Viral videos have spread among Black communities online purporting to show an ‘infinite money glitch’ that allows users to exploit Chase Bank ATMs for seemingly unlimited funds.
- One notable clip shows a group of Black males throwing two handfuls of cash into the air in front of a Chase bank.
- Another clip shows alleged Black fraudsters in line at a Chase ATM in NYC.
Context: The alleged exploit involves depositing fake checks for large amounts and withdrawing funds before the checks are fully processed.
- Despite being touted as a “glitch,” financial experts and law enforcement officials warn that this trend is nothing more than a digital-age revival of classic check fraud, potentially exposing participants to serious legal consequences.
Zooming in: The proprietary Chase Bank ATM system appeared to have no pre-programmed limit, with some unverified videos showing fraudulent deposits in the hundreds of thousands of dollars.
- Chase swiftly addressed the alleged “glitch,” and is now reclaiming funds erroneously dispensed
- Subsequently, individuals who attempted to exploit the supposed glitch reported their accounts being frozen and hit with substantial negative balances.
Collateral Damage: James Travis, an established business owner and YouTube artist claims an apparently legitimate check was held up because of the ‘infinite money glitch’ fiasco.
- Travis claims that a first-time client paid him by check, which he promptly deposited sometime in Early September.
- Coinciding with the release of the viral ‘infinite money glitch’ videos, Travis’ typical activity of moving project money into business savings was apparently flagged as ‘suspicious’ by Chase.
- It was implied this inconvenience could delay Travis’ ability to conduct business.
- “It’s always good to have some savings in place for when those bigger projects are,” Travis said “they’re coming down the pipeline and I already have the cash ready to accommodate those types of clients.”
Looking Ahead: It is unknown if James Travis’ situation was resolved, however general details on the overall situation are available:
- As reported by the NY Post, Chase bank claimed, “We are aware of this incident, and it has been addressed.”
- Financial advisor Jim Wang made a comment in the same article claiming, “Chase was pretty on top of it, within a day it was all fixed and the people that were doing this were seeing big holds in their accounts or huge negative balances.”
Why it Matters: While rumors swirl of legal action against those involved, it may be ideologically impractical in America due to a large amount of Blacks involved.
- The mass-incarceration of Blacks on behalf of an international financial institution—regardless of guilt—could be perceived as antithetical to racially based, criminal justice reform.