TikTok viral videos claim Chase Bank money hack. Company says it's fraud
Hi. Yeah, you probably heard me say this before. Your money should always be making you money. That's why our viewer Cindy wrote in asking me, could you please explain how online banks can issue larger interest on my savings as opposed to brick and mortar banks also? Are these banks safe? I'm concerned because I can't actually walk into the bank and speak to anyone. How do you avoid fraud? Let's start with the first part of that question. Online banks have less infrastructure and overhead costs to maintain since they're online only, they don't have multiple branch locations they have to pay for so they can use those savings to pay you higher interest rates as for safety, as long as your online bank or whatever bank you're using online or brick and mortar is insured by the federal deposit insurance corporation. That's FDIC. You probably heard of it. You're protected just like *** traditional brick and mortar to know for sure if the online bank you're thinking of joining is FDIC insured. You can actually just go to fdic.gov. You wanna scroll down over here to resources and scroll down to data tools, then click, you're still with me, find suit under search type, click bank name, then you just type in the name of the bank you're researching and it'll tell you if it's covered, ultimately deciding between an online bank and *** brick and mortar is up to your personal preferences. If in person service is important to you, obviously, you wanna stay with *** brick and mortar. If you're fine doing things online, you're like I do it anyway, Online maybe go with an online bank and make some more money. There's also no reason you can't do *** combo of the two. Like having *** high yield savings account with an online bank. But using *** brick and mortar for your traditional checking transactions, do some comparison shopping. Find the best deal for you, Cindy. We hope that helps. If you at home. Have *** question for me. Email me any time we like to help. We'll reach right back out to you if we can at Rawson responds at hearst.com. We read everything back to you.
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TikTok viral videos claim Chase Bank money hack. Company says it's fraud
TikTok users have been committing bank fraud after exploiting a Chase Bank glitch, according to a Chase spokesperson. Related video above: Are online-only banks legit? Get the factsThe glitch – claiming users can receive so-called free money – went viral on TikTok. Now, many users are having to pay back large sums of money that they took from the bank.The glitch that the users were committing was actually check fraud, according to the bank. Users would deposit fake checks for large amounts of money into Chase Bank ATM's and were immediately able to withdraw the money from the same ATM before the check cleared."We are aware of this incident, and it has been addressed. Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple," a Chase spokesperson told Hearst Television's national desk. Chase Bank fixed this error that allowed people to cash money before their checks cleared and is now taking back any money people gained during this glitch. It's unclear how many people or how much money was involved.The TikTok users who attempted to gain money during this period of time are reporting that their bank accounts have been locked and have negative balances for the large amounts of money they took.
TikTok users have been committing bank fraud after exploiting a Chase Bank glitch, according to a Chase spokesperson.
Related video above: Are online-only banks legit? Get the facts
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The glitch – claiming users can receive so-called free money – went viral on TikTok. Now, many users are having to pay back large sums of money that they took from the bank.
The glitch that the users were committing was actually check fraud, according to the bank.
Users would deposit fake checks for large amounts of money into Chase Bank ATM's and were immediately able to withdraw the money from the same ATM before the check cleared.
"We are aware of this incident, and it has been addressed. Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple," a Chase spokesperson told Hearst Television's national desk.
PATRICK T. FALLON/AFP via Getty Images
Chase Bank fixed this error that allowed people to cash money before their checks cleared and is now taking back any money people gained during this glitch. It's unclear how many people or how much money was involved.
The TikTok users who attempted to gain money during this period of time are reporting that their bank accounts have been locked and have negative balances for the large amounts of money they took.
