This "article" is just a few Tiktok/Reels with the most mindless GPT essay I've read in months.
Yes, let's commit fraud on the bank using our own ATM cards and bank accounts, at physical ATMs with video cameras recording ourselves doing it.
It's exactly why those "I'll send you a check for $10k, deposit and withdraw it, then send me half back and you keep the other half" scams work. By the time the bank comes back and says "This $10k check was bad, give us back the $10k you withdrew", you're out the $5k you mailed off. Except in this case, the only person you're scamming is yourself, so it's an extra potent form of stupid.
The bank was asleep at the switch. There's absolutely nothing "fascinating" or worthy of study here, unless you're writing a love letter to the bank, hoping to help them avoid any responsibility for their own failures.
But deposits don't clear instantly, and banks routinely allow customers to access deposits or parts of deposits before they clear. Kiting checks is likely to result in serious consequences, and KYC means the bank has strong identification of their customers.
There's a good chance of criminal prosecution and an even higher chance of getting kicked out of banking. A negative chexsystems report makes it really hard to engage with the banking system, which makes life a whole lot more expensive.
But --- how much cash are people even getting out of this? Since the bank holiday is noted, I assume just ATM limits, which are usually around or under $1000/day (although I see an article that says $3000/day from chase operated ATMs).
That's enough to get in serious trouble, but not enough to start a new life. Doesn't seem worth it.
Most banks are set to 'fail open' during maintenance as well. If their systems are offline, you may be able to make repeated withdrawals from ATMs to go beyond your daily limit, and beyond your balance. This isn't being asleep at the wheel either; it's prioritizing availability over accuracy. In a high trust society, most account holders won't intentionally seek this out, and the few exceptions can expect major consequences.
Over 20 years ago, I bought and sold many items through online forums, and checks were common forms of payment. The prevailing advice was to wait a week or so after deposit for the check to "clear", meaning it was valid. Most young people have never used checks and have never been given this advice.
So you can never have them as a customer again for life. This is a fine strategy as long as the very small number of people who end up here do so intentionally and after much effort. Thus proving that they will always be more trouble than they're worth.
If it's a penalty for making a single mistake that you were enabled to make then this is not going to end anywhere good for any involved party.
> In a high trust society
This gets bandied about so often it's nearly meaningless now; however, on a basic level, I do not trust my bank. I'm guessing most of their current customers don't either. So they reap what they sow.
> This isn't being asleep at the wheel either; it's prioritizing availability over accuracy
Which made since in the 1970s. We're a bit past that now, and for a multi billion dollar institution to blithely allow this happen today is absurd.
Checked again Sunday and it was still there. Not surprisingly Monday afternoon I was poor again. I kept the receipt and intended to frame it, but frames were kind of expensive. I certainly haven't had 10k in the bank since.
I've not used Venmo, but Paypal doesn't know how much I have in my checking account, so why should Venmo?
1: Three idiots on tiktok steal petty cash from the ATM and go to prison
2: Millions of Chase customers' lives grind to a halt as they can't withdraw cash to buy groceries
Or are you arguing for option 3: Software is perfect and we just simply never have any outages, ever.