In August, TikTok users learned about the so-called “infinite money glitch” that allowed Chase customers to withdraw money from their accounts before checks bounced. Now JPMorgan Chase is taking action against some of those customers.
According to CNBC, the banking giant filed a lawsuit in three federal courts, targeting those who took advantage of the technical glitch to withdraw the largest amounts. There are apparently thousands of potential lawsuits involved, but the bank did not disclose how much money it lost during the glitch.
In one case in Houston, the bank demanded $290,939.47 from a person after his accomplice deposited a $335,000 fraudulent check into an ATM. “On August 29, 2024, a masked man deposited a check for $335,000 into the defendant's Chase bank account,” the bank said in its application. “Once the check was deposited, Defendant began withdrawing the majority of the ill-gotten funds.”
Other cases are pending in courts, including in Miami and the Central District of California. JPMorgan says these customers owe between $80,000 and $141,000, but most of the cases investigated by the bank are reportedly for much smaller amounts.
“Fraud is a crime that affects everyone and undermines trust in the banking system,” JPMorgan spokesman Drew Pusateri said in a statement. CNBC. “We are pursuing these cases and actively cooperating with law enforcement to ensure that if someone commits fraud against Chase and its customers, they are held accountable.”