TikTok’s “new” practice that claims people can get free money at Chase Bank ATMs is nothing more than basic check fraud, the company says.
The practice involved depositing a high value check and withdrawing a large amount of money before the check bounced. On Thursday, a post about the scam on X was viewed more than 7.5 million times – and the trend ended up snowballing into queues forming at Chase Banks in New York.
A Chase spokesperson confirmed on Tuesday that the bank is aware of the situation and has fixed it. Chase has now corrected the error, closed accounts that took advantage of the opportunity, and posted negative ratings labeled “DR DUE TO ATM/DEP ERROR.”
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“Regardless of what you see online, depositing a fake check and withdrawing money from your account is fraud, plain and simple,” the spokesperson said.
This run has been personal pic.twitter.com/PQY9m39xa0
– Drench (@ionfeelnun) August 30, 2024
Check fraud has increased 385% since the pandemic.
While TikTok and other social media platforms may have played a negative role in the Chase glitch trend by spreading the word, TikTok has been the site of fraudulent personal finance practices – such as the “pay my bill” practice, which has seen viewers flock and watch. videos of each other helping each other pay off debts.
“We have to remember that financial stability is often a long game,” Jake Burgett, a physician’s assistant who teaches the practice, told me. A businessman in June. “Social media presents the illusion of a quick financial solution, and I’m glad I was able to use that idea… But remember that you can sacrifice more than you can on the road.”
Related: ‘Pay My Debt’ TikToker Explains How Much Money He Made From His Viral Video and Trend Inspiration
