TLDR

One Weird Money Trick… That Could Land You in Jail

Sep 10, 2024

A viral TikTok trend reveals a shocking money trick that could result in jail time. The hosts dissect the ethics behind misleading financial advice and stress the importance of skepticism toward social media schemes. The conversation then shifts to Canada's recent interest rate cuts, linking them to global economic trends. Finally, they examine the impact of financial influencers and the potential dangers of blindly following their advice. A blend of personal stories and critical analysis makes for an engaging discussion.

23:45

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Episode notes

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Quick takeaways

The viral TikTok 'Bank Chase Glitch' illustrates how misleading financial advice can encourage illegal activities and highlight poor financial literacy.

Recent interest rate cuts by the Bank of Canada signal an attempt to stimulate economic growth while balancing inflation amid a complicated financial landscape.

Deep dives

TikTok Money Tricks and Fraud Risks

A viral TikTok trick known as the 'Bank Chase Glitch' encouraged individuals to exploit an ATM loophole that allowed immediate cash withdrawals after check deposits. This trick involved writing checks to oneself for arbitrary amounts to access non-existent funds. However, the reality of this so-called trick was that it constituted fraud, garnering significant attention due to its humorous portrayal online. Strategically, it underscored a troubling trend where individuals increasingly turn to TikTok for financial advice, despite a significant portion of the information being misleading and a lack of financial literacy among many users.

Intro

2min

The Chase Bank Glitch: Myths and Realities

8min

Analyzing Canada's Interest Rate Cuts and Their Implications

2min

Balancing Economic Growth and Inflation

2min

Navigating Canada's Complex Economic Landscape

8min

The Dangerous Allure of Financial Influencers

2min

Last week, viral TikTok videos showed Chase customers how to withdraw huge amounts of money from the ATM. The only problem? It was completely illegal. On this week’s TLDR, a look at the good, bad and ugly finance tips you can find on TikTok, and some tips for figuring out which is which. Plus, we examine the latest chapter in the Bank of Canada’s rate cutting journey. And, we take a dive into the extra-heated “Founder Mode” debate.

This episode was hosted by Devin Friedman, business reporter Sarah Rieger, financial educator Kyla Scanlon and former hedgefunder Matthew Karasz. Follow us on other platforms, or subscribe to our weekly newsletter: linkin.bio/tldr

The TLDR Podcast is offered by Wealthsimple Media Inc. and is for informational purposes only. The content in the TLDR Podcast is not investment advice, a recommendation to buy or sell assets or securities, and does not represent the views of Wealthsimple Financial Corp or any of its other subsidiaries or affiliates. Wealthsimple Media Inc. does not endorse any third-party views referenced in this content. More information at wealthsimple.com/tldr.

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TLDR

One Weird Money Trick… That Could Land You in Jail