Slate Money ATM Scam Summer School
38 snips
Aug 23, 2025 This week explores a wild ATM glitch that let NYC teens withdraw unlimited cash, revealing ethical dilemmas and chaos. The conversation shifts to modern financial literacy, showcasing students struggling with unexpected banking fees. They also critique platforms like Yieldstreet, questioning the true accessibility of private investments. A provocative op-ed about sacrificing youth for wealth sparks a debate on societal pressures and the real meaning of success. Finally, the discussion touches on the evolving landscape of personal branding in today's digital age.
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Infinite ATM Glitch Hit Summer Job Cards
- New York City Summer Youth Employment cards had a weekend glitch letting users withdraw repeatedly without the balance decrementing.
- Teens sold cards and crooks emptied bodega ATMs, leaving huge negative balances to appear Monday.
Minors Likely Not Liable For Negative Balances
- The prepaid debit cards were designed so balances cannot go negative, so legal liability for kids is dubious when negatives show up later.
- Many of the teens are minors, making enforcement and contracts legally fraught.
ATM Owners Bear First Losses
- ATM operators typically own the cash in bodega machines and bear the immediate loss when cash is withdrawn incorrectly.
- Operators likely hold insurance and may pursue claims against the city or card administrators rather than teens.
