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HomeBusinessJPMorgan Chase Sued by Customers Over Viral ATM Glitch: Claims of Free...

JPMorgan Chase Sued by Customers Over Viral ATM Glitch: Claims of Free Withdrawals

 

JPMorgan Chase Takes Legal Action Against Customers Over ATM Error That Allowed Unauthorised Withdrawals


This “infinite money” loophole gained popularity on TikTok and various social media sites in late August, with users demonstrating how they could deposit checks and instantly withdraw what seemed like “free” money before the bank processed the checks.

As of Monday, the bank has started taking measures against these activities.

Legal action has been initiated in three federal courts against two individuals and two companies that together withdrew nearly $662,000.

“Fraud affects everyone and erodes confidence in the banking system,” stated Chase representative Drew Pusateri. “We are actively pursuing these cases and collaborating with law enforcement to ensure that anyone committing fraud against Chase and its clients faces consequences.”

 

Lawsuits in California, Florida, Texas

In one instance reported in Houston, a “masked man” deposited a $335,000 check into the defendant’s bank account using an ATM. Shortly after this deposit, he began withdrawing funds, taking out a total of $290,947.39 before the check was discovered to be fake.

 

Meanwhile, in a lawsuit lodged in California’s Central District, JPMorgan Chase claims that “on August 27 and August 28, 2024, an individual submitted two counterfeit checks” amounting to over $116,063.55 into the defendant’s account.

bank account, which led to the withdrawal of over $90,000 from it.

 

Two distinct lawsuits have been filed in Miami against companies called In and Out Appliances and Riskboss Musiq. These companies reportedly owe $138,680.91 and $141,295.84, respectively.

In both legal actions, JPMorgan Chase claims it has reached out to the defendants.

The bank has requested that they “settle any overdraft amounts along with any applicable fees,” but the defendants have not complied.

 

“Fraud techniques may have changed over time, but the fundamental goal to take advantage of and deceive remains the same,” stated the bank in each of the four lawsuits.