Viral Chase Bank ‘glitch’ is plain check fraud

Several Americans might have committed check fraud this week thanks to viral TikTok videos that claimed a glitch in Chase’s ATMs allowed them to deposit false checks and get free money.

Videos showed people depositing bad checks for large amounts at ATMs. They would withdraw a small but substantial amount soon afterwards, once the amount was credited to their accounts, and claim they had figured out how to cheat the system.

The only problem is that it’s not a “glitch” but a check fraud scheme.

Customers were doing an age-old fraud called check kiting and mistaking it as a money hack.

Addressing the rising incidents, Chase said, “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”

The bank didn’t confirm the amount customers withdrew or the number of people participating in this scheme.

Bad idea
Financial gurus were quick to post videos on social media warning users that blindly following such dangerous money hacks can have adverse consequences. According to Forbes, it could affect credit scores and even disqualify people from using certain banking services.