TikTok ‘Infinite Money Glitch’ — Idiots Chased by JPMorgan
No, Chase Bank isn’t going to let you cash bad checks. It’s fraud—no matter what X and TikTok tell you.
JPMorganChase is catching up with thousands of alleged fraudsters who passed bad checks a few weeks back. Egged on by stupid videos on X and TikTok that described it as a “glitch,” they withdrew money on forged checks, despite it being a federal crime.
It’s episode 82,105 of don’t do what TikTok tells you. In today’s SB Blogwatch, we require you to exit our grassed area.
Your humble blogwatcher curated these bloggy bits for your entertainment. Not to mention: It’s fraud.
Dimon’s Dollars (Not Yours)
What’s the craic? Hugh Son reports: JPMorgan begins suing customers
“Thousands of possible cases”
The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on … social media platforms in late August. A Houston case involves a man who owes JPMorgan $290,939.47, … according to the bank.
…
JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the … glitch, though it hasn’t disclosed the scope of associated losses. … JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers’ fees and, in some cases, punitive damages. … The civil cases are separate from potential criminal investigations.
How did it work? Let’s turn to Paige Gawley: ‘Infinite Money’ ATM Glitch
“Severely negative accounts”
Social media users who thought they’d bested the banking system are in for a rude awakening. … The situation started when people realized that, if they deposited a bad check, Chase … would let them get much of the amount out in cash before the check bounced.
To say people took advantage of the now-closed loophole is an understatement. Social media users proudly showed off their success with the trend, to the tune of tens of thousands of dollars.
Now, those same people are realizing that the so-called glitch may actually just be check fraud. They’re showing off videos of their severely negative accounts and talking about hiring lawyers.
I guess people are learning a valuable lesson? This Anonymous Coward has little sympathy for the perps:
It was not a “glitch.” The bank allowed you to deposit a check, and then to immediately draw on that check as a sign of good faith on the validity of said check. If the check was bad, though, you’re on the hook for that money. No different than if you went to a teller and did the same thing.
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I would fully expect the account to have been debited once the bad check was discovered, and a penalty applied on top of that. … I would also expect the largest abusers to have been malicious, rather than merely opportunistic, for whom legal remedy is justified. Everyone else got to pay a fee to learn a lesson about writing checks.
No! really? NoReallyButWait really agrees:
Really weird: … It’s not an “infinite money glitch.” It’s literally just “committing fraud,” which as we all know is only okay when banks do it.
Some things never change. u/nowake can’t sleep:
We had stupid people 20 years ago. The big difference is that 20 years ago, a physical person in charge of running the transaction would have put a stop to the nonsense.
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Today, we’ve got banking software that allows this type of stuff to happen. You’ve got to wonder.
Broken banking—but Ball boy bites: [You’re fired—Ed.]
Checks … have been in circulation for, oh, a billion years. And it’s well-established that it takes a couple of days for them to clear — ask anyone who got paid by them back in the ’80s. And yet, for reasons unexplained, Chase decided to ignore their own processes and pay out on uncleared deposits? More fool them.
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[The customers] should really be allowed to get away with it and Chase obliged to foot the losses out of their obscenely good profit margins, as an object lesson in managing stupidity!
Wait. Pause. Surely check kiting is a criminal act? Luckyo joins the dots:
Bank suggests that it will not press criminal charges if you enter an agreement with it to refund the money you defrauded.
Meanwhile, u/Metron_Seijin is shocked this trended in the first place:
It’s shocking that something like this got viral popularity. Then again so was Tide Pods.
And Finally:
A slightly sarcastic Scott says said “glitch” had been around for years
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