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Discover the viral TikTok trend some are calling a "money glitch"! We break down the serious consequences of fraudulent checks at Chase Bank and why this trend is a dangerous misunderstanding. Don't fall for the hype - learn the facts! #TikTokTrends #MoneyGlitch #FraudAlert #ChaseBank #FinancialEducation #FraudAwareness #ViralTrends #CheckFraud #SocialMediaSafety #BankingTips
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0:00
the new viral Tik Tok Trend that some
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users are calling a money glitch or free
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money hack it's actually having some
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serious consequences here's what it is
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it involves people depositing fraudulent
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checks into their Chase bank accounts
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and withdrawing the money before it's
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flagged well that's actually fraud for
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more on this and how it started online
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let's bring in NBC News culture and
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Trends reporter Callen Rosen Callen good
0:22
morning thank you so much for joining us
0:24
good to see you so how did something
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that is actually fraud turn into this
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trend or something viral when did this
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glitch start getting all these
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views good morning Savannah so at the
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end of August so just a few days ago
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people began saying that they had found
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a quote unquote
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loophole at Chase Banks where they were
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depositing checks basically in their own
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name depositing it into their own
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account and these were checks for you
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know astronomical amounts $30,000
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$40,000 and they were saying that you
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know Chase will basically front that
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money uh while they wait for the check
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to clear and so people were withdrawing
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the money from these fraudulent checks
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and they called it a money glitch what
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they didn't realize is that they were
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going to have to pay that money back
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when the check inevitably bounced and so
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it wasn't a money glitch this is
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actually check fraud and Chase actually
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released a statement saying please
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please don't do this this is not a
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glitch this is this is a this is a fraud
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and uh you know they're aware of the
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situation and they're trying to handle
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it to the best of their abilities what
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are the con quences for someone who does
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something like
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this well they're going to be if they
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don't find themselves in legal trouble
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and find themselves you know facing a a
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case uh with Chase in in the court of
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law they're going to be on the hook for
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a lot of money in some cases which we
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haven't verified whether they're
1:50
legitimate or not but some cases people
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have claimed that they owe uh $10,000
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$330,000 and they're going to owe all
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this money back to chase so there's uh
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one the aspect of committing check fraud
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which is going to be uh obviously a a
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criminal offense but then there's the
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other aspect of this which is you're now
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going to owe all this money that you you
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know
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reportedly uh uh deposited into your
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account and that you don't have to cover
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Ken um I know in addition to this
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becoming this trend this whole whole
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glitch thing kind of getting some views
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online there's also a big pile on to set
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the record straight in this particular
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instance right yes there is on Tik Tok
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there are many videos in in which people
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are saying this is not a loophole this
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is this is a crime and uh you know
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there's a lot of people saying like uh
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please don't do this this is this is
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fraud um I think a lot of people were
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just unaware or maybe it's younger
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people who are you know just getting
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their first bank accounts who are just
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sort of learning how to spend and save
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money who thought oh this is a a way to
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get fast cash and they're fellow
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ticktockers are saying that's not the
3:02
case this is a crime please don't do
3:04
this yeah definitely not any type of
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glitch it's just how it works as checks
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are being processed Okay g thank you
3:11
very much good to see you thanks for
3:13
watching stay updated about breaking
3:15
news and top stories on the NBC News app
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