JPMorgan Takes a Stand: Suing Customers Over TikTok’s “Infinite Money Glitch”
In an intriguing twist to the world of personal finance, JPMorgan Chase has ramped up its legal battles, targeting customers who allegedly exploited a viral banking phenomenon dubbed the “infinite money glitch.” As this trend soared to popularity on TikTok, the bank claims it has merely been a front for check fraud.
The Genesis of the Infinite Money Glitch
The "infinite money glitch" phenomenon began making waves last summer when savvy Chase banking customers discovered an intriguing loophole. By depositing oversized checks at Chase ATMs, they managed to extract funds before the checks could bounce. An explosive post on X (formerly Twitter) garnered over 7.5 million views, igniting a wildfire of interest. Lines of eager customers soon formed outside Chase branches in New York, as hordes attempted to capitalize on this unexpected financial loophole.
The Backlash: Legal Action Unfolds
In a bid to restore order, JPMorgan swiftly corrected the situation, implementing safeguards within days that included locking accounts related to the trend and imposing negative balances on participants. By October, the banking giant began pursuing action against customers who withdrew substantial amounts, ranging from $80,000 to $300,000, through lawsuits in federal court. Recently, the bank has expanded its legal reach to include customers who withdrew amounts as low as $75,000, filing suits in state courts as reported by CNBC.
A Case in Point: The Gwinnett County Lawsuit
In a notable case filed in Gwinnett County, Georgia, JPMorgan accused a customer of depositing a $73,000 check and subsequently withdrawing before the check failed to clear just six days later. The lawsuit claims that this customer now owes a staggering $57,847.69—and as of yet, has not repaid the amount.
Photo by Scott Graham on Unsplash
Expanding Legal Tactics
Since October, JPMorgan has issued payment demands to over 1,000 customers implicated in the “infinite money glitch” scheme across cities like Miami, Florida; The Bronx, New York; and counties in Texas. The bank’s aggressive litigation strategy underlines the serious implications of such fraud; according to the U.S. Department of the Treasury, the incidence of check fraud has skyrocketed by a remarkable 385% since the onset of the pandemic.
TikTok’s Role in Financial Education
While TikTok has recently been associated with this fraudulent trend, it has also served as a platform for some positive financial movements. The “pay off my debt” challenge, which surged in June, encouraged users to support each other in generating views to earn money on the platform, specifically for debt repayment.
Related Articles:
- Chase Bank Viral "Glitch" Is Just Plain Old Bank Fraud, Company Says
- JPMorgan Is Suing Customers Over ‘Infinite Money Glitch’ TikTok Trend
Conclusion: A Cautionary Tale
As JPMorgan pursues these lawsuits, it serves as a stark reminder of the potential costs associated with exploiting financial systems, and the dangers posed by viral trends on social media platforms. In an era where financial literacy and ethical banking practices are more crucial than ever, it’s vital for consumers to be keenly aware of the ramifications of their actions—and the fine line between clever and criminal.
