Chase Bank Infinite Money Glitch

Introduction

• Discussion on a viral money glitch involving Chase Bank.
• Over 20 million views on Twitter related to this event.
• Reports of people cashing out tens of thousands of dollars for free.
• Important note: This is illegal and should not be attempted.

Understanding Check Processing

• Checks act as IOUs between financial institutions.
• Verification is required to ensure that checks are valid before funds can be cashed.
• Banks typically provide access to funds within 1-5 business days.
• Federal law mandates that the first $225 must be available by the next day.

Reasons for Check Bouncing

• Initial availability of funds does not guarantee that a check will clear.
• Various reasons for a check to bounce after being initially cleared:
  • Account going negative due to withdrawals.
  • Claims of fraud or irregular signatures.

The Chase Money Glitch

• A glitch allowed people to deposit fake checks and access the full amount instantly.
• Users began depositing checks in their own name, leading to significant withdrawals.
• This practice constitutes check fraud, a serious felony.

Legal Consequences

• Wire fraud can lead to up to 20 years in federal prison and fines.
• Committing fraud against a financial institution can result in up to 30 years in prison and fines up to $1 million.
• Chase Bank has responded, stating the incident is under control and they are working to retrieve lost funds.

Aftermath of the Glitch

• Users reported enormous negative balances in their accounts after the glitch was patched.
• Chase Bank is locking accounts and deducting funds as necessary.

Historical Context of Similar Glitches

• Reference to previous glitches (like Cash App and Robinhood) where users misused banking systems and faced severe repercussions.
• Cash App glitch allowed users to add funds without actual backing, resulting in users owing significant amounts.
• Robinhood user faced a negative balance of $249,000 and was banned from the platform.

Final Thoughts

• Chase Bank will likely pursue retrieval of funds and legal action against offenders.
• The glitch is seen as a modern take on traditional check fraud.
• Important to emphasize that such exploits are short-lived and usually lead to negative outcomes for users.

Conclusion

• Encouragement to subscribe and support the channel and a note on the speaker's health during the filming.