A viral TikTok video led people to believe a Chase Bank “glitch” was allowing them to get free money, but the bank claims it's just a check scam.
A TikTok video showed people celebrating after apparently receiving a large amount of free cash from Chase Bank.
“The people who were doing this knew they had a big hole in their account.”
They were taking advantage of the grace period that banks offer customers after they deposit a check to allow them to withdraw the funds at an ATM. The TikTok trend has encouraged people to write themselves checks for tens of thousands of dollars and then withdraw some of the money from their banks.
It didn't take long for Chase Bank to shut down the “glitch” and release a statement:
“Depositing fraudulent checks and withdrawing funds from your account is simply fraud, regardless of what you may have seen online.” said A Chase Bank spokesperson told CNN.
The bank also said the issue had been resolved.
WZDX TV Reported Someone convicted of check fraud can face fines and up to a year in jail for a misdemeanor, or thousands of dollars in fines and more than a year in jail for a felony.
Jim Wang, online financial influencer Warned He took to his Instagram account to warn that check scams don't get you free money.
“Those who have engaged in this practice have found themselves with large holes in their accounts or large negative balances,” he wrote. “Banking mistakes are rarely used to your advantage. In this case of the 'glitch,' it was simply check fraud.”
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