JPMorgan Chase sues more customers who allegedly stole cash in ‘infinite money glitch’

CNBC ^ | April 16, 2025 | Hugh Son

[Red Badger]

I know, it’s just that she’s one of my favorite actresses............

[T-Bird45]

“I know, it’s just that she’s one of my favorite actresses.........“

Me, too.

[EVO X]

People were allowed to withdraw more money that they had in their accounts................

Sounds like a programing error and crooks exploited it. I am not up to date on this stuff, but the last I've heard one needs sufficient funds in their account to "receive" the full amount at the time of the transaction. If I only $500 in an account and cash a check for $1K, I can only receive a small cash back until the check clears..

[Red Badger]

Sounds like a programing error and crooks exploited it.

I think that's what it was............

[Mean Daddy]

Thank you.

[DesertRhino]

It wasn’t a glitch. It’s depositing a hot check and then running to an ATM and withdrawing money. Everyone who did this is guilty of check fraud and should be hounded, arrested for felony charges, and forced into restitution

[Red Badger]

It was called ‘Check Kiting’ back when Congresscritters did it...........

[AppyPappy]

It is dependent on the bank that issued the check

[DesertRhino]

I forgot about that check kiting scandal.

[Red Badger]

How many were prosecuted for it?

I don’t remember anyone.....................

[DesertRhino]

I’ll stand corrected, but I don’t think ANY. I think they were taking advantage of a policy of the House of Rep Bank to not pursue ANY hot checks written by Congressmen. So anytime they were a little light, they just wrote a hot check.

That is as I remember it...

[Red Badger]

Me too.........

[sit-rep]

years ago, my chase bank would hold deposit checks for almost 2 weeks. the wife would write checks a week after a deposit was made. Chase would charge $35 for every NSF check and an additional $35 for returned check fees. you almost read about me in the news!!!

Chase could be targeted by terrorists and I wouldn’t care one bit... piss on em!!

[Boomer One]

Six days to clear funds in this electronic age sounds ridiculous. There has to be more than is being reported to this story.

[sloanrb]

Two reasons why they don’t

1. Most banks are still running off of 1960s mainframes with code written in COBOL. I am not joking. They are using modern x86 servers but they are running an emulated mainframe. See Fiserv and Unisys. And why not? The code has been stable for decades.

2. The banks don’t want to immediately clear the. Heck because then they wouldn’t get overdrawn fees. Banks make a lot of money off of those fees.

[CFW]

They call it a glitch, but from what I understood they were doing what we used to call “check kiting”. It’s illegal and considered a fraudulent act.

[SaveFerris]

🔝🔝

[Red Badger]

It’s not illegal for Democrats in Congress, apparently..........

[Fury]

Hope the people trying to get this debt discharged via bankruptcy get stomped. It would seem it is not dischargeable because the debt was incurred by means of a fraudulent act?

[Red Badger]

I believe that is correct................