Gerri welcome to the willis report. You are show them your money and your voice. Tonight, the savings. Major banks are warning that they may charge you to have a checking or savings account. This is according to the Financial Times and you heard me right. The banks are charging you to keep your money and not the other way around. Two out of five banks because the Federal Reserve said it may Interest Rates it pays the banks on some of the 2. 4 trillion in reserve that they have. The banks are making up for it by hitting us in the pocket. Its always great to have you on the show. Let me tell you why this incenses me. Already on my cds and earning nothing. 0. 23 . On my savings account, my money markets are not earning anything at all either. 0. 12 . And that his paltry earnings. Now they are going to charge us more. Why is that . The economy is not strong. The banks dont have a lot of demand for those loans. So if they put it in the Federal Reserve in the make almost nothing, they are not making any money on it. Theres a lot of overhead in the banks, they have branches in the have to pay the Insurance Companies for insurance. Gerri how much does that add up to for each account . That we pay for the fdic insurance, its a lot of money, setting up the accounts takes a lot of dough. How much is going out their front door to have me as a customer . About 200 per account. They want to make money in some way. They hope that even if youre not going to have a lot of money in the account, they can sell you something else. Gerri already according to some folks, theres Something Like 30 fees on each checking account. And i have to tell you that i kind of feel like they are getting what they need out of me. Well, they used to get a lot more out of you, like a lot of Overdraft Fees and things like that. A lot of things that the government has clamped down on what they are trying toodo is quietly parcel out customers that are profitable from the unprofitable ones. If you dont have a minimum balance or your salary directly deposited, what theyre trying to do is make sure that you have a lot of money there and that you will probably come into the door when you need to fix your roof or buy a new car or Something Like that. Gerri ben bernanke said that he might dialback on his 85 billiondollar a month bond purchases by paying the banks for the reserve. They have 2. 4 trillion in reserve, about a quarter on that. Maybe lashing that. How desperate is the Federal Reserve to boost its economy the economy by going after the banks in this way . May arguably run out of ammunition, that the old idea that you are pushing on a string. They can make money as cheap as they want, but if the economy is not strong in the demand is not there, nobody wants the money and that is the problem that the banks are facing right now. We are bringing our deposited and no one wants to borrow it. Gerri so they are not making Mortgage Loans were very few, a lot of the banks have abandoned that business altogether. Now they want to charge me even more for a silly checking account. At the end of the day, i feel a big dont want to have you as a consumer. What would it mean to the major big banks to have consumer individuals going elsewhere . Many are willing to be patient. They hope that they will be doing so in the future but thats not a Sustainable Business model for the banks in general. When you look at the fact that they are dealing with regulation , they are working on it with a lot of headwinds right now as well. Gerri i want to ask you about something. I know you talked to a lot of important big bankers. He said there is just too much uncertainty in the economy and you can tell by looking at the spread between the 30 year treasury and the fiveyear note. Its the biggest its ever been, the widest its ever been. He said that shows you just how uncertain folks are in the economy and that they cant look forward hardly at all to see around the corner as to what the economy is going to do. So what do you make of that . I hear from that from bankers, customers, talking about Small Businesses and mediumsized businesses and they dont know what is going on problems with health care, questions about the economy and they are not investing in that is with the banks really need for the demand to pick up for the loans in todays this demand gerri i feel that its a supply problem. People more money all the time, and its just almost impossible to get a major bank to learn. The problem is that the regulations are so tight. And with all the regulations, if you have a high credit score, they are happy to lend to you. That leaves the regulations are so imprecise and so uncertain, with all of the new regulations expected, that they feel that they cant do it. Gerri that is great advice. Thank you for coming on the show. And another warning this time tomorrow, one of the busiest travel days of the years is being threatened by a an approaching noreaster which could lead to major headaches and delays. With moore, president of airfare watchdog. George, thank you so much for coming on the show. It looks like its going to be bad. How many flights are being careful right now . I think that we actually have a massive we can show to give people an idea of just how bad its going to be. What do you think . There may be hundreds of Flights Canceled because the Airlines Need to have their planes where they should be. And one dallas has its knees, the entire country catches a cold. Gerri we are looking at a misery map. This is where the mouth is, a sense of where you can get an idea where the delays are. You think we are were looking at a nightmare come tuesday wednesday . Even if the this one isnt as bad as we thought, i really recommend that people have a list of ultimate flights that they can take on another airline. Gerri you have lots of great advice for this. We are looking at pictures of the storm itself and its a monster. Get to the airport early because then you can get in front of the problems that are coming. Absolutely. The United Airlines guy came up to the kiosk and he said where you going and i said im going to boston and he said no, your flight was canceled. Follow me, he got me through security and i was on a flight that was leaving in about 10 minutes. So if i hadnt been there three hours early, i wouldnt have gone to my destination. Gerri thats just because youre an important airfare person. [laughter] no, and not really. Gerri if your flight is canceled, what is the vast way to go about it and what is the best thing to do . One thing you can do is if you dont want to take the trip after all, get your money back. If even if your flight is delayed, the airline will refund and a lot of people dont realize that. You do not have to show up. You can actually get your money back. Another thing you can do. Gerri so how i get my money back . Really . I never find that the airlines are very open. What is the procedure for doing that . Gerri you are right, theyre not going to offer you the money back. They will offer a voucher and say would you like to go later, no change free. But if you look at the contract of carriage, united has four options under the contract for involuntary delays. And the fourth one is moneyback guarantee. So you do have a right under the contract of carriage to get your money back. They are not just going to hand it to you. Gerri i think you have to demand help. We are talking about the east coast a lot. This is going to impact travel on the west coast as well even though the weather is not there. Absolutely. People will show up in an airport that is perfect weather like being asked. And they will say that the weather is perfect. But it was not the weather there but the weather in newark, new jersey, or dallas, texas. Gerri those are excellent points. We appreciate your time and happy thanksgiving. Now we want to know what you think. If the weather hurting your Holiday Travel plans . Vote on the righthand side of the screen. We have more coming this hour, including a warning about annuities. They may cost more than you think and warning about your taxes as well. What you need to know coming up next gerri dirs putting taxpayers at risk for fraud that could have their personal information stolen, the irs leaving the backdoor wide open to hackers despite warnings from auditors. Your personal information is at risk. And here is the tax administration. The agency neglected to address this. We have john malcolm with us, a senior fellow from the heritage foundation. Is this a surprise . This is in the first time the irs has gotten in trouble for not doing a good job on security. That is certainly true. You get a brandnew dimpling that is previously identified in the irs had these problems and saw eight of them had not been fixed the documents did not pick this up. These are major security breaches. Gerri all the while, as you say, theyre kind of lying about what they have done. In fact, thats not true at all. And how do they get away with this . The irs has a lot of sensitive information. And this is not a hypothetical problem. Inspector general came out with a report in which he said that last year 1. 2 million taxpayers have had their information stolen by identity thieves and it was up to 1. 6 million just through the end of june. There are identity thieves and hackers voiding these one abilities and getting information about all of us. 314. 5 months ago they inadvertently posted the Social Security numbers of thousands of americans. Social security numbers. I mean, the mistakes go beyond we dont have the current data is its a management issue in your view . In some cases it has been part of the irs and that is appropriate and inexcusable under any circumstances and this includes system vulnerabilities and they need to get their act together. Gerri they are really. It does. And they are not trustworthy in order to prevent it from being subject to disclosure. We have a long way to go on this one thank you for coming on, another day another problem for health care. Gov. The deadline is four days away. Stay with us just by talking to a helmet. It grabbed the patients record before we even picked himp. It found out the doctor we needed was at st. Annes. Wiggle your toes. [ driver ] and it got his okay on treatment from miles away. It even pulled strings with the stoplights. My ambulance talks with smoke alarms andilots and adiums. But, of course, s a good listener too. [ female announcer ] today cisco is connecting the internet of everything. So everything works like never before. Gerri thinking about purchasing an annuity . Details in 60 seconds. Stay with us. Gerri annuities are more than a 200dollar per year business. The folks that sell them. Annuities are like a private pension, the purchaser pays for it, generating an income when you retire. Our next guest says its not what you think and joining us now is ric edelman of edelman financial services. Guaranteed income. The idea of an annuity is sexy. Because of that economic the economic guaranteed income for life with no stock market rest. That sounds fabulous. So for example they dont tell you is that when you put the money into the annuity, that is all youre ever going to get his monthly income and your principal is gone forever. You will never see it again. If you annuitize today and get hit with a bus tomorrow, your spouse gets nothing. Gerri this is one of the complicated arenas for financial investments. They are so them. They are pushed on people. Youre absolutely right. One of the leading things is listing annuities on the top 10 lists of dams because of the free lunch and dinner seminars with salesmen often use. They invite people out, they buy them a rubber Chicken Dinner and they get them to invest in an annuity with a very lucrative sales pitch sounding appeal that is frankly more promise than fact. Gerri there are people that are smart and tell me, how do they make it work . If youre going to buy an annuity, you have to recognize that this is a retirement product aad the need to invest the money into the annuity and never touch it. Not only are you going to pay taxes, 10 penalty also as well. This is essentially a oneway trip with this kind of a product. And you need to make sure that the company is a very safe and secure company as the company is broke, your annuity becomes worthless quick question,. After all, that is what Annuity Companies are doing with your money. Thank you for being on its always good to see you. You u2, happy thanksgiving. And its time for a look at stories on fox business. Com. Consumer confidence fell this month. Another dispute over obamacare. At issue this time, whether businesses can use religious objections to escape a requirement to cover Birth Control for employees and in an exclusive interview with peter barnes bending the Stimulus Program after five years. And he hopes it works. Also recalling the vehicle has been recalled seven times those are some of the hot stories on fox business. Com. And santa is not the only one whos checking who is not in who is nice. And Insurance Companies are still we will have that next. L x and pay one flat rate. I didnt know the coal thing was real. Its very real. David rivera. Rivera, david. [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability of fedex. You know how painful heartburn can b for fast,ong lasting relief, use doctor recommended gaviscon®. Only gaviscon® forms a protective barrier that helps block stomach acid from splashing up relieving the pain quickly. Try fast, long lasting gaviscon®. So i deserve a Small Business credit card with amazing rewards. With the spark cascard from capital one, i get 2 cash back on ery purchase, every day. I break my back around here. Finally soones recognizing me with unlimited rewards meetings start at 11, cindy. [ male announcer get the spark Business Card from capital one. Choose 2 cash back or double miles on every purchas every d. Whats in your wallet . I need your timesheets, larry the. Gerri if youre like americans getting shattered the obamacare website, you are finally the private sector stepping into the plate trading in new website help you do just that. Joining me now, Senior Vice President of consumer marketing at go health dot com. You will want to remember that. Michael, thank you for coming down the shutter night. Your company got involved in this project. The government invited you into the front door. Right . Sure. We have been in the Health Insurance marketing and Technology Space for about a decade. On the private side with health care to help boost enrollment. Gerri zealously bill. As a consumer, someone who might want to get of the website, what am i going to see and how does it took me up with obamacare . When you come on our side you answer a few specific questions, see the plaza you qualify for, is to make your subsidy, narrowed down to a plan with or without a license advisor, and we walked foxbusiness. Com and roman process. At the end of the process, to the process, thats it. You are enrolled. Gerri to you in raleigh rm ultimately getting rolled by the federal government, by the obamacare website . So, we are enrolling you so you do not have to visit healthcare. Gov in order to be enrolled, but we are leveraging the connection with the fs in to do this subsidy. Gerri what is that . The federal facilitated marketplace. So the irs is the one that is actually doing your marketplace, your subsidy determination. We plug into that, and it drops back to our site. You start and in the process. Gerri you can tell me if i am eligible for the obamacare fix, if i am eligible for medicaid. He will direct me to the plan that i could be eligible for and somewhere to go and what i would be paying so that i have real information on how much money and paying and how much money i can get from the federal government. How long is it taking to get to the website . We have been building in for a while, but the integration for the government from that time they contact us up to now, the point he made about advice is critical. So it is that cystine roman piece but determining what plan is right for you which is why. So keep. Gerri in chicago alone. Over 100 licensed agents. The biggest question is not our and robo was to buy. Gerri apparently the obamacare website has had a heck of a time integrating what they are doing with brokers. This is a different kind of thing. People want to get expert advice. Handinhand to go on these website speed your website is one way to do that, but what i asked you will easily did not answer, how long it took you to build the website. You know why im asking. I bet you beat the government. Well, we are just looking at it as an opportunity to enroll people lead to not have any other solution. For us, that is just exciting. Gerri tell me, how many people at yearold. I cannot release that yet. But unlike other entities that are saying, you know, we dont know. We do know. We just cant release that information yet. Sunday night, for example, i talked to a woman, a family of four commands she had to decide which two family members and insurance. All four have insurance, and it is half of what she paid. Eased to the ramp up. Ready handle the traffic. Gerri how many People Living on . Well gerri how many people visiting your site . I cant release that either. More questions than answers. A really interesting. You know, essentially a private sector effort to try to help people get through this process. It is called go health. Thank you for coming on the show. My pleasure. Gerri interesting. Well, the barely functioning obamacare website has until saturday to work for the majority of americans. But like countless other selfimposed deadlines, the administration could go right past this one. Just today new problems arising making it even tougher for consumers to sign up for health care. The manhattan institute. So what is all of this about . The id verification not working. Well, it has been a problem for months. Federal government. The privacy safeguards in obamacare, it has not been working. People in but theyre Social Security numbers, their personal financial in formation, and it is vulnerable to hackers. G