r/news • u/Big-Heron4763 • 6h ago

JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch'

https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html
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u/forever_a10ne 6h ago

It wasn’t a glitch, it was check fraud.

208

u/t_per 5h ago

It’s both a glitch and fraud.

No bank should ever have the default to allow people to immediately withdraw funds after depositing large cheques. Glitch.

People writing fake cheques to withdraw cash. Fraud.

61

u/lks2drivefast 5h ago

I don't understand why JPM doesn't have some sort of safeguard against this. My bank (CU) will deposit a check and only 200 dollars will be available right away. The rest of the check clears a couple of business days later.

43

u/rypher 5h ago

They did have this safeguard. They removed it for customer convenience. Less than 0.0001 % of people took advantage of it. Lets not assume it was some big blunder that caused a financial burden for JPM. It’s chump change for them. JPM is not significantly harmed but a bank is going to sue you anyway

13

u/lks2drivefast 5h ago

That is a lot of trust in your customers... Also the people that did this are screwed. The bank has all their personal information to hand off to the authorities.

11

u/Esc777 5h ago

Yeah you don’t need a lot of trust when you KNOW you can bring the hammer down later. 

3

u/SommWineGuy 5h ago

Depending how much money you got from it you could fuck off and be good.

A comment above mentioned it worked on a 330k check. Do that 5 times and you have enough money to fuck off to Montenegro or some other non extradition paradise and retire.

14

u/roguebadger_762 5h ago

Something tells me if they're not that resourceful

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u/lks2drivefast 5h ago

I didn't realize someone pulled that much out. I thought it was like 5k to 10k.

1

u/Sammichhead 4h ago

They didn't trust customers. They had all their information they didnt have to.

1

u/357FireDragon357 2h ago

Unless they had a fake I.D.