In a new TikTok trend, people are posting their attempts to exploit a “bug” in Chase Bank ATMs that offers “infinite free money” – but are quickly learning that you can’t separate a bank from its money so easily.
According to experts, the “glitch” videos are very similar to check fraud – one of the oldest scams in existence.
Videos encouraging bank customers to exploit the “glitch” quickly spread online, prompting people to deposit fake checks for large amounts.
The glitch caused some of the fictitious deposits to be credited to customers’ accounts before the checks were cashed.
A video shows people queuing outside Chase branches in New York City, allegedly trying to exploit the “viral glitch to get free money,” wrote someone on X.
But Chase quickly fixed the error and is now reclaiming the money that was paid out to people who didn’t deserve it.
A Chase Bank spokesperson told The Post that consumers should be skeptical and that if something sounds too good to be true, it probably is.
“We are aware of this incident and have addressed it. Regardless of what you see online, submitting a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” the spokesperson added.
People who exploited this bug soon reported that their accounts were frozen and a massive negative balance occurred.
One user posted deductions labeled “ATM deposit error” totaling nearly $40,000.
For a brief period when the exploit appeared to work, there was great rejoicing among unsuspecting social media users.
Chase customers shared videos of themselves dancing for joy and throwing handfuls of bills into the air right outside a Chase bank in Yonkers.
One clip shows a cheerful group driving around with their heads sticking out of the car window and Chase cards in their mouths.
Jim Wang, a financial expert, explained the problems surrounding the “Chase Bank glitch” and warned that those who “exploit” the problem would face serious consequences.
“People noticed in the last few days that Chase was having problems with its ATMs. They were able to deposit checks, check balances and withdraw money,” Wang said.
“Chase had the problem pretty well under control. Within a day, everything was fixed and the people who had done it were seeing big freezes on their accounts or huge negative balances.”
Wang continued, “This glitch was just check fraud. If you do something like that, you’ll be in big trouble.”
Wang reiterated that customers should notify their bank immediately if a large amount of money appears in their bank account due to a banking error.
“Just because money shows up in your account doesn’t mean it’s literally yours,” he said. “If you spend it and are forced to pay it back, you have to find a way to pay it back.”
Another expert and CEO of the Bloom Institute of Technology, Austen Allred, also took to social media to refute the trend.
“The ‘Chase Unlimited Money Glitch’ that went viral on TikTok involved writing yourself a huge check, cashing that check on mobile, and going to an ATM to withdraw cash before the check cleared… This is check fraud in the truest sense of the word,” he wrote.
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