$99,000,000,000 Withdrawal Goes Viral Amidst JPMorgan Chase Scandal

A Reddit user has shared a viral story about a strange banking incident. The user claimed that JPMorgan Chase withdrew an unexpectedly large amount of money – over $99 billion – from their checking account, causing it to freeze.

Despite multiple attempts to contact customer support for an explanation, the user has yet to receive a satisfactory response. The incident has left the user frustrated, especially since they have a mortgage payment due soon.

They have even considered switching to Wells Fargo due to JPMorgan Chase’s incompetence.

There have been instances where JPMorgan Chase accounts were overdrawn by $99 billion.

One example occurred in April 2016 when a woman in Chicago discovered that this amount had been withdrawn from her deceased mother’s account.

Chase stated that they were investigating the issue at the time. Another occurrence took place in February 2020 when a woman in Texas was surprised to find that the account she shared with her late husband was also overdrawn by more than $99 billion.

In response, a representative from Chase explained that they place significant debt on accounts belonging to deceased individuals to prevent unauthorized withdrawals.

The banks, including Bank of America, Citigroup Inc., JPMorgan Chase & Co., and others, were accused of unlawfully conspiring with each other to artificially raise interest rates on specific municipal bonds.

This was done in an attempt to discourage investors from returning them for cash.

The banks were due to appear in court on August 7, but a request for an emergency order was granted by Judge Thomas Donnelly, allowing the settlement to be reached instead.

According to Bloomberg, lawyers representing Edelweiss Fund argued for double the amount of settlement money in a whistleblower lawsuit against banks at a Monday hearing.

However, Donnelly was not convinced and advised the plaintiffs to argue their case for a larger settlement at a briefing on September 15th.

The banks involved have not responded to media inquiries about the settlement.