A glitch at Chase Bank went viral on TikTok over the weekend, enabling customers to withdraw large sums of money from ATMs despite having insufficient funds in their accounts. This issue appeared to allow users to deposit fake checks and immediately withdraw the funds before they cleared, leading many to believe they had successfully manipulated the banking system.
Social media users were spotted lined up outside of Chase Bank, eager to take advantage of the glitch and cash in on what they believed was “free money.”
people are currently lined up outside a Chase bank in New York trying to do the new viral glitch to get free money 😭😭pic.twitter.com/V49JpVu9iq
— ryan 🤿 (@scubaryan_) August 31, 2024
However, they made a vital mistake in thinking that the bank could be outsmarted so easily, as Chase was quick to fix the bug, and within one day many individuals who participated in the trend were left grappling with holds on their accounts and massive negative balances. One man reportedly saw his account drop into the red by more than $30,000 after hopping on the viral trend.
A glitch in Chase Bank’s system enabled people to withdraw money they weren’t entitled to, leading the bank to impose 7-day holds on the affected accounts.
As a result, many account holders are now facing significant negative balances. pic.twitter.com/GSsFg0B8ew
— Shadow of Ezra (@ShadowofEzra) September 1, 2024
A spokesperson for Chase commented on the situation, cautioning participants about the serious ramifications of their actions. “We are aware of this incident and have addressed it. Regardless of what you see online, depositing a fraudulent check and withdrawing the funds is unequivocally fraud,” the spokesperson stated.
The irony of the situation is that while these individuals thought they were outwitting the banking system by exploiting a temporary loophole, they ultimately fell into the debt trap. Rather than enjoying what they believed was their newfound financial freedom, they have instead shackled themselves to significant debts in addition to potential legal consequences.
The fact that anyone thought they had any chance of getting away with the social media scheme highlights a stunning lack of financial literacy and common sense that currently plagues our society at large.
While customers may have felt triumphant during brief moments of apparent financial gain, the long-term implications make it clear: the banks are masters of the game, and most players who try to cheat the game are left holding the empty bag.
Ultimately, banks like Chase remain unscathed, as the once eager participants in this TikTok stunt now face the financial reality of their new debts. In the end, it’s the banks that revel in the chaos, effectively reminding consumers that the house always wins, supporting the adage ‘if something seems too good to be true, it probably is.’
They should have been smarter. It angers me though to know that the banks engineered a fake “crisis” in 2008 and stole money they’re NOT giving back from the public, but now when someone steals from them they’re suddenly against theft.