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American Focus > Blog > Economy > JPMorgan begins suing customers over ‘infinite money glitch’
Economy

JPMorgan begins suing customers over ‘infinite money glitch’

Last updated: October 28, 2024 10:43 am
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JPMorgan begins suing customers over ‘infinite money glitch’
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JPMorgan Chase has taken legal action against customers who allegedly exploited a technical glitch to withdraw thousands of dollars from ATMs before a check bounced. The bank has filed lawsuits in federal courts targeting individuals who withdrew significant amounts of money during the “infinite money glitch” that gained viral attention on social media platforms like TikTok.

One case in Houston involves a man who owes JPMorgan $290,939.47 after an accomplice deposited a counterfeit $335,000 check at an ATM. The individual then proceeded to withdraw a majority of the funds. JPMorgan is currently investigating numerous cases related to the glitch, although the extent of the losses has not been disclosed. Despite the decline in paper check usage, fraud through this method remains prevalent and caused $26.6 billion in global losses last year.

The incident sheds light on how social media can amplify vulnerabilities within financial institutions. Videos circulated online showing individuals celebrating cash withdrawals from Chase ATMs shortly after depositing bad checks. Typically, banks only release a fraction of check funds until they clear, a process that takes several days. JPMorgan rectified the loophole shortly after its discovery.

Additional lawsuits were filed in Miami and California against customers who owe the bank sums ranging from $80,000 to $141,000. While most cases involve smaller amounts, JPMorgan’s security team has contacted the alleged fraudsters who have failed to repay the bank for the fraudulent checks, violating the deposit agreement signed upon account creation. The bank is seeking the return of stolen funds, along with interest, overdraft fees, lawyers’ fees, and potentially punitive damages.

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These lawsuits mark the beginning of a series of legal actions aimed at compelling customers to repay their debts and signaling the bank’s zero-tolerance policy towards fraud. JPMorgan is prioritizing cases with large dollar amounts and potential ties to organized crime. The civil cases are separate from potential criminal investigations, with the bank cooperating with law enforcement nationwide to combat fraud and uphold trust in the banking system.

TAGGED:beginscustomersGlitchinfiniteJPMorganMoneySuing
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