank?

The new viral TikTok trend involves users depositing fraudulent checks into their Chase Bank accounts and withdrawing the money before the checks are flagged as fraudulent.

Why are some users calling this trend a 'money glitch' or 'free money hack'?

Users are calling it a 'money glitch' or 'free money hack' because they believe they can exploit a loophole in Chase Bank's system to get money from fraudulent checks before the bank detects the fraud.

What is the actual nature of this 'money glitch' as described in the script?

The 'money glitch' is not a glitch at all; it is check fraud. Chase Bank has clarified that this is a fraudulent activity and not a loophole.

What are the consequences of participating in this fraudulent activity as mentioned in the script?

The consequences include facing legal trouble and owing back the money to Chase Bank, potentially in large amounts, as well as being charged with a criminal offense.

How does Chase Bank respond to this trend in the script?

Chase Bank has released a statement urging people not to participate in this activity, clarifying that it is fraud and not a glitch, and stating that they are aware of the situation and are handling it.

What amounts of money are people reportedly depositing and withdrawing in this trend?

People are reportedly depositing and withdrawing astronomical amounts, such as $30,000 and $40,000, from fraudulent checks.

What is the reaction of the TikTok community to this trend?

There is a big pile-on of people on TikTok setting the record straight, stating that this is not a loophole but a crime, and urging others not to participate in the fraudulent activity.

Why might some people be tempted to participate in this trend?

Some people, particularly younger individuals who may be new to banking and looking for ways to get fast cash, might be tempted due to a lack of awareness or understanding of the consequences.

What advice do the TikTokers in the script give to those considering participating in this trend?

TikTokers in the script advise against participating, emphasizing that it is not a loophole but a crime with serious legal and financial consequences.

How does the script suggest that this trend started and gained traction?

The trend started at the end of August, with people claiming to have found a loophole at Chase Bank, and it gained traction as more users shared their experiences and views on TikTok.