new York
CNN
—
A viral TikTok trend that caused some people to think they were getting “free” cash from ATMs due to a glitch is actually just a scam, according to the bank.
Over the weekend, videos appeared on the app showing people depositing checks for large amounts at Chase ATMs and then withdrawing a smaller but still sizable amount. People thought they had discovered a bug and were hitting the jackpot.
The problem is that it’s just a form of check fraud, which is a crime. Chase said in a statement to CNN that the problem was “addressed” and warned people not to try it.
The trick relies on a banking standard that allows check depositors to access some of their money before the full check amount clears. In the case of the viral videos, participants wrote checks for obscene amounts of money and then withdrew as much as they could before the check could bounce.
“Regardless of what you see online, cashing a fake check and withdrawing the money from your account is fraud, plain and simple,” a Chase spokesperson said.
One video shows participants gleefully throwing dollar bills in the air, while other posts showed negative balances in their Chase accounts after the “hack” attempt. But that was the bank that either locked their accounts or withdrew the stolen money from their accounts, said Jim Wang, a financial educator.
“The people who did this saw huge holes in their accounts or huge negative balances,” Wang said on Instagram. “Bank mistakes in your favor are almost never in your favor. In the case of this ‘glitch,’ it was just plain check fraud.”
His advice? “It’s not your money, and if they find out, they’ll want it back. Don’t spend it, don’t move it, just leave it alone and tell the bank,” Wang said.
