:max_bytes(150000):strip_icc()/INV_ChaseATMs_GettyImages-2177991242-3d30f08cc50b4257ab8e2596e9888946.jpg "JPMorgan Reportedly Sues Customers for ‘Infinite Free Money Glitch’")
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Key Takeaways
- JPMorgan Chase reportedly filed lawsuits on Monday against customers who allegedly acted on a social media-promoted “infinite free money glitch” and stole thousands of dollars from its ATMs.
- The viral videos described a “loophole” that included depositing fake checks for large amounts and withdrawing funds before the checks bounced.
- Days after the videos were shared, JPMorgan Chase clarified that this was check fraud.
- The bank reportedly has filed lawsuits in at least three federal courts against those who withdrew the highest amounts and is seeking the return of the stolen funds plus other interest and fees.
JPMorgan Chase (JPM) reportedly has begun suing customers who allegedly acted on an “infinite free money glitch” seen on social media and stole thousands of dollars from the bank’s ATMs.
The glitch went viral on TikTok and other social media platforms in late August. It encouraged depositing fake checks for large amounts and withdrawing funds before the checks bounced. While it was called a “loophole” on social media, JPMorgan Chase clarified days after the videos were shared that the action was a form of check fraud.
According to Reuters, on Monday, the bank reportedly filed four lawsuits in federal courts against two individuals and two businesses that illegally withdrew the highest amounts.
Suits Against Customers Seek To Recoup Fraudulent Withdrawals
One suit was filed in the U.S. District Court for the Southern District of Texas. The case involves a Houston man who withdrew funds after depositing a $335,000 check. The man owes the bank $290,939.47, CNBC and Reuters reported.
The other lawsuits are in federal courts in Miami and Los Angeles, where JPMorgan says customers owe $80,000 to $141,000. The bank seeks the return of the stolen funds, along with interest and overdraft fees, lawyers’ fees, and punitive damages in some cases, according to CNBC.