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Slate Money

The Chase Glitch Proves Checks Are Stupid

Sep 7, 2024
Felix Salmon, a prominent financial journalist, joins seasoned journalist Emily Peck and media entrepreneur Elizabeth Spiers to tackle whether Gen Z even uses checks. They dive into a TikTok trend of exploiting Chase’s check fraud glitches, highlighting a need for financial literacy. The trio also discusses gender dynamics in leadership roles, pointing out biases against female CEOs compared to their male counterparts. Lastly, Elizabeth humorously shares her battle with Japanese knotweed, drawing parallels to broader societal issues.
52:33

Podcast summary created with Snipd AI

Quick takeaways

  • Teenagers' exploitation of a banking glitch for check fraud highlights the gap in financial literacy regarding checks among Gen Z.
  • The conversation around leadership styles illustrates the unfair scrutiny faced by women CEOs compared to their male counterparts in the corporate world.

Deep dives

Check Fraud Among Teens

Teenagers on TikTok engaged in check fraud, exploiting a bank ATM glitch to access funds they didn't have. They discovered that by writing large checks to themselves and depositing them, they could withdraw cash before the checks cleared. This led to a frenzy where participants posted videos of their activities, underestimating the risks involved. The lack of familiarity with checks among teens and misunderstanding of how the banking system operates contributed to this illegal trend.

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