Don't try the viral 'free money hack' at Chase Bank. Here's what happened to those who did

The video discusses a TikTok-driven check fraud scheme involving fake checks deposited at Chase Bank ATMs. Users believed they could withdraw cash before checks cleared, but this is considered fraud. Chase Bank has addressed the issue, and some users faced frozen accounts or negative balances. Financial expert Ted Jenkin warns against taking financial advice from social media and highlights the risks during tough economic times. The video also touches on the responsibility of platforms to manage misinformation and the broader impact on consumers.

What did the TikTok videos falsely claim about Chase Bank ATMs?

• They offered free lollipops.

• They provided free financial advice.

• They had a free money glitch.

• They were giving away free lunch.

According to Ted Jenkin, why should people be cautious about financial advice from social media?

• Social media is a reliable source of financial news.

• Social media platforms are government-approved.

• Social media advisors are often unlicensed and unregulated.

• Social media platforms are always accurate.

What does Ted Jenkin suggest is a reason people fall for schemes like the TikTok check fraud?

• They are well-informed about financial matters.

• They are looking for legitimate investment opportunities.

• They are under financial stress and seek quick solutions.

• They have excess money to invest.

What responsibility do social media platforms have according to the discussion?

• To promote all types of content equally.

• To prevent misinformation and disinformation.

• To provide free financial services.

• To ensure all content is entertaining.

What is a potential consequence for consumers due to schemes like the TikTok check fraud?

• Lower bank fees.

• Higher interest rates.

• Free financial advice.

• Increased bank fees.