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Chase customers who took advantage of an overdraw scam that went viral over the weekend could find themselves in a lot of trouble.
Videos circulating on social media ahead of Labor Day claimed that a “glitch” in the bank’s system would allow customers some easy money, but in reality, it was simply stealing.
Now, FOX Business has learned that Chase is partnering with law enforcement to pursue charges against participants in the scam.
A person uses a Chase bank ATM on Feb. 29, 2024, in New York City. A scam involving a purported “glitch” in Chase’s systems went viral over the weekend. (Gary Hershorn/Getty Images / Getty Images)
Several accounts on TikTok and other platforms touted the scheme that instructed Chase account holders to write themselves a large check (often in the tens of thousands of dollars), deposit it using a mobile device, and then rush to the ATM and withdraw the funds before the check was cleared.
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Some videos showed individuals allegedly celebrating their sudden riches, and others showed the aftermath of people purportedly finding their accounts frozen with massive negative balances.
A Chase bank branch in New York, on July 2, 2024. (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
It is unclear how many Chase customers actually tried the “unlimited money” stunt. Regardless, the bank says it has handled the so-called “glitch,” but the situation is not over.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 220.30 | -4.50 |
-2.00% |
“We are aware of this incident, and it has been addressed,” a Chase spokesperson told FOX Business in a statement. “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”