Over the weekend, a viral TikTok trend had social media users buzzing with the possibility of getting "free" cash from Chase Bank ATMs. However, what seemed like a glitch in the system turned out to be a case of check fraud, according to a statement from the bank. Chase Bank has addressed the issue and is now urging people to refrain from participating in this potentially illegal trend.

The trend, which gained widespread attention on TikTok, involved users depositing large checks into their bank accounts via Chase Bank's ATMs. Before the checks could be fully verified, these users would withdraw a smaller, but still substantial, amount of money. Believing they had discovered a glitch in the system that allowed them to obtain free money, these individuals took to social media to celebrate their newfound wealth.

However, Chase Bank has made it clear that this process is fraudulent and constitutes a criminal offense. In a statement to USA Today, a spokesperson for the bank emphasized that regardless of what is seen online, depositing a fraudulent check and withdrawing funds from one's account is unequivocally considered fraud.

The trick behind this trend revolves around a banking standard that allows individuals depositing checks to have access to a portion of the funds before the check fully clears. Exploiting this feature, those participating in the TikTok trend would write checks for large amounts of money and swiftly withdraw as much as they could before the inevitable bounce of the check.

Videos showing people throwing dollar bills in the air and celebrating their supposed wealth went viral over the weekend. However, other videos emerged showing the consequences of the glitch, as users shared their negative account balances in their Chase Bank accounts following their attempts at the hack.

Jim Wang, a financial educator on Instagram, explained that the negative balances occurred due to the bank placing holds on the accounts or deducting the stolen cash. He cautioned against falling for the misconception that errors in one's favor are always advantageous, emphasizing that in the case of this glitch, it was nothing but check fraud.

Chase Bank has since addressed the issue and taken the necessary steps to rectify it. Nevertheless, the bank remains vigilant, warning customers against attempting this viral trend or engaging in any form of check fraud.