A “new” TikTok trend that claims people can get free cash from Chase Bank ATMs is anything but old-fashioned. check the cheatsays the company.
The trend involved depositing a check for a large amount and withdrawing most of the money before the check bounced. On Thursday, a post about cheating in X it was viewed over 7.5 million times – and the trend eventually emerged lines forming at Chase Banks in New York.
A Chase spokesman confirmed Tuesday that the bank is aware of the situation and has addressed it. Chase has now fixed the bug, closed accounts who benefited from it and leveled negative balances labeled “DR DUE TO ATM/DEP ERROR.”
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“Regardless of what you see online, depositing a fraudulent check and withdrawing funds from your account is fraud, plain and simple,” the spokesperson said. DECLARING.
This run was personal pic.twitter.com/PQY9m39xa0
— Drench (@ionfeelnun) August 30, 2024
Check fraud has increased by 385% since the pandemic.
While TikTok and other social media may have played a negative role in the Chase bug trend by spreading the word, TikTok has been home to less deceptive personal finance trends — like the “pay off my debt” trend, which saw viewers join and watched each other's videos to help each other pay off debt.
“We have to remember that financial stability is usually a long game,” Jake Burgett, the physician assistant behind the trend. said entrepreneur in June. “Social media gives the illusion of a quick financial fix and I'm glad I was able to put this theory to work… But remember to sacrifice more than you can afford along the way.”