A viral TikTok trend known as the “infinite money” glitch, purportedly allowing users to withdraw large sums from Chase Banks ATMs, has apparently resulted in large debts and frozen accounts for those who tried it.
Users on social media were posting themselves supposedly taking advantage of the “glitch” by depositing fake checks and before they cleared, withdrawing money despite having insufficient funds in their accounts.
Chase has now apparently rectified the issue, with some who claim to have tried to exploit the “glitch” now reporting their accounts are in the red with massive negative balances or have had holds put on them.
Source: TrVon
A spokesperson for Chase Bank did not outright confirm all the online claims, but did tell the New York Post consumers should be skeptical, and if something seems too good to be true, it likely is.
“We are aware of this incident, and it has been addressed,” the spokesperson said.
“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”
Generally, before a check clears, banks will have a cooling off period to authenticate the transaction and ensure no fraudulent activity. They also have fraud detection systems designed to flag unauthorized transactions.
In a Sept. 2 post on X, Bloom Institute of Technology CEO Austen Allred said the “glitch” was simply check fraud under a different name.
Source: Austen Allred
“So the ‘Chase unlimited money glitch’ that went viral on TikTok was: Writing yourself a giant check, mobile depositing that check, going to an ATM to withdraw cash before the check cleared. Literally just committing check fraud,” he said.
Jim Wang, an author who writes about and posts about financial topics on TikTok, also debunked the “glitch,” as a case of check fraud, that would result in “huge trouble if you do something like this.”
“So what people discovered over the last few days was that Chase was having problems with their ATMs. They were able to deposit checks and get the balances and were able to withdraw them,” he said.
“Chase was pretty on top of it, within a day it was all fixed and the people that were doing this were seeing big holds in their accounts or huge negative balances.”
Cointelegraph has contacted Chase for further comment.
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