Over the weekend, popular TikTok videos claimed Chase Bank ATMs offered “free” cash. According to the bank, it was a glitch and those consumers receiving their “free” money were fraudsters.
TikTok videos show people depositing huge checks at ATMs and withdrawing a smaller but still substantial sum before the check cleared.
After receiving the money, they thought they had identified a system glitch and received free money.
It may sound too good to be true, but this is check fraud, a crime. Chase Bank told USA Today the issue was resolved. They also advise against this viral trend.
The method uses a banking norm that lets check depositors access a portion of the money before the check clears.
In the TikTok fad, people signed huge checks and withdrew as much as they could before they bounced.
Chase spokesperson: “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.
Over the weekend, viral videos showed people throwing dollar notes in celebration of their wealth. Other videos demonstrate the glitch's consequences, with one user showing their Chase account balances down following hacking.