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 checng 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 deral reserve said i 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. Itslways 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 accou, 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 . T economy is not strong. The banks dont have a lot of demand for those loans. So if they put it in the federal serve in the makelmost 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, seing 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 wanto 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 omething 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 gt 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 yo 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 roofr 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 ping 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 econo 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. Hey can make money as cheap as they want, but if the econy 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 together. Now they want to charge me even more for a silly checking account. At the end of thday, i feel a big dont want to have you as a consumer. What would it mean to the major big banks to have consumer individualsoing elsewhere . Many are willing to be patient. They hope that they wil 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 t ask you about something. I know you talked to a lot of important big bankers. He aid 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 youjust how uncertain folks are in the economy and that they can look forward hardly at all to see around the corner as to what the economy is goi to do. So what do you make of that . I hear from that from bankers, customers, talking about Small Businesses and mediumsized businesseand 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 hay 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 coullead to major headaches and delays. With moore, president of airfare watchdog. George, thank you so much for coming on the show. 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 hink . 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. Th 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 nhtma come tuesday wednesday . Even if the thi one isnt as bad as we hoght, 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 tis. We are looking at pictures of the storm itself and its a monster. Get to the airport earlyecause 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 m 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. If i hadnt been there three hours early, i wuldnt have gone to my destination. Gerri thats just because youre aimportant 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 nt 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 haveto 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. 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 t 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 hanksgiving. 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 warng abt 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, theirs leaing the backdoor we 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. Wehave 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 prevusly 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 whi, 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 hadheir information stolen by identity thieves and it was up to 1. 6 million just through the end of june. There are identity thievesand 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 reall. It does. And they are not trustworthy in der to prevent it from being subject to disclose. We have a long way to go on this onehank you for coming on, another day another problem for health care. Gov. The deadline is four days away. Stay with us gerri thinking about purchasing an 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 elman of edelma 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 sod really badly off 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 u an annuity, youhave 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 cn use religious objections to escape a requirement to cover Birth Control for employees and in an exclusive interview with petr barnes bending the Stimulus Program after five years. And he hopes it works. Also recalling the vehicle has been recalledseven times those are some of the hot stories on fox business. Com. And santa is not theonly one whos checking who is not in who is nice. And Insurance Companies are still we will have that nxt. Clients are always learning more to make their money do more. ann to help me plan my next move, i take scottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. And my local scottrade Office Guides my learning every step of the way. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. Hmm. Mmhmm. [ engine revs ] [ male announcer ] oh what fun iis to de. Get the mercedesbenz onyour wish list at the winter event going on now but hurry, the offer ends soon. [ santa ] ho, ho, ho [ male announcer ] lease the 2014 glk350 for 419 a month at your local mercedesbenz dealer. 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 purchase, every d. Whats in your wallet . I need your timesheets, larry gerr santa claus still working on is not your nuys list, but Consumer Reports are saying which companies deserve a lump of coal and which deserve prais. Here with the Fourth Annual not the and nice list, Senior Editor for Consumer Reports. Great to have you back. Love this list every year. Slight that treats shares list. You know and i mean . Really looking at companies with an eye to how they treat consumers and what they have done this year. Okay. Lets get right down to it. Amazon is not a good guy this year. Well, the policy that got them on the nautilus this year was that they have raise the requirement for supersaver shipping on eligible items by 10 to 35. This is a company that is the 11th largest retailer in the world and has 61 billion in les. One wonders why they raise it. It continues to encourage people to purchase amazon prime. Gerri best buy. The traders love this company. Do you like . Best buy is an interesting one. The lectronics chain has a very stern warning for customers who plan to make a return. It is about their rurn policy. Even if you have a receipt you will need to present the photo id and best buys and retains the right to take the informa from your id and store it in its database to track future returns and based upon future return and exchange patterns, some customers will actually be warned that they will not be eligible for a tur for 90 days. That is pretty harsh. Gerri tried to stop people from returning everything that they get, i guess. Wow. That is annoying. You have to give them the information, which i dont like. Walmart, even though they take a very tough route from a lot of new york journalists. Something positive to say. They do a lot of things. This year when they set up their Layaway Program they entered a consumer friendly to it twist the administrative fee. Last year walmart charged 5, a service fee to open the layaway coun but they did away with it that was nice, on the flip side if you have to cancel there is a 10 fee would still not exist last yr. For most people the fact that they dont have to put down money to open the account this year was a nice thing. Gerri that makes a lot of sense. Airlines, not the one nice. Always usually taking it on the chin. Southwest its profits because they offer flexibility. The new fare verses the old fare. And some airlines if you want to switch fligh, it can cost you hundre of dollars. Gerri very expensive. United. The interesting thing about united this year is that for most of us i think that we can understand, you get a little bit of a perk if youave special needs and wants to preboard. People with children under fou usually get a preferential spot. Well, this time aroun united has done away with that, and if you are traveling with the child four years older under, well, you will have to wait until it is eurozone. Gerri thank you for tracking that for us. Good stuff. Love that feature. Okay. Well, southwest plans on the nice list. Its own list of the Worst Airlines for Holiday Travel. That is tonights top five. Number five, american eagle, this regional carrier is a is because more than 18 of its holiday flights are delayed over thanksgiving, christmas, new years. The parent company, american airlines, this bankrupt airline may get another shot thanks to a proposed merger with u. S. Airways. Hopefully that will prove and 19 in a half percent of valid flights from being delayed. Number three, frontier airlines, one in three of its flights are delayed over the holidays mainly because the airlines based in denver where the weather is pretty much a challenge every day. Express jet. Apparently avoiding the regional carriers all the time, good advice with more than 20 percent of all the flights delayed. The number one Worst Airline is, surprised, jet blue. One of the most popular airlines. Actually has the worst track record for november and december. Nearly onequarter of bill flights are delayed. Working on a new technology to help them during bad weather and avoid cancellations. The besairline to fly, lane and alaska. I never go there. Still to come to my 2 cents more. Next, a warning before you brave the stores. What Department Stores are n telling you. Stay with us. vo you are a business pro. Maestro of project management. Baron the buildout. You need a permit. To be this awesome. And you. Rent from national. Becae only national lets you choose any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. aaron purrrft. vo meeeow, business pro. Meeeow. Go natiol. Go like a pro. Gerri heads up. The dirt on the door busting deals. Retailers ar gerri the looking discord deep discounts on black friday . Well, listen up because we have news for you. You may not be scoring deals at all. Joining me now with the real deal, a columnist for market wants. Welcome back to the show. Good to be here. Gerri are the deals . Well, the prices on black friday are going to be probably cheaper than what you might spend on any given day may be, but the truth of the matter is is that there are definitely times of the year when the prices will be at an absolutely lower. You know gerri as much as 38 less. Absolutely. Gerri that is a lot. Rig. What you have to think about is that you are going to go through a lot of hassles on black friday on top of that. [laughter] i dont know if the math works out. Gerri the map and the pain and distress. I want to show folks the numbers that we came up with to give them a sense of how this works. Check this out. Talk about buying a sweater. Suggested retail price of 50. The first markdown comes. Then you pay 44. 99. The final discount price, 21. 909. Heres the information you dont have. The retailer pays 14. 50 for this ridiculous water, and the average retail price was 20 bucks. Their gross margin, 20 45 . Pretty good. Real living in a time where even beyond black friday everydays the sal date. So, i mean, we see all the parma stores advertise there dying when they sales, three day sales. Has become almost impossible for consumers to tell what is the real price. And, you know, its something that is an unfortunate fact, particularly at Department Stores. Gerri what do you suggest for people who wilget out there and want to know if theyre really getting a deal . The best in theacon do is brinprice comparison tools so that at least they know theyre getting the best deal tha day. They can bring interest with the smart phone, looking at a chance i think ttey should alsobe prepared to brin any possible coupon that they have, whether it be on line, mobile, or prince so again, the focus is on trying to get the best price that day at the very least. Gerri you say that these stores, they try to get you to stay on your feet for a long a matter of time. Why is that . The longer you are traveling more you well by potentially. You ever notice how hard it is to find a restaurant and a Department Store . [laughter] gerri true. That is rely true. You ever notice that you go up the escalator and suddenly define the next level you have to go around. Again, classic retail strategy. A little annoying for the consumer. Hopefully for then there will be a payoff. Gerri is a better to sit at home and shop online where you have your list beside you. Maybe you are not touching the march, some maybe you are not so inclined to buy. Well, to be honest, most retailers match prices onine and then you find great shopping deals. I talked about with friends and colleagues, you can often find otheriscounts on line. I cite at would give you a fuher discount. You could argue that it is better to do it from home. What i will say, there are certain types of things. Lets face it. Its about the idea that shopping is sort of a form of amusement for a lot of people. Gerri i think that is true. One thing we did not mention, shoplifting will be big this holiday season. A dollar figure. The average consumer is paying about 300 per year. Shoplifting. The money just adds to the cost. I think the most disconcerting is that retailers are not always as concerned as you would think because, frankly, theres a legalosts, time cost, and also a lot of Municipal Court systems and Police Departments will not you know, well not really follow through as the retailer woul like. Basically ere is lot of shoplifting that kind of goes under the radar. What i am telling you is, youre paying a price for it. Gerr great information. I understandou will be at kmart. M wants to know whats m wants to know whats happening. With fidelitys options platform, weve completely integrated every step of the process, making it easier to try filters and strategies. To get aist of equity options. Evaluate them with our p l calculator. And execute faster with our more intuitive trade ticket. Im greg stevens, and i helped create fidelitys options platform. Its one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. [ male announcer ] the parking lot helps by letting us know whos coming. The carts keep everyone on the right track. The power tools iroduce themselves. All the bits and bulbs keep themselves stocked. And the doors even handle the checkout so we can work on that thing thats stuck in the thing. [ female announcer ] today, cisco is connecting the internet of everything. So everyone goes home happy. To. Gerri that big and ugly storm moving into much of the eastern u. S. Could impact of thanksgiving travel. Is this nasty weather that might be hurting your holiday plans. Yasir question on gerriwillis. Com. 8 percent said yes, 92 percent said no. Log on to our website. And finally, i dont know about you, but i am tired of being everyones back a plan. Reports are suggesting big banks might start charging even more fees because the Federal Reserve may be a little less generous. Frankly, is hard to imagine them being more generous which brings me to alan greenspan, former fed president presided over the dot com bubble and was accused of keeping rates too low to long. You remember, failing to take away the punch bowl. His comments to peter barnes today, deeply surprising. I hope it works. That is heavy handicap the likelihood of his success. You know, qe2 forever and zero and no Interest Rates. I have to tell you, that is worrying. Everyone is focused on the risk reward stock market. The holidays coming up. It is a bad time to make sure you are cover in case as mr. Greenspan says it does not work. That is my 2 cents more, and that is it for tonight on the willis report. Thank you for joining us. See you right back here tomorrow. Have a good evening. Good evening, everybody. Im Ashley Webster internet for lou dobbs. President obama receiving more potentially devastating news regarding his Controversial Health care law. The Supreme Court announcing that obamacare is back on the docket, and the question of whether or not the president s signature law and in fringes of religious freedom will be decided. Announcing today a bill will take up the dispute of the u. S. Businesses claiming religious objections over the laws contraception mandate. That issue has divided the lower courts, Oklahoma City based