Get Rich Quick Scheme or Fraud? Some Chase Customers Find Out the Hard Way
Reminder that there is no such thing as a ‘get rich quick’ scheme…
Some Chase customers were reminded recently that the banks never lose.
A few very smart individuals discovered that cash from deposited checks show up on your balance before they actually clear. So, some folks decided to write fraudulent checks, withdraw the cash from an ATM before the checks were reviewed, and dance around on the internet with their newfound fortunes.
Chase’s fix? To deduct the bounced amount from the fraudsters’ accounts, leaving them with a negative balance of whatever they withdrew.
Womp womp.
If they hadn’t spent the money yet, they could simply redeposit the stolen cash to bring their account back to positive. But that might not be the end of the story.
What these people did was check fraud, something that banks and the U.S. government take pretty seriously.
