>> we have a talking back go on tv. what's the difference? melissa: that's all the "money" we have for you today. we will see you back here tomorrow. ♪ is next. gerri: hello, everybody. tonight banks getting more aggressive with extra charges. what you think is free the banks now want a fee. also, the know what obamacare will cost you? the new number is enough to make. gerri:. ways to delete your digital trail permanently. watching out for you tonight on "the willis report." our top story tonight, annoying bank fees. coming to your phone as

consumers flock to the speed and convenience of mobile banking, big banks are salivating over the millions that they can make off of you. joining me now, a consumer education president and editor in chief for american banker. i will start with you. what are these fees and which banks are charging them? >> we are talking about fees for mobile checks, using your mobile phone to do your banking. obviously it cost the banks to develop these, so some of them are trying to impose fees for things like if you take a picture of your check deposited, $0.50. that is the sort of thing we're talking about. gerri: sometimes these can be higher. if you're cashing a check and what the money immediately you can pay far more. >> this is something that is being tried out. the quicker you what your money the more they charge you from a few dollars and $0.50. gerri: i really don't understand when it comes to these fees why they should be there at all because let's face it, you are not using an atm, bank branch.

there is no telling giving you the time of day. it's all done electronically. what if these? >> i have three banking applications on my phone. i went through every single one of them to make sure that none of them charge me a fee and none of them do, but that does not mean there is not one plummet. don't over think this. they're charging you a fee because they can. that is a very simplistic answer, but as long as they're keeping these these modest, $0.50, dollar, it's unlikely to take the consumer to the level, of the edge of the cliff and acts as an incentive to cause them to move their business to another bank. gerri: some surveys show that consumers don't mind. my guess is this is a lot of young consumers and they're not even thinking about this. gerri: a lot of people are going to nntice it. other people will say that it is and can move to other banks that don't charge fees. we don't think they're charging the fees is the way to go.

once you give people the services they will do things like stay there so you don't have to keep spending money on @%vertising. obviously that helps the bank. two different strategies. gerri: i think that is interesting because the experience of mobile banking is that once you put that into that mobile platform they're putting more money into the account, secure, they stay, they use more of your services and you end up making more money anyway. adding more fees into that is just insult to injury. >> it is, and you will make far more of of the cross sell from a checking account into a mortgage loan or across cell into an auto loan then you will charging be $0.50 to take a picture of a check and deposited . it is very convenient. 247. i don't have to go to a branch which is what is so frustrating. i'm not taking of manpower, and not calling the bank, visiting the branch, i'm actually doing

this on my time in my house, yee i'm paying you for the service. gerri: that's exactly what it is. you really like some of these. you think they're terrific. >> obviously the mobile check deposits. take a picture of your check. it's great because you don't have to gg into a branch. things like checking to make sure you're not getting ripped off is always good. so i think all of those are good. the one that i think is particularly neat, some of the banks are starting to offer pier to pier payments. i can send you $10. gerri: i wish you would. >> that is kind of cool. people use paper checks which and a lot of the world are considered very antiquated. gerri: another topic of want to attack. interesting that banks are now accepting these prepaid cards as ways for people to get their paycheck. a lot of companies are now pushing people, especially people who make smaller wages,

minimum wages, fast food, restaurant workers and others. what do you make of it? >> it is another way to essentially move the consumer of of the traditional banking platform community traditional checking account and a traditional savings account, into a plastic method. the prepaid debit card which is considerably more friendly to the bank from of the perspective that a properly managed account. as an incentive to download or to have your paycheck essentially loaded onto a prepaid debit cards, some will actually allow you to do that for free where if i went out and paid money gramm or western union, many times they will charge me feet. it's yet another way to make it easy for consumers to put money on those. gerri: that then they charge you. this is like another way to build up fees. that sad part about this is a lot of people who are using this service are making minimum wage. many jars and $0.50 year and three ellis year and $6 there at

the end of the day it's a lot of money. the impact on the industry, more and more of these projects are going on to prepaid cards. in 2017 those numbers go through the roof. 11 million cards, 69 billion. what you say? is this the trend of the future? will i be taking a prepaid card home? >> i don't think it's too well to read a lot of minimum wage people will. unfortunately i think there is a prey on the lowest income people, but in and of themselves they're dead. they can have low fees. they're is a car that was rolled out by walmart. that has low fees. unfortunately, what we're seeing is you could argue in some cases the banks are in cahoots with the employers saying, you could not save money under payroll and we can make more money with banking. is the small guys, the one working at taco bell for $7 change for our picks up the tab which is wrong. gerri: i find that really disturbing.

do you think this is the wave of the future? you and i have talked about these cards many times. >> kneele is referring to the bluebird card which is the apex predator in the world the prepaid. very few fees. here is sicily's using the least sophisticated consumer for a financial perspective and saying, look, you make $10 per hour, we will take a little bit of that. people like you and i and the more sophisticated consumers know. we will always avoid prepaid debit cards. we don't want to pay to use our own money. we have traditional checking accounts. we can avoid fees by being a little bit more savvy than a financial restitution is off and we are not their target market. the target market is the less sophisticated user. gerri: if you work at mcdonald's sophisticated and not, you may have to take this. and one of the fees have really embraced me was $6 if you lose your card. come on. at the end of the date whose pockets are we living and who is

making have? i think it's obvious. thank you for coming on. preceded. a conversation and great points both of you. >> thanks. gerri: now we want to know what you think. should banks stop nickel-and-diming us? log on, on the right-hand side of the screen. all said the results of the end of the show. we have a new report. we talked about that last week. @%edicting federal student loans could cost taxpayers billions of dollars over the next several years. this says the rates for student loans doubled after washington failed to reach a deal. peter barnes is at the d.c. bureau with details. >> reporter: that's right. and new estimates from barclays' capital trying new attention to the government unique accounting methods for student loans. they show loans booking big profits for taxpayers, $160 billion over seven years according to a june report from the congressional budget office.

that forecast assumed the doubling of interest rates on some loans that kicked in today. even the cbo and acknowledges that the government accounting methods do not include a big real world risk. higher student default rates and tough economic times like we just saw. cbo estimates including that, the federal student loan program would lose $50 billion over seven years. now let's throw into the makes the program started in 2009 that allows students to make monthly payments based upon a percentage of their income gap as a percentage of their monthly income. those programs for give remaining debt after a certain number of years and finally broke into the makes the new proposal from the white house and congress to pick student loan rates to market rates. barclays says if that happens, cost for students could rise over time, driving more of them into these capped monthly payment programs and creating

more debt forgiveness. all told that could cost taxpayers $100 billion by the year 2020. gerri: big numbers. we saw last week, we reported that if these rates were to go up they would still only costs $7 per month for most students. so the numbers here are very interesting. what i wonder is how this is affecting the debate on capitol hill. >> well, this is giving new ammunition to critics of how all of this is structured and accounted for. take a listen. >> is it changing the debates about policy and subsidy answer plus such that people want to make claims about how much money we are making austin loans? in reality those profits are illusory if anything. >> reporter: senate democrats and house republicans are in a standoff over proposals to address the student loan program to reform it basically wholesale to buy time to work on a

compromise. senate democrats plan to vote next week on a bill that would restore the lower rates on some loans, the ones that went up today for one year retroactive to today. gerri: there is always time for congress. they never have a real deadline. thank you for that. appreciated. >> reporter: thank you. gerri: we have more to come this hour. we are just getting cooking as a lookout for your privacy with tips on making sure that when you delete something in your computer and it is really gone. next, a series of setbacks. what the law may not be ready to be rolled out by the start of next year and why you unfortunately will be paying more. ♪ i'm only in my 60's...

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gerri: healthy consumers might be feeling ill once obamacare roles in according to the wall street journal. those unfortunate folks to see insurance rates double or triple. with more on this, president of american action forum. welcome back to the show.

how disconcerting is this? obamacare and the people who get penalized of the ones that have been taking care of themselves. are we to streets around the problem? >> is the surprise the rates will be unhealthy. the american action form has surveys, the "wall street journal" published. the arithmetic is correct impelling. the more interesting finding is that until a survey we found that if you raise the premiums for the young and healthy by 30 percent 45 percent of those used to buy health insurance will quit. that has big implications because the whole idea is you, what the young and healthy to pay the bills. they are consumers. it just doesn't work. gerri: let me give some examples of the people can see the numbers. a 40 year-old nonsmoker merrill today you would be facing in a generic plan, $63 per month.

in obamacare 1903. you tell me the likelihood that young men are even going to bother with this? they would rather pay the fee, the obamacare fine art tax or never we're calling it these days. >> everyone thought that somehow through the magic of calling it a fine that somehow just the consumer part of this would go away, but it hasn't. the young are doing the arithmetic. no, not going to buy insurance. if i have to allow will buy it then. we're going to see a real different health insurance market if these rate increases come up the way their plan and crazy.ple to the mass. last week or talking about health and human services was talking of the nfl and nba. particularly young african-american men and latinos, out for this program. today it does not appear to be

the case. what is going on? in the obama administration not talk some of the nation's biggest institutions best known to young men all over the country to stand behind obamacare? >> well, we adjusted the arithmetic. do you really want to inform them of your choices? that is question number one. number two, you waited to something that is a lot more than just the so-called good news where you get insurance. they're going to have to pay the bills for the older and sicker, inherit a debt that the program creates. a lot of taxes involved. the nfl or nhl or any major organization, do you want to be endorsing something that has so many flaws? at optics up. gerri: i guess they don't because apparently they are backing away. quickly, i want to talk about child birth to my the other side of the coin. >> on which i am an expert. gerri: argue? the big question here, the cost

associated with childbirth. really getting into the nitty gritty of the cost of different tests that are now routinely being advised to young women who are giving birth. i thought we were going to have lower costs, you know, among the many promises, keeping your doctor, an increase in cost. this was one of them. what is going on? this seems to me that this is different than it was five years ago, ten years ago. >> this is a complicated story, more complicated than the paper suggested. the first thing to realize is that about half of childbirths i paid for by medicaid. as you know, big part of obamacare is the expansion of medicaid. no one thinks it's a good program, but that's a big chunk of what is going on right now. the remainder which is what the story is about is what is wrong with fee-for-service medicine because you're saying to doctors, do more tests, more expensive procedures and we will

pay you no matter what which is the kind of medicine we need to get rid of. unfortunately that is embedded in the practice of medicare and obamacare. gerri: the more you have government involved in these services the worse it is. thank you for coming on. great to see you, as always. well, later in the show are financial panel gives you advice on how to play these volatile oil markets. next we answer the question, how you do that. tips on making sure and from asia you delete office what fun is gone forever. ♪ (announcer) scottrade knows our clients trad

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♪ gerri: well, the nsa and has access your private data, but if you don't wipe your cat is properly the whole world can access reformation. joining me now on how to delete your intimation, welcome. i thought that if i put things in the delete bin and then deleted it i was okay. you say no. >> you really didn't, did you? >> i sort of did. no? >> no. it is just another folder where you put your stuff temporarily until it is gone. even deleting it from there is not always deleted because it might go into a different

partition. information on how hard drive can be situations did people in trouble because some of the information was illegal. gerri: how did you do that? >> well, yap. the software to find the data, the forensics offer was just readily available stuff you find online. they stuck their data into the delete folder, into the recycle

bin. it was completely right in front of your face. you know, some of the devices were white, but the way that they did it or the way they're reformat it or reinstalled the operating system did not completely remove the data. gerri: i need brand names. what is safe and what is less safe? >> your iphone, ipad are great. no problem. when you factory reset those devices, we found nothing. blackberry is built so that when you what the device everything is gone. android, it was all there. much of it was right there in different partitions. you remove the same card, remove the -- the storage devices. everything on the device itself was still there. even the factory reset, we still

found information. same thing with microsoft windows devices, especially when those, so many different partitions and the way you reinstall and reformat the drives. we found a lot. windows seven was better. when those eight was much better. when does xp was a big problem. all of our windows xp devices. gerri: did you ever put out -- these products out to resell? >> let's say you will sell at desktop or laptop or a mobile phone, you could potentially be selling your identity for 50 to $100. i wouldn't. what i would do with most mobile phones with the exception of an iphone or blackberry is destroyed them. i would destroy in and read, especially in older one. i would literally destroy it with a hammer. but safety glasses on and beat that thing to death. drop in and out bottle of salt water and stick it on your porch. that is the same thing with the

windows hard drive. a laptop or desktop. beat up, drill a bunch of holes in it. gerri: you know, if you have a laptop low whole thing does not have private information in it. is there some piece that you put out that absolutely has to be run? >> well, yeah. the hard drive. it's easy. a couple of screws. poppet out. then you can recycle the rest of it or sell it. and at this point in the laptop that you are going to upgrade to or sell or recycled, they are not worth much. to recycle the hardware with the exception of the hard drive is a smart thing to do. gerri: i feel for warned and now armed and i appreciate you coming on. i have a hammer and a few things that will not see the light of day ever again. a great way to take your anger and frustration.

>> agreed. gerri: wow. did not know that. time for a look at stories your clicking on. some good news in the manufacturing and construction sectors sending stocks into the green. the news was modest enough to convince investors that the company is not growing fast enough for the fed to pull the plug on stimulus. the price of oil closing in on $100 per barrel. protest in egypt. millions storming cairo in the hopes of ousting the first democratically elected president. former partner at accounting firm kpmg pleading guilty to a securities charge fraud that he provided insider information to a friend. scott london carries a maximum of 20 years in prison and his sentencing is scheduled for october. apple in japan for its watch. this is a strong indication they may be proceeding with their rig plans to produce the watch. the document contained, the

application was made june 3rd. those are some of the house stories right now on foxbusiness.com. coming up, looking out for you and your gerriwillis.com with tips on investing in low-priced stocks. the fed continuing to pull the strings on wall street. what should you do? what will happen to profits? what will happen to your portfolio? advice coming after the break. ♪

>> from our fox business studios in new york, here again is gerri willis. gerri: when it comes to the market, volatility is the name of the game as wild markets keep rocking small investor. all three major indexes ended in the green today, but a 100-point swing in the dow seems to be the norm now. one powerful trend of history

says the second half of the year is going to be a big one for your bottom line. joining me now, author of you can never be too rich. host of on the money. investment strategist for lpl financials. an interesting study, here's -@what he found looking back at the market, the s&p 500 posed positive full-year returns every time, and i mean every time the january february posted solid gains back to world war ii. interesting study, do you think the pas past will be prologue ts year? >> i do. it is tough to beat that track record, but if you look at the fundamentals of what is going on in the world right now, especially in the u.s., the economy is growing and the fearful is happening in the fed, what is behind it is a growing

economy, and economy back on track doing better than people expected albeit a little muddy and a little choppy so just by looking at the pier fundamentals and not the track record, my bet is it will be a good second half it gerri: where do you think the s&p will end? do you agree there is a rally? >> the first half of the year you have three different markets. it was up 12, 14%, a bond market was kind of in the base path down about two or 3%, down six or 7%. second half of the year those three different markets are going to take the same path so you have modest single-digit gain in all three of those putting them roughly five to 7% higher to my stocks.

gerri: not too bad. let's talk about the sectors that might benefit from this, where should i be? >> if we have a reciprocal, a rising economy, stocks will be better, talking financials, industrials, materials, energies will do better. the safer stocks, the consumer nondurables will probably not do as well. gerri: should rethink what dividend paying stocks? an important part of the equation? >> a lot of people get caught up because they don't know what her in the mutual fund. the safest way to not get freaked out is to know what is in the mutual fund. once you see the brand names you will know they are not going out of business and you can ride the

wild ride. gerri: bond fund, 80 billion pulled out of the bond fund in june, so this is it big trend. was that a big idea? for that a while people were pulling their money out of bonds and stocks. >> the one place i would be pulling money out of the bond world right now is the long-term bond because it is inevitable. getting better and the fed making the bold statement of the tapering in the fall, it is almost a certainty people should be out of long-term bonds especially in long-term bond funds because rising interest rate problems they will go down. in the short term and intermediate bond market especially individual that have maturity dates stay the course, don't listen to all the chatter. and nice buffer.

gerri: do you agree? >> always stay in bonds. there is an easy number looking at the bond fund, it is called duration. it is around nine or 10, 70-point it goes up, that fund will drop by nine or 10%. you want to shorten your duration, find out what your duration is, five, six area you will be pretty safe. gerri: john, a lot of people say don't be in bond funds, by the underlined. what you say? >> would look from a top-down level, sectors you want to be in the second half of the year i agree with one of the other guest, you don't want to own government treasuries here. the rates are probably headed higher. the market clearly overreacted.

the fed tracked out every official to say wait a second, the rates are not going up yet, but still the bond yields are heading higher. @here you want to be is more of the intermediate sector of the bond market, but also take some credit. high-yield bonds will continue because the economy is doing well, that makes intermediate corporate high-yield bond is where you want to be in the bond market. gerri: but mostly stocks, that is what i hear you say. >> there are bond funds that have maturity dates of the underlining assets. many are going into the bonds, there are good funds that have maturity dates in them. gerri: thank you so much, appreciate your time, great information. people want to hear from experts

when it is volatile out there like it is now. the market closing early on thursday in honor of independence days. where should you be checking out the festivities? take a look at the best and the worst cities in america to figure out the fourth of july. number five, minneapolis despite being one of the smallest cities on the list the twin cities scores big when it comes to traffic congestion meaning there is not a lot of it. lakesidlakeside beaches offer ne viewing areas. new york city, the biggest fireworks display but also the most expensive. the stay at the three-star hotel $100 per night,,at least. if 50% chance of rain, more like $300. san francisco celebrations are walkable with 11,000 bars in the area and the forecast 0%.

chicago 19,000 bars around the downtown area and 20% chance of rain. the number one city to celebrate the fourth of july is l.a., los angeles, really? there are 25,000 bars, 0% chance of rain in the average hotel stays only $63 per night. the other brave the traffic to get anywhere. one of the worst cities, baltimore and kansas city. here come your e-mails, i hear them already. paula deen's business is falling apart that alec baldwin seem to be getting a free pass. is this a double standard? and tips on investing in low-priced stocks. find out how you can get big returns.

gerri: small-cap stocks on a run, but are there still been opportunities the individual investor? for more on this, hilary kramer. welcome back to the show. i want to be clear what we're talking about because we talked about low-priced stocks. isn't that where the scams are? >> it is true, those stocks that trade for $0.25 or $0.30, many of those who don't want to touch, however all of these stocks are trading below $15, many below $10 are such a great opportunity. gerri: southwest air, $13 per share, boston scientific, under 10, so there are big companies that have little stock prices, you tend to focus on them. why did you choose to look at this arena?

>> because wall street and investors are not focusing on the low-priced stocks because they are scared, and there are mandates especially in pension funds ought to own stocks that could be under $10, $15 so therefore wall street isn't this a fairly covering them and telling investors this is what you want to buy. there is this fear that is unfounded. gerri: how do i get the info i need? >> there are many different ways, most importantly they look at professionals whether it is a the form of a fund or have a newsletter that focuses on small stocks under $10, or another way to do it is to do your own analysis and looking for different criteria like a look at stocks under a certain price, maybe look at growth or

profitability or a clean balance sheet. stocks below their book value, some base still are. gerri: tell us over time because of great big companies. >> bank of america for example. if nobody wanted it for, $5, starbucks is a $7 stock at the end of 2008. a smaller stock but one that was thrown away for dead. i saw the turnaround opportunity so what i look for are the fallen angels that came back down because there was one specific problem like a recession or a fallen crisis. citigroup is another example, the homebuilders have been on fire. you let me express my investme

investment, now we're talking about $6, but nobody else wanted to hear it, no one. gerri: so you heard it here on "the willis report." thank you for coming on. great stuff. still to come, my two cents more and paula deen's troubles continued. is there a double standard out there? they will have the details coming up.

gerri: to celebrities and hotwire tonight but only one is facing punishment. is there a double standard out there? details into minutes.

gerri: polity and continues to face a backlash after she admitted to using a racial slur. the food network and other high-profile brands have cut ties with the celebrity chef as a result of the admission. but is there a double standard at work here? alec baldwin appears relatively unscathed after similar incident in which used anti-gay slur wih a rant on twitter. mark, welcome back to the show, good to see you. i have to think this to me reeks of double standard. speak i think it is more like a quinn trouble, two quinn triple standard. gerri: why does paula deen get such a bad rap? >> the reason alec baldwin is unscathed is because he is a liberal and an entertainer.

paula deen is a capitalist, a businesswoman. this country is antibusiness. you did not build that, somebody else made that happen for you. we seem to have a hierarchy of offensiveness. a racial slur trumps a gay slur, it comes bonne who is doing the slur, of course. gerri: he has probably immensely huge contracts with capital one to promote the credit cards for that company. how is he not benefiting from the very system paula deen is benefiting from? >> because entertainers are never seen as capittlists even though they make tons of money. the difference is if you employ people, responsible for creating jobs, it is different from making people laugh and making them enjoy your singing and your

dancing or whatever, so there is a huge disparity i and how peope are viewed. as i said on your show last week, bill and hillary clinton, who are liberals, used racial slurs because barry patterson on the security details for bill clinton said that this happened. and nothing happened to the clintons. hillary is being celebrated as the 2016 presidential candidate, if not the presidency. it did not hurt her at all. gerri: i cannot speak to what hillary or bill said, but i can tell you what alec baldwin said in connection with these. he apologized and saying the attack had nothing to do with issues of anyone's sexual orientation assembly who fights against homophobia i apologize, that was enough, lights out, that whole controversy went away

and paula dean still trying to get back out of this. will she reemerge as the celebrity chef she has been for so many years? >> his apology versus what he said it kind of reminds me of somebody who once said it depends on what your definition of the word "his" is. polity and is evidently coming back because her book is number one on amazon and the food channel is now offering her a slot. we have to ask ourselves who exactly is outrage? how can they be so much outrage? i think all of the people abandoning her are doing so because they are afraid but there is no personal evidence they should be afraid. i think polity and should take a page out of hillary clinton's evasion 10 101 course and look o the camera and say what difference at this point oes it make? gerri: i could go on and on with

you. the food channel is talking to paula deen and they may pick her up, we are not sure. but with a ton of companies drop the relationship with her. >> those rap records keep selling and they are flying off the shelves and the very companies dropping paula deen are selling that trash and i think there should be no affirmative-action, if it is inoffensive word, it is inoffensive word for everybody. gerri: a little too politically correct for your taste, i hear. >> if it is a inoffensive word, nobody should be saying it. the people claiming it is no good for polity and but okay for dr. dre, chris rock, right? i think her brand is coming back. gerri: great to see you.

>> it has been great. gerri: we will be back.

gerri: and finally, one story we have been ignoring the last few days, new efforts to reform the tax code. a democrat and republican respectfully. i applaud their efforts, converting to a flat tax squeezing out all the special gimmicks would go a long ways to sit in this country on the right track, but i have to tell you i am just a little jaded at this point. remember the president's national commission on fiscal responsibility and reform? a big shrug from the white house. we will cover any serious effort to bring the country to fiscal sanity but when it gets serious and we might have to wait a long time for that to happen. that is it for tonight's "the willis report," thank you for

joining us, we will be right back here tomorrow. lou>> good evening, everybody, m lori rothman in for "lou dobbs tonight." safe haven russia, president vladimir putin refusing to hand espionage as long as he stopsith the security leaks from the team to dribble out, snowden also breaking his silence tonight for the first time since he fled to moscow claiming here to max remains clear to serve the best interests. accusing the united states of economic espionage against our european union allies. aal the latest coming up here in just moments.