A viral Chase banking scam in which users seemingly receive free money from ATMs has finally caught up with customers.
According to CNN , Chase confirmed that the cash grab was not a glitch in their system. Those who participated were committing a form of check fraud.
TikTok users tried their luck and recorded themselves depositing hefty checks into the ATMs. However, the withdrawals made did not equate to the number of deposits. Instead, users cashed in on a banking standard that allowed account holders to access some of the money “deposited” before the entire check cleared.
The initial success of “manipulating” the system led others to try, marking a trend that could come with serious consequences. An X user, deemed “scuba Ryan,” shared footage of a line forming outside a Chase bank.
Chase caught wind of the matter quickly. However, they have yet to uncover how many customers took part in the scheme or how much money they stole. JPMorgan, its parent company, has issued a statement that they are aware of what happened. They warned those who indulged in the scam that they had undoubtedly committed fraud.