all right so we got to talk about one of the most insane free money glitches that I have ever seen for some reason it's gone completely viral with more than 20 million views on Twitter people have reportedly cashed out tens of thousands of dollars for free and uh oh yeah it's completely illegal as in under no circumstances should anyone ever try this the Chase Bank infinite money glitch over the last few days this trend has made its way around Twitter and Tik Tok which resulted in dozens of news outlets and even the bank itself covering
this is a literal warning of what could happen once this exploit is fixed and believe me when I say this unfortunately there is no such thing as free money especially when you are dealing with the biggest bank in the United States so if you're curious why this is such a bad idea how this was allowed to happen and what is being done to people who tried withdrawing free money here's everything you need to know and obviously I shouldn't have to say this but I will this video is purely for entertainment purposes only and I'm covering
a newsworthy event as an example exle of what not to do or basically here's why this is a really really bad idea so thanks so much and also big thank you to enog for sponsoring this video but more on that later all right so all of this begins with a really simple concept checking accounts on the most basic level when you write or deposit a check into your bank account that check is pretty much treated like an IOU from One financial institution to another and in many cases it takes time to verify the check is
actually worth the price that's written after all a check in and of itself has no mon AR value it's not like I could write myself $100 million and then claim it's worth the asking price of a mansion so in order to process transactions like this Banks need to confirm that there's actually money behind the check before it could be cashed and this is where the fun part begins once a check is cashed Banks typically make funds available within 1 to five business days which gives them enough time to certify that the check is valid that
money could be transferred and you as the recipient could freely do as you please in fact here in the United States it's federal law that the first $225 must be available for use the next day but the rest is entirely dependent on a system of checks and balances pun intended to make sure you're not depositing money that doesn't exist and this is where the problem begins see initially most banks don't know whether or not a check is going to clear because at the end of every business day all transactions are reorganized from highest to lowest
priority for example cash withdrawals might be the first to record then debit card transactions then wire trans transfers than a transactions all prioritized from largest to smallest dollar amount this is why a check might initially seem to clear for $1,000 but after the other person withdraws a little money from the ATM and spends a little too much money at Costco all of a sudden their account is negative and the check that you cashed eventually bounces one or two weeks later even though at first it seemed totally fine there could also be plenty of other reasons
why a seemingly perfectly good check bounces weeks later like the person could claim they were a victim of fraud maybe the signature looks a little irregular or plenty of other reasons that are just aren't worth getting into here point being there is a bit of a gray area where the bank gives you unrestricted access to the money before they confirm 100% that the check is really good usually this is why you have to wait before withdrawing money that was just deposited transactions are usually stalled on weekends and holidays if you have a new account you
usually have more restrictions than the person who's been banking at the same place for years and in 99.9% of situations it's to toally fine there's never any issues except in this case everything went wrong like I said usually when you deposit a check the money is made available after one to five business days but one person found that when they deposited a check in their own Chase Bank ATM the full amount was available immediately and that's when things got a bit crazy for whatever reason the exploit was posted to Tik Tok and within hours people
were writing themselves fake checks getting an instant advance for the entire amount and calling it The Chase Bank been at money glitch while encouraging others to do the same you can't even make this up make no mistake in every sense of the word this is check fraud you are knowingly writing fake checks and to make it even worse you are committing a felony against yourself I mean just think about it these people are writing a check in their own name depositing that check in their own bank account which contains all of their own information from
their name address phone number and social security number and then they're on video withdrawing a verified amount of money now you would think in cases like this people would know it's illegal and stealing money from a bank doesn't go without severe consequences but as far as what's happening to the people who use the infinite money glitch as well as what Chase Bank said you're going to want to pay attention although before we go into the consequences and people's reactions to now owing tens of thousands of dollars I think it goes without saying but here's what
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are now owed back to the bank with massive negative account balances because in no way would this ever be a situation where Chase Bank just lets people keep extra money I mean let's just break this down if you're convicted of wire fraud you could spend at the 20 years in federal prison and owe a penalty of up to $250,000 but if you commit wire fraud against a financial institution like a bank you could be imprisoned for up to 30 years and owe as much as a million dollars in fines of course in response to all
of this Chase Bank recently made a statement that we are aware of the incident and it has been addressed regardless of what you see online depositing a fraudulent check and withdrawing funds from your account is fraud plain and simple since then Chase has fixed the bug and is reportedly combing through the system to retrieve their money some people who took advantage of this now say that their accounts are locked pending transactions are shown as deductions and negative account balances are shown but as far as how other infinite money glitches played out in the past so
far the results have always been really really bad for the customer like just take a look at the one that happened last year the cash app infinite money glitch back then cash app users discovered that during an update they could add unlimited funds to their cash app balance without those funds being pulled from their banking institution even though they couldn't withdraw those funds in cash they could make payments to online retailers so that's what they did one are even reported spending as much as $40,000 until cash app reconciled the account and asked for their money
back after all according to their terms of service after 45 days of an overdrawn account cash app will begin steps to retrieve the money we might contact you or take other legal actions to collect amounts due there's also the fake check scam that's been around forever where someone sends you a check for a higher amount than what's owed they ask you to send back the difference and then after a week or two their check bounces the bank claws back the money you thought was available and you've sent them an amount that you can no longer
recover or some people might even remember the Robin Hood infinite money glitch that occurred in 2019 back then one user posted on Wall Street bets how he was able to borrow an infinite amount of money by purchasing call options selling those call options and then borrowing against his purchase as many times as he wanted essentially he was able to turn $33,000 into a $17 million Investment Portfolio within a day with plenty of others following his lead and doing exactly that now if you thought the story ended there think again I actually reached out to this
user on Reddit got him on my channel and confronted him about the consequences of what he did and if you're curious what ended up happening to him here you go right from the source to summarize I'm I'm officially banned from uh ever using Robin Hood again and then they also um stated an amount of money that I have to pay I'd rather not say how much it's not horrible it's not as bad as I was expecting because at one point my account uh was at the very top was negative 249,000 and I have a screenshot
of that if I could go back in time I probably would not have done this of course some people tried to make the argument that borrowing money from within an investment account isn't exactly illegal if they allow you to do it but make no mistake this is still significantly different than knowingly writing fake checks and trying to scam the bank out of their own money so in terms of the realistic consequences for the Chase bank glitch here's my opinion opinion now I'm just guessing but most likely Chase Bank is going to do everything at their
disposal to retrieve the money that was stolen and if the money is not returned within a certain time frame they have the resources to file lawsuits and go after people criminally again I could be wrong but I have a feeling that chase would want to make an example of this that people can't take advantage of them without severe consequence because if they let this slide who's to say people won't try other methods of obtaining free money second this is also precisely why Banks take your transaction history into account when deciding on limits like if you're
a customer with a bank for 10 years and your average account balance is $100,000 most likely you're pretty safe depositing a $20,000 check but if you're a brand new customer with $50 to your name chances are they're going to want to hold off a little longer on that $10,000 deposit that's why the way I see it this Chase bank glitch really isn't anything new it's just a fancy word for check fraud which has been around for quite some time except in this case the bank allowed you to withdraw money that you just deposited before they
were able to confirm that check was 100% good of course now this exploit is fixed so no you can't do this anymore but it is shocking to see just how quickly this information spread online and then how many people thought they could get away with it and that a banking glitch would ever work in their favor because it never does eventually banks are going to catch on accounts are going to be fully caught up and if you owe the difference you're going to be 100% responsible for paying it back oh and also if you couldn't
tell I'm filming this video incredibly sick and my voice gave out quite a few times fact I had to refilm this entire section because it came out blurry so if you guys appreciate all the work I do to try to bring you upto-date information it would mean the world to me if you hit the like button and subscribe that's all I ask for if you made it through the whole video and you haven't subscribed already so it's totally free just give it a quick tap thank you so much really appreciate it and until next time
