TikTokers attempting viral Chase Bank ATM 'hack' for free cash actually committing fraud

[Orange]

Social media users who thought they hit the jackpot with a “Chase ATM glitch” have instead landed themselves in hot water. A series of TikTok videos that have gone viral detail a “loophole” that lets you withdraw large sums of money from Chase Bank ATMs by depositing fake checks. However, the bank has come forward to warn that this isn’t a “loophole,” but outright fraud.

 

The trick exploits a common banking practice that allows customers to access a portion of deposited check funds before the check fully clears. This policy, designed to provide convenience to account holders, has become the target of opportunistic TikTokers.

 

 

In their videos, users showcase a deceptive tactic: writing checks for substantial sums, then rushing to withdraw the maximum available amount before the check inevitably bounces.

 

This approach takes advantage of the gap between the initial deposit and the bank’s verification process, essentially creating a brief window for unauthorized access to funds that don't actually exist.

 

Chase Bank has been quick to set the record straight about this digital get-rich-quick scheme, warning customers that what’s been dubbed a glitch is actually a crime.

 

“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” warns a spokesperson.

 

Those who attempt this “hack” might find that they’ll be left with negative balances as the bank performs some corrections.

 

JPMorgan Chase is investigating the scope of this fraudulent activity, CNN hears from an anonymous insider. At present, Chase’s parent company is still crunching the numbers to determine how many customers fell for the scheme and the total sum involved.

 

• https://www.usatoday.com/story/money/2024/09/03/chase-bank-atm-glitch-fraud/75058813007/ 
• https://www.nbcnews.com/business/consumer/chase-bank-says-aware-viral-glitch-inviting-people-commit-check-fraud-rcna169339 
• https://www.vox.com/money/369894/chase-bank-glitch-tiktok-fraud-free-money 
• https://edition.cnn.com/2024/09/03/business/chase-tiktok-trend/index.html 

 

 

Image: Walter Cicchetti | Dreamstime.com