A new trend on TikTok sees people trying to take advantage of a Chase ATM “glitch” to offer up “unlimited free money,” but it quickly becomes clear that banks and their money are not so easily given up.
Experts say the “glitch” video closely resembles one of the oldest forms of fraud: check fraud.
Videos urging bank customers to take advantage of the “glitch” went viral online, leading people to deposit large sums of money using fake checks, which would result in some of the fake deposits being credited to customers' accounts before the checks cleared.
One video shows people lining up outside a Chase Bank branch in New York City, purportedly trying to take advantage of a “virus glitch to get free money.” Someone wrote to X.
But Chase quickly fixed the bug and is now clawing back money paid to people who weren't eligible to receive it.
People who took advantage of the glitch quickly reported that their accounts were locked and hit with large negative balances.
One user posted deductions totaling about $40,000, labeled “ATM deposit error.”
For a brief period when the exploit appeared to be successful, unsuspecting social media users were excited.
Chase Bank customers shared videos of themselves dancing in joy and throwing bills into the air outside a Chase bank in Yonkers.
In one clip, a happy-looking group can be seen driving around with their heads sticking out of car windows and Chase cards in their mouths.
Financial educator Jim Wang explained the problems with the “Chase glitch” fiasco and warned that those who “exploited” the problem will face serious consequences.
“What people found out in the last few days was that there were issues with Chase ATMs. They were able to deposit checks, check their balances and make withdrawals,” Wang said.
“Chase handled it well and fixed everything within a day. People who were engaging in this behavior saw large holds and huge negative balances appear on their accounts.”
Wang added: “In this case of the 'glitch', it was just check fraud. If you do something like this, you'll be in big trouble.”
Wang reiterated that if a large amount of money is transferred to a bank account due to a bank mistake, customers should immediately report it to the bank.
“Just because the money is in your account doesn't mean it's literally yours,” he says. “Once you've spent the money and are forced to pay it back, you have to figure out how to pay it back.”
Chase Bank did not immediately respond to The Post's request for comment Sunday.
