{"id":163554,"date":"2024-10-29T03:56:16","date_gmt":"2024-10-29T03:56:16","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/29\/jp-morgan-sues-customers-over-viral-cheque-fraud\/"},"modified":"2024-10-29T03:56:16","modified_gmt":"2024-10-29T03:56:16","slug":"jp-morgan-sues-customers-over-viral-cheque-fraud","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/29\/jp-morgan-sues-customers-over-viral-cheque-fraud\/","title":{"rendered":"JP Morgan sues customers over viral cheque fraud"},"content":{"rendered":"
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US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.<\/p>\n

The \u201cinfinite money glitch\u201d, as it became known on TikTok, allowed the bank’s customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced.<\/p>\n

Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles.<\/p>\n

They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank.<\/p>\n<\/div>\n

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“Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,” the bank said in the court filings.<\/p>\n

“Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers. Simply put, engaging in bank fraud is a crime.”<\/p>\n

In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant\u2019s Chase bank account for $335,000 (\u00a3258,300).<\/p>\n

The court papers said the defendant then started to withdraw the money.<\/p>\n

The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added.<\/p>\n

The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase’s lawyers. <\/p>\n

Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.<\/p>\n

Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media.<\/p>\n

The report said the bank was investigating thousands of possible cheque fraud incidents.<\/p>\n<\/div>\n


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US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs. The \u201cinfinite money glitch\u201d, as it became known on TikTok, allowed the bank’s customers to write a large cheque to themselves, deposit it and then withdraw the funds before the […]<\/p>\n","protected":false},"author":2,"featured_media":163555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/97b6\/live\/6e1ddd30-95a8-11ef-84f9-893786bbcbd2.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[9469,674,6229,4534,9561,2002],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/163554"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=163554"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/163554\/revisions"}],"predecessor-version":[{"id":163556,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/163554\/revisions\/163556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/163555"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=163554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=163554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=163554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}