A “malfunction” at Chase Bank ATMs that allowed customers to withdraw money from their accounts after depositing large amounts of counterfeit checks has led many people to flaunt their money online.
It appears that some Chase customers wrote checks with odd amounts and deposited them to get tens of thousands of dollars that weren’t theirs. Some called it an “infinite money trick.”
According to experts, this is not an innocent trick, but rather an age-old crime: check fraud. In serious cases, it carries a fine and in some cases even a prison sentence.
Social media users who “tried” the hack reported initially seeing the money appear in their accounts or being able to withdraw the money from an ATM before their bogus checks were processed.
But Chase, one of the nation’s oldest banks, quickly stepped in, with many customers posting update videos expressing shock at the massive 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, pure and simple,” a Chase spokesperson told DailyMail.com.
One of the most recognizable videos to emerge from this short-lived trend showed a man walking out of a Chase branch in Yonkers, New York, and handing out a wad of cash in a cheer.
Later in the video, they drive through the streets with hundred dollar bills in their hands and their Chase debit cards in their mouths.
Multiple images and videos have surfaced showing dozens of people lining up outside Chase Bank branches, reportedly hoping to take advantage of the so-called cash outage
Chase declined to comment further on how people were able to circumvent the security protocols.
One of the most recognizable videos from this short-lived trend showed a man walking out of a Chase branch in Yonkers, New York, and handing out a wad of cash in a cheer.
Three of his friends gathered around him and celebrated their ill-gotten gains together.
Then they drive through the streets, hanging out of their cars, hundred-dollar bills in their hands and beaming with their Chase debit cards in their mouths.
Other videos showed dozens of people standing in line outside Chase branches, reportedly hoping to take advantage of the alleged outage.
The euphoria didn’t last long, however, as people began sharing screenshots of their Chase accounts showing shockingly high negative balances.
Both individuals show negative account balances after allegedly being involved in Chase money outage
Many people also took the opportunity to poke fun at those who fell for the get-rich-quick scheme through catchy memes
This person joked that people put themselves into “generational debt” to buy a nice car that they own for two days before all their belongings are foreclosed on by the bank.
A visibly distraught man showed that there were pending withdrawals from his account balance, one for $31,000 and another for more than $7,000. Both were the result of an ATM or deposit error.
“F**k man,” he said, rubbing his face. “They actually told me to log in, it should go away the next day, but look at my bill.”
Another person reported that his account was nearly $11,000 in the red after joining the trend.
Many people also took the opportunity to ridicule those who fall into the get-rich-quick trap through sharp memes.
Someone joked that people “go into debt to buy a nice car that they own for two days before all their belongings are repossessed by the bank.”
Others didn’t see the humor in it and chose to warn people of what was in store for them.
This woman said Chase will ‘beat up’ anyone involved in this fraud
Jim Wang, a popular finance teacher on TikTok, posted his own take on the Chase glitch mania, warning people that they will face serious consequences for what they did
A woman said that Chase ‘to hurt‘anyone who committed this fraud and criticized people stupid enough to post their theft on social media.
“Go ahead and spend that money now,” she said. “Who told you this was a safe way to get money? Don’t you think this is traceable?”
Jim Wang, a popular finance educator on TikTok, posted his own take on the Chase glitch mania, warning people that their actions would have dire consequences.
“In the case of this glitch, it was simply check fraud. You get into big trouble if you do something like that,” he said.
“Just because you have money in your account doesn’t mean it’s literally yours,” he said. “If you spend it and you’re forced to pay it back, you’re going to have to find a way to pay it back.”
Many people who experienced the outage complained that they were now in debt, but that was perhaps the least of their worries.
Check fraud can be prosecuted at the state or federal level.
The maximum penalty for grand theft of money from financial institutions is a $1 million fine and 30 years in prison.