NEW YORK–A number of viral TikTok videos that went semi-viral for a short period of time, and which had some people believing they could get “free” cash from ATMs at Chase Bank, were really just the result of a glitch, and the customers involved were actually committing fraud, the nation’s biggest bank said.
Over the weekend, videos appeared on Tik Tok showing people depositing checks for large sums of money at Chase ATMs and then making a withdrawal for a smaller yet substantial amount, leading them to believe they had discovered a bug and were hitting the jackpot, CNN reported.
At least one video shows people lined up at a Chase ATM.
The problem is that this is just a form of check fraud, a criminal offense. Chase said in a statement to CNN.
Issue ‘Addressed’
The bank added that the issue has “been addressed” and warned people not to try it.
“The ruse centers on a banking standard that enables check depositors to have access to a portion of their money before the full total of the check clears,” the report noted. “In the case of the viral videos, participants wrote checks for obscene amounts of money and then withdrew as much as they could before the check could bounce.”
Short-Lived ‘Glee’
CNN noted one Tik Tok video shows participants “throwing dollar bills in the air with glee,” while other posts showed negative balances in their Chase accounts after trying the “hack.” But that was the bank putting holds on their accounts or deducting the stolen cash from their accounts, Jim Wang, a financial educator, told CNN.
The Chase video was also discussed during a recent discussion on CNBC that included a report on the credit union tax exemption and acquisitions of banks (see related story).