Reports from Chase Bank or reputable financial news outlets

Chase Bank Glitch Sparks Fraud Trend, $40,000 Debts, 7-Day Holds Imposed

Aug 31, 2024, 08:58 PM

A recent glitch in Chase Bank's systems has led to a viral trend where individuals attempt to exploit the bank by depositing fake checks and withdrawing cash before the checks are verified. This so-called 'Chase money glitch' has resulted in significant financial consequences for those involved, with one individual reportedly $40,000 in debt and another almost $39,000 in the hole. Chase Bank has responded by placing 7-day holds on accounts to prevent further exploitation, leading to substantial negative balances for the perpetrators. The trend has gained traction in various locations, including Chicago, despite warnings that such actions constitute a federal crime.