Richard Parks A viral TikTok trend promising “free money” from Chase Bank ATMs has led to significant legal issues for some customers. Dubbed the “infinite money glitch,” this phenomenon, which emerged in early September, turned out to be a form of check fraud rather than a legitimate opportunity.
According to a report by CNBC, JPMorgan Chase is suing individuals who exploited a technical loophole that allowed them to withdraw substantial sums before the checks they deposited bounced. Typically, banks release a portion of the funds for withdrawal while awaiting the check’s clearance. “Fraud is a crime that impacts everyone and undermines trust in the banking system,” said JPMorgan spokesperson Drew Pusateri. “We’re pursuing these cases and actively cooperating with law enforcement to ensure that anyone committing fraud against Chase and its customers is held accountable.”
On Monday, JPMorgan filed lawsuits in Miami and California, with claims amounting to between $80,000 and $141,000, as reported by Quartz. The bank is also investigating smaller cases, prioritizing those that may be linked to organized crime or involve larger sums before addressing lesser amounts.
Lawsuits have been lodged in three federal courts, including one case in Houston, Texas, where a customer reportedly owes the bank nearly $291,000 after an accomplice deposited a counterfeit check for $335,000 at an ATM. The filing detailed that on August 29, 2024, a masked individual deposited the check into the defendant’s Chase account, prompting the rapid withdrawal of the majority of the funds.