JPMorgan Chase, the largest bank in America, is suing more of its customers for fraud, accusing them of stealing thousands of dollars by taking advantage of last year’s so-called “infinite money glitch” that went viral on TikTok.
The Jamie Dimon-led lender first filed a string of lawsuits in October against clients who exploited the technical failure in August, with some pocketing six-figure sums in ill-gotten gains.
The glitch allowed customers to deposit huge checks and immediately withdraw the funds, even if they would later bounce.
The company is now pursuing the alleged fraudsters who raked in amounts under $75,000, with fresh complaints filed in courts nationwide, according to a report.
″On August 29, 2024, a masked man deposited a check in Defendant’s Chase bank account in the amount of $73,000.00,” according to a lawsuit quoted by CNBC that was filed Tuesday in Gwinnett County, Georgia.
The financial news network said the check bounced six days later, but not before the accused had pulled out $82,500 in a series of cash withdrawals at two Chase branches.
The accused still owes the bank $57,847.69 and has failed to comply with its requests to return the funds, according to CNBC.
Similar cases are being brought in state courts in Miami, the Bronx, New York, and two Texas counties, CNBC reported.
The Post has approached a spokesman for JPMorgan for comment.
JPMorgan, based in New York, said it is pursuing the cases and cooperating with law enforcement to ensure that people are held accountable. It also sent letters to an additional 1,000 people asking that the money be repaid since October.
While many banks allow customers to access some of the value of a check before it has cleared, check fraud is a federal crime.
Paper checks are rarely used in European countries today, with the Netherlands and Denmark abolishing them entirely.
Yet they remain a popular form of payment in the United States, despite the increased use of digital technology such as ApplePay.
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