A rumor known as the “Chase Bank Glitch” is currently making waves on social media, and it involves making fraudulent transactions so that one can withdraw cash that isn’t theirs.
Now how does it work exactly? According to Complex.com, a person may simply walk into the bank and deposit fake checks for any sum of money, usually a large amount of around $50,000. Since the checks won’t get flagged at first, the withdrawal will push through. The individual can then proceed to withdraw that amount from the ATM or instead, request for a loan.
Many are already exploiting the “Chase Bank Glitch,” hoping that they will be among the lucky ones to obtain the free money without getting caught.
However, as a bank with a reputable robust security system, Chase Bank has responded quickly and rectified the problem. Those who were successful with the theft are now burdened with significant negative balances and could possibly be facing jail time. Some have also been penalized with seven-day holds.
This check fraud is suspected to have been fabricated by scammers to lure unsuspecting victims who wish to make money quickly. Other businesses like Cashapp and DoorDash have faced similar situations in the past and customers who indulged back then are still reeling from the aftermath of being caught.