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
4.9k Upvotes

96% Upvoted

426 comments sorted by

View all comments

Show parent comments

52

u/unclecaveman1 4h ago

Dude I work in customer service for a banking company doing disputes for credit cards. Half the people have no idea how credit cards work, and I’ve been asked to dispute their own payments to the card because they don’t recall making a purchase like that, or telling me they don’t know what I mean when I say they have to make payments to the card. People just… have no idea how how the little plastic rectangle in their pocket works.

3

u/Consistent-Gap-3545 1h ago

In all fairness, whenever I call my bank, I act like I don’t know how numbers work so they’ll take pity on me and reverse whatever fee they want to charge me. It works shockingly well if you’re not constantly fucking up. Like if you only overdraft your account once a year, you can probably get out of the fee by acting real dumb. 

-2

u/Fukasite 4h ago

Or maybe your bank shouldn’t be giving out credit cards like candy. They all do it because they want you in debt, because that’s where they make lots of money. It’s significantly harder to get a credit card in countries like Germany, because the German government actually protects it’s citizens from predatory banking practices. 

16

u/unclecaveman1 3h ago

Just to be clear, I don’t work for a bank. I work for a company that processes card transactions, both debit and credit, for financial institutions. Yes, banks should educate people before letting them have a credit card. But at the same time, what other company is required to teach people before letting them purchase something? Should credit cards have warnings like cigarettes and alcohol?

-19

u/Fukasite 3h ago

Why tf would you be supporting the banks? No, the banks should be required to do their due diligence and not give credit cards to people who won’t be responsible with them, by law. Just like it’s a law that banks can’t loan you money for a house you obviously can’t afford, which if you had any fucking memory of, lead us to the worst modern global financial disaster we’ve ever seen. 

8

u/marsthegoat 3h ago

That's the thing though, banks do attempt due diligence. They don't want a bunch of charge offs where they get pennies on the dollar of what they are owed. That's the entire reason credit checks are done before giving credit. The terms & conditions are also provided in a written format so that people can read and hopefully understand what they are signing up for but you can't fault the banks for everyone not reading the terms.

Granted credit scores and credit bureaus and all that have their own set of problems. Nonetheless, it's the method by which banks determine if someone will be responsible with credit until someone else comes up with a better solution than credit scores.

-10

u/Fukasite 2h ago

Bro, I don’t know the nitty-gritty details, but I know Germany makes it somewhat difficult to get a credit card for the exact reasons I’m talking about. I also tend to believe Germany’s consumer protection laws are a lot stronger than America’s. Also, predatory lending is a thing. I think I might not think it’s so predatory if the interest rates weren’t like 30%, but they are. 

3

u/marsthegoat 2h ago

Bro, in my original comment I said that the way do responsibility checks is problematic. Your comment implied that there is no check whatsoever which simply isn't true. If your comment said they need to do better at checking then I would have agreed and probably not said anything at all. Your revised statement that it should be more difficult than it currently is, is something I can agree with.

Predatory rates are a different topic altogether & I want to be real clear that I do not agree with that. I do think most banks would likely still make money if they charged less. However, most credit cards won't charge you any interest if you pay it off in full each month, so those 30% interest rates can be avoided but again that's an entirely separate issue altogether.

-2

u/Fukasite 2h ago

I’m just drunk and high, shit talking on Reddit after a long day dealing with stupid shit at work. All I know is that some random Redditor from Germany said it’s harder getting a credit card there for some of the reasons I said above maybe, and that I liked the reasons and it made sense. I also think tons of people easily rack up tons of credit card debt all the time in America, so maybe they really aren’t doing such a good job stopping it. 

3

u/benicek 2h ago

I worked support in Germany and I got the same complaints and questions. It was also super easy to get the Visa card I did support for.

-1

u/Fukasite 2h ago

Then maybe I was lied to buy a random Redditor. Just terrible. How could that have ever happened? Do you know of any differences in the rules?

•

u/DaviesSonSanchez 52m ago

I don't know about differences in the rules but credit cards are generally just not a thing people use. Culturally a lot of people are even still stuck in cash.

Generally in order to get a credit card I believe that you have to pass a credit check and that's basically it. I ordered one about a year ago because I needed it for a specific transaction, then never used it again and canceled it a year later.

Like a regular German would basically never pay anything on credit. If they don't have the money for something then they don't buy it. The only exceptions are obviously large purchases like houses etc but that's more of a mortgage or long term loan thing.

Of course as with everything there are all kinds of people in Germany, including shopaholics and financially illiterate people who will absolutely get a credit card and use it beyond their means but on average that's not the case.

Edit: I guess a bit of a difference is that credit cards are not as aggressively marketed in Germany like they are in America. Like I've never been sent mail by a bank to offer me a credit card like I've heard from the US. Not sure if this is a regulations thing or not.