The viral Chase Bank glitch is making its rounds on social media, but people need to be aware that it’s actually a crime that could land you in prison. According to stories that have been circulating, the glitch allowed people to write checks to themselves and deposit them at Chase Bank ATMs. They could then withdraw the funds before the bank could identify the error. Typically, you can’t withdraw money until the bank verifies that the check is legitimate, and that can take a few days. As the news of the glitch made the rounds on social media, people enjoyed the extra money they had. However, when the glitch was discovered and fixed, those checks bounded and customers saw negative balances. Whether you thought you had some of the money in your account or you knowingly followed the viral scheme, don’t assume it’s free cash up for grabs. Call your bank — even if the error is in your favor — and then make a plan to pay the money back as soon as possible. Even if you didn’t realize the error, the bank has the right to recover the funds from you. Keeping the money and closing your account can lead to worse financial consequences, not to mention the legal ramifications. The penalty for check fraud varies by state and the amount of money involved, but you could face up to 25 years in prison if you’re found guilty.
