It seems some individuals participating in the “Chase Money Glitch” were unaware they were committing an act that can be charged as a felony or a misdemeanor.
What is Check Fraud
Here are several actions that are considered check fraud:
Additionally, check fraud can also guarantee you a spot in ChexSystems, EWS, as well as a negative credit mark if the unpaid debt ends up at a collection agency.
Consequences of Check Fraud
The consequences of check fraud can be severe and far-reaching, impacting both your financial well-being and your freedom.
Here’s a breakdown of potential consequences:
Legal Penalties
Criminal Charges: Check fraud is a crime and can be charged as a misdemeanor or felony depending on the circumstances (amount involved, prior offenses, etc.).
Misdemeanor: Up to 1 year in county jail and/or fines.
Felony: Several years in state prison and/or fines.
Restitution: You will likely be required to repay the amount of the fraudulent check, plus any additional fees or penalties.
Permanent Criminal Record: A conviction for check fraud will remain on your record, making it difficult to find employment, housing, or obtain loans in the future.
Immigration Consequences: If you are not a U.S. citizen, a conviction could lead to deportation or affect your ability to obtain citizenship.
Financial Consequences
Damage to Credit Score: Your credit score will likely suffer significantly, making it more expensive to borrow money or obtain credit in the future.
Frozen Bank Accounts: Banks may freeze your accounts if they suspect fraudulent activity, making it difficult to access your money.
Difficulty Opening New Accounts: Financial institutions may be hesitant to open new accounts for you if you have a history of check fraud.
Civil Lawsuits: The victim of the fraud may sue you for damages, leading to additional financial burden.
Final thoughts
It’s really not worth the stress and anxiety of possibly facing criminal charges and dealing with the financial fallout. Check fraud is a serious offense with serious consequences. It’s always best to avoid any actions that could lead to these outcomes.
