TikTokers across the land who decided to eff around with the “Chase Bank Glitch” trend earlier this fall have arrived at the “find out” portion of the festivities. Lawsuits are being filed by Chase against those who took advantage of what was portrayed as a “glitch” resulting in free money. However, that “free” money actually has a hefty price tag, as many who participated in the trend withdrew hundreds of thousands of dollars before the bank could catch up.
A quick recap for those who’ve moved on from this chapter of internet tomfoolery: TikTok influencers noticed and exploited a delay in check processing by depositing bogus checks for large sums, then quickly withdrawing cash before the checks inevitably bounced. The trend went viral as videos showed people trying the “glitch” and tossing fistfuls of cash into the air, but Chase caught on fairly quickly. One user even wore a mask while completing the transaction, hoping to hide his identity by keeping his face covered. Apparently, no one told him that the mask needed to cover his account number instead, which was directly tied to his identity.
The bank promptly put a stop to the bogus transactions, closing the check-cashing loophole. Now, lawsuits are being filed against individuals involved to help Chase recover the stolen funds. The amounts taken weren’t small—think $290,000 or more—and the bank has the ability to garnish wages and seize investments to recoup its losses. Not only that, but Chase is pursuing extra damages, interest, and fees, so that “free” money not only isn’t free but comes with an additional price tag.
If a “get-rich-quick” scheme seems too good to be true, that’s because it is. The “Chase Bank Glitch” wasn’t really a glitch; it was fraud, and Chase is working with law enforcement to bring the perpetrators to justice. This is no minor slip-up that can be fixed with an apology and a payment plan—it’s likely to haunt participants for the rest of their lives. Many will likely face criminal charges, which often come with prison time. By the time all is said and done, participants will probably spend more on legal fees, court costs, and fines than they managed to cash out during their brief moment of fraudulent fame. Oh, and they’ll probably never be able to have a bank account again. Say it with us: Play stupid games, win stupid prizes.
The moral of the story is twofold. 1. Financial institutions don’t mess around when it comes to their money. If you try to pull a fast one on them and commit fraud—big or small—you will get caught, and it won’t be fun. 2. Just because you heard about it on the internet doesn’t mean it’s true.
