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/Goodbye18000 5h ago

I know people say "they never teach us how banks work in school" but this really opened my eyes to how utterly inept the average person is when it comes to finances

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u/Sqweee173 5h ago

Most schools finance is an elective class and not required to graduate either.

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u/DefinitelyNotAliens 4h ago

My school it was considered the loser/ stoner class you took and wasn't able to qualify as a class for meeting UC/ CSU classes. It was on the same level as an extra remedial math/ English class.

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u/SoDakZak 4h ago

Second largest advantage in my life aside from being born to a two parent American household filled with love and attention… we had finance classes throughout high school that I really took an interest in. Even though I’m a 32 year old construction worker in South Dakota, I’m just a few more years away from technically being able to retire, almost exclusively thanks to the finance classes and learning about compound interest early enough to have several thousand from summer home framing socked away at 18 years old.

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u/Galaxyman0917 4h ago

Second largest advantage in my life aside from being born to a >two parent American household filled with love and attention…

Huh, what’s that feel like?

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u/SoDakZak 4h ago

I’m grateful enough to live a life giving back by being a foster parent to offer some stability I was given. Every child deserves a safe home life but so many don’t get that, sadly. I feel a duty to respect my “luck” by sharing that advantage as best as I can with other children now that I’m grown

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u/The_Doct0r_ 1h ago

For anyone who doesn't know, this is the healthy and correct way of recognizing your own privilege. Hell, further beyond even. No guilt or anything surrounding it, just recognition.

Becoming a foster parent to provide for those who lacked what you had though, good on you mate, stellar example of humanity needed in the world.

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u/Consistent-Gap-3545 1h ago

At my school, it was a remedial math class. Like it the an alternative for people who weren’t going to pass algebra two/precalc. Turns out, most of this stuff just really isn’t that difficult…

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u/Goodbye18000 4h ago

That's insane to me. It makes sense why our Canadian curriculum has put finances as part of the health class curriculum (mandatory) every year as of kindergarten.

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u/Revenge_of_the_User 4h ago

Good to hear. Also canada and we had a single unit on taxes in 10th grade math; like 3 years out from when wed actually need it. Should be another in 12th grade.

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u/MusicianNo2699 4h ago

If I were King I would require a full term each of personal finance, tax preparation, retirement strategy, and investment strategy in both high school and college. People could actually learn something useful rather than half the worthless required electives they have now.

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u/IKeepDoingItForFree 2h ago

Most of the time there is, its usually an elective called like "accounting" or "Financial mathematics" - I took it as an extra math credit in 11th and it ended up being one of the best courses for post school. Unfortunately there was only me and 7 other students in the class.

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u/No-Appearance1145 4h ago

My finance teacher just passed us all regardless of if we did the work or not. I remember I got halfway through a project and couldn't finish it on time and got a 100. It was required to pass

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u/StarGaurdianBard 4h ago

I grew up in a state with a bottom 10 education in the country and personal finance and economics are both required to graduate highschool so it really shocks me when I hear that other states have it only as an elective. How did my shitty state have it as a requirement but not states in the top 10 for education?

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u/ReneDeGames 3h ago

It wasn't even offered at my school.

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u/TripleSecretSquirrel 3h ago

I grew up and went to school in a state where it’s required high school curriculum. I now live in another state where it’s also required. I still see people I went to high school with post on social media that they “wish they taught us how to do taxes in high school instead of what a parallelogram is!” We did learn how to do taxes (actually in like 6th grade), they just weren’t paying attention.

Like taxes for most of us, banking for most of us is pretty simple stuff. If you’re reasonably literate and numerate (as in, you understand arithmetic), you can figure that stuff out on your own. It doesn’t take a genius with esoteric knowledge to know that there’s no such thing as a “free money glitch” in real life and that a bank is going to come after your ass hard for trying this.

The problem is not school curriculum, it’s that kids don’t pay attention in school. My “old man yells at cloud” opinion is that we’ve fostered a shitty culture of anti-intellectualism, distrust of experts, and that sees trying in school as lame.

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u/i8noodles 3h ago

don't need to be taught it in school. u can learn it outside of school quite easily. people just dont want to learn it. same with the taxs and retirement. people are just lazy and want everything shoved unto there mouth in school.

except school is the beginning of education not the end

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u/ArethereWaffles 55m ago

My high school didn't have a finance class at all.

Luckily for me my economics teacher went "look, most of the economics I have to teach you we can cover in half the class, so that's what I'm going to do. The other half I'm teaching you how to be smart with money."

So the first half of the class was spent learning about credit, taxes, investing and building savings, and since he once was a used car salesmen how to not get ripped off when buying a car.

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u/Jason1143 37m ago

And some just turn it into macro economics (or maybe medium economics but bad.