Chase Bank has warned customers against taking advantage of a system “glitch” that allowed them to withdraw more money than they had in their accounts, calling it “simple check fraud.” The trend, which had gained popularity on social media platform TikTok, involved depositing bad checks into accounts and quickly withdrawing the money before the checks bounced.
In response to the viral trend, Chase Bank stated that they had fixed the issue and emphasized that depositing fraudulent checks and withdrawing funds from the account constituted fraud. The exact number of customers who attempted this was not disclosed by the bank.
Videos posted on social media showed participants celebrating their success in withdrawing extra cash, but others were left dismayed when their bank balances turned significantly negative after the bad checks bounced but the cash withdrawals were still accounted for. Social media users reacted with humor to the situation, with some pointing out that this practice, known as “check kiting,” had been around for a long time.
Chase Bank’s stern warning and quick action to address the issue highlight the serious consequences of engaging in fraudulent practices. The bank’s response serves as a reminder to customers to conduct financial transactions ethically and within the bounds of the law.
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Photo credit www.theguardian.com
