Friday Flight - Child Labor, Equifax’s Idiocy & Utility Bill Hacks #549

Bank Frauds

The episode highlights the ongoing issue of fraudulent activities by major banks, focusing on a recent case involving US Bank. Matt Altmix and Joel Larsgaard discuss how US Bank was fined $37.5 million for opening unauthorized accounts, echoing the infamous Wells Fargo scandal 1. They emphasize the risks of dealing with big banks, noting their inferior rates, poor customer service, and high fees.

The CFPB said that the US bank not only opened up unwanted checking and savings accounts for its customers, but also credit cards in the lines of credit.

--- Matt Altmix

The hosts advise listeners to avoid big banks to prevent being mistreated or falling victim to such fraudulent practices 1.

   

Hidden Fees

Hidden fees are becoming increasingly prevalent, particularly in the banking and hotel sectors, impacting consumers' finances. Joel Larsgaard and Matt Altmix discuss how these fees, often undisclosed, can significantly increase the cost of services 2. They highlight examples such as resort fees at hotels, which can add unexpected expenses to a trip 3.

Sometimes those fees are just so sneaky, you don't know they exist.

--- Joel Larsgaard

The hosts recommend checking hotel websites and reviews to identify potential hidden fees before booking 3.