Chase Bank ATM Glitch: A recent trend on TikTok has led many people to believe they could get “free” money through a supposed glitch in Chase Bank ATMs. This viral trend claimed that people could deposit fake checks for large amounts and withdraw cash quickly before the bank discovered the fraud. Videos of participants celebrating with piles of cash circulated widely on social media, making it seem like an easy way to make quick money.
However, Chase Bank quickly responded, stating that the so-called “glitch” wasn’t real and warned customers about the serious consequences of this act. In an email to NewsNation, a Chase spokesperson said, “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.” Chase also addressed the issue by freezing the accounts of those involved, resulting in many participants seeing large negative balances.
Consequences of the Chase Bank ATM Glitch Scam
Many people who took part in the scam found their accounts frozen and faced hefty overdraft fees. In some cases, they were left with thousands of dollars in negative balances after Chase reversed the transactions. J.D. Koontz, an independent banking expert, warned that those involved could face even more severe consequences. “It’s quite likely you’re facing criminal charges for bank fraud,” he told NewsNation.
While this scam may have seemed harmless to some, it highlights the dangers of trusting financial advice from social media. What appeared to be a quick money hack was actually illegal, and participants could end up with criminal charges and significant financial penalties.
The Dangers of Financial Advice on Social Media
The Chase ATM glitch scam underscores a growing concern about the reliability of financial advice found on social media platforms like TikTok and Facebook. Dubious financial tips can spread rapidly, encouraging people to engage in illegal activities without fully understanding the consequences.
The rise of “FinTok,” a financial community on TikTok, has brought personal finance advice to a broad audience. However, not all the advice is accurate or trustworthy. According to a report from WallStreetZen, 63% of stock-related videos on TikTok are misleading. Despite this, a Bankrate survey found that roughly one-third of Americans got financial advice from social media in 2023. Among Gen Z, this number was even higher, with nearly half turning to platforms like TikTok for money tips.
While some influencers genuinely try to help, others may provide incorrect or dangerous advice. Sarah Foster, an economic analyst at Bankrate, pointed out that while the “democratization of investing is a good thing,” it’s important to verify the information you come across.
How to Protect Yourself from False Financial Advice
With so much financial content available online, it can be hard to tell what’s accurate and what’s misleading. Here are a few tips to help you stay safe:
- Verify Credentials: Before taking financial advice from someone on social media, make sure they have the proper qualifications. Certified financial planners (CFPs) and chartered financial analysts (CFAs) are examples of recognized professionals who have passed rigorous exams. Always verify an influencer’s credentials to ensure they are legitimate.
- Question Motivations: Consider why an influencer is sharing specific advice. Are they promoting a service or product? If a video seems more like a sales pitch than genuine advice, be cautious. Ask yourself, “What’s in it for them?” Influencers often benefit financially from the products they promote, which could lead to biased advice.
- Avoid Get-Rich-Quick Schemes: Any financial tip that promises high returns with little or no risk should be a red flag. There’s no such thing as easy, guaranteed money. Investing and financial planning always come with risks, and anyone who suggests otherwise is likely misleading you.
- Do Your Research: Before acting on any financial advice from social media, take the time to do your own research. Check multiple sources, and consult with a certified financial expert if needed. Don’t rely solely on what you see in viral videos.
Conclusion
The Chase Bank ATM glitch scam serves as a powerful reminder of the dangers of following viral financial trends on social media. What seemed like a harmless hack left many people with frozen accounts, negative balances, and the possibility of facing criminal charges. Always be cautious of financial advice found online, and make sure to verify information and credentials before making any decisions.
