You're listening to KFI AM six forty wake Up Call with Me Amy King on demand on the iHeartRadio.
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Okay, it's five o'clock. Time to get up, don't hit that snooze or maybe you're already at the coffee pop like me. I've already had two cups. I'm ready to go. This is your wake up call for Tuesday, August twenty seventh. Ooh, we had a long holiday weekend coming up. I'm Amy King. Thanks for getting your day started with us. Got lots of fun things and some serious stuff to talk about today, and either way, there's a lot to get to. So
here's what's ahead on wake up Call. The laped is asking for your help in finding a newborn baby, her fourteen year old mother and fifteen year old sister in law. Officials say the three may be headed to the High Desert. The baby has a heart condition and needs daily medication. Amoria and Sinai Brown and the baby, oh Maria, were last seen Sunday night. Special counsel Jack Smith Is asked a federal appeals court to reinstate the classified document's case
against former President Trump. A federal judge throughout the case last month, ruling that Smith's appointment as special council was unconstitutional. We're going to find out more about this, what's next, whether it could affect the election, with ABC's Peter Harralumbus. In just a couple of minutes, the Dow Jones Industrial Average has hit a record high, closing up sixty five
points yesterday at forty four hundred and twenty. It's the first record since a huge drop of more than a thousand points in a single day earlier this month that sparked fears of a recession. Speaking of money, we're gonna learn how to money with Joel Larsgard Love talking to Julia always has such great advice for us. Before the top of the hour, we've got those pesky ATM fees, Joel says, you can't avoid them, and also a better
way to save your money. Also, the rules for how buyers and sellers pay real estate commissions in California have changed, and it's a big confusing mess. So we've got real estate agent Justin Warsham coming in to help us make sense of it. Let's get started with some of the stories coming out of the KFI twenty four hour newsroom. At least two people have been arrested in Compton in connection with a home invasion in Sherman Oaks, PO least say a woman was in the shower last night when
three men broke into her home. It's not clear what was taken. The woman wasn't hurt. Undercover investigators had apparently already been tracking the thieves, and an LAPD helicopter helped follow them to a neighborhood in Compton, where they were picked up. LA Metro has recorded its twentieth straight month of ridership growth.
July's numbers show weekday ridership climbing back to pre pandemic levels. It's about e t percent there. Metro Senior director Joseph Forgerini says the broader economy's return after the height of the pandemic is reflected on local buses and trains.
The trend has continued into this calendar year.
I think we're just really en throying a good critavery of people returning to using transit.
Metro also says events around LA near train and bus stops also help with July's gains in downtown La Michael Monks KFI News.
Orange County Supervisor Katrina Foley has called on fellow supervisor Andrew Doe to resign over allegations that his daughter was involved in COVID nineteen relief funds fraud. Foley is also calling on the Attorney General's office to remove Dough from office if he won't step down. Orange County Board chairman Don Wagners's he plans to ask supervisors to remove Dough
from committee assignments. A former Orange County sheriff sergeant says all families should keep narcan in their homes to help save lives during opioid overdoses.
Fatal drug overdoses have dropped by about three percent over the last two years, and experts say that maybe because of life saving medication the lock zone. Retired sheriff Sergeant Clay Cranford says parents should start having conversations with their kids earlier.
Most counterfeit prescription drugs contained fentanyl, and the DEA says of the ones that do sixty percent heavy lethal dose.
He says teens can get in a lock zone without a prescription at most pharmacies. The La County Department of Public Health says three ninety two people died from fent and all overdoses in the county last year. Chris Adler KFI.
News, let's say good morning to ABC's Peter HARALUMBUSI Hi.
Peter, Hey, good morning Amy.
Thanks for having me.
Hey, I was just thinking we haven't talked to you since you were sitting in a courtroom every day for former President Trump's trial in New York.
Yeah, things have changed.
It's been surprisingly slow summer on Donald Trump's legal front, but.
It's heating up again because Special Counsel Jack Smith is appealing federal judge's dismissal of the classified documents case against Trumps. So let's go back into a quick refresher course. What was the case and what was the argument to dismiss.
Sure, So this case came up a little bit more than a year ago. Prosecutors charged the former president with violations of the Espionage Act, an obstruction of justice, alleging that he mishandled classified documents after we left the White House, and then he got in the way of an investigation
when officials tried to retrieve those documents. The former president faced kind of a litany of charges in that case, but kind of got dealt a good hand with the judge in that case, Eileen Cannon, who kind of delayed the proceedings, took up argument on kind of frivolous issues brought up by Trump's team, and eventually throughout the case.
She did that on the first day of the RNC back in July, kind of a surprise move for everyone, bucking kind of fifty years of legal precedent by finding that special counsel Jack Smith didn't actually have the right to bring the case. She didn't really roll on the merits, just the fact that Smith himself didn't have the authority to bring in Okay.
So I didn't say She didn't say he didn't do anything wrong. She said Jack Smith really shouldn't have been the special counsel on the case.
That's exactly right.
It was all about Jack Smith and nothing about Trump in that order.
Okay. So now Jack Smith is back and he's saying hold on and he's appealing the judge's ruling.
That's right. So they're trying to revive the charges. They've asked the Atlanta based US Court of Appeals for the Eleventh Circle to reverse Cannon's decision. And basically allow those charges to continue. It's going to be a lengthy process. Trump's replies. Doing thirty days, they'll likely be oral arguments, and Trump's team, if they'd like, could probably appeal this all the way up to the Supreme Court, even when the Court of Appeals makes their final decision.
Well, you just answered my last two my last two questions, because I was going to ask if it could end up before the Supreme Court, which which it could eventually if they accepted it. But no decision before the election, Right, it's going to be a while.
Yeah, it's going to be a while. There's certainly no chance this case goes to trial before the election. It will probably probably won't even see a decision from the Court of Appeals before the election, and then of course
the great unkown of the Supreme Court. Notably, there was no actually mention of recusing Judge Cannon, which was something that was debated kind of in the weeks preceding this appeal, given the fact that if the DJ seriously wants this case to go forward, it seems unlikely with that judge overseeing the case.
Okay, and so what's next. In thirty days, they respond to the appeal.
Yeah, So in thirty days, Trump's team will respond to this motion, and then there'll be another response from Jack Smith's team, and then at some point there'll be oral argument where the panel of judges will kind of ask some questions the judge to the lawyers for both.
Sides, okay, And if the panel then if they said, okay, we accept this appeal, would it go back down to the judge or would they try it there? No, they wouldn't try it at the appeals level. Would it go back down to the judge?
It gets complicated at that point because, on one hand, if this appeal is if this decision from Judge Cannon is reversed, the case does get handed back down to the Southern District of Florida and Judge Cannon. Technically, unless Jack Smith's team separately asks for the judge to be accused. Trump's team could also appeal that decision and ask the Supreme Court or the entire Court of Appeals and in bond hearing to reconsider the issue. So it's really hard
to say what happens next. Even if this decision gets reversed by the Court of Appeals.
Okay, then here's another one Peter, Could the appeals Court say, Okay, we're going to overturn that and let it go back down to the courts. But Jack Smith, because you're you really can't be on this case, somebody else has to try it. Could they do that?
They could in on this question of Jack Smith's constitutionality in a way. By kind of dismissing this case on the grounds of Jack Smith's appointment, Judge Cannon theoretically has opened a bit of a can of worms here that the court could kind of dive into and question his authority. Most legal experts, though, seem to think that this tradition of appointing special councils is well founded in the law and has been put into practice basically for over fifty years.
So while it's unlikely, it's not outside of the realm of possibility that we see continued scrutiny on Jack Smith's appointment.
Okay, never a dull moment in Trump world. Thanks for helping us sort it out, Peter Hower, Olumbus, appreciate your time and your insight.
Thanks as always, Amy, I appreciate.
It all right, talk to you soon. Let's get back to some of the stories coming out of the KFI twenty four hour newsroom. LA will pay nearly forty million dollars for not meeting disability requirements for federally funded housing.
Federal prosecutors alleged the city build housing with federal money that had too high of countertime ops, two steep of slopes, and doorways that were not wheelchair accessible. The city was also accused in twenty seventeen of not having a publicly available list of accessible units. The settlement was announced yesterday.
US Department of Housing and Urban Development Inspector General Ray Oliver Davis says by failing to make certain that hud funded housing was appropriately built to meet federal accessibility requirements, the city discriminated against people with disabilities.
Blake Trolly, k if I News.
Republican vice presidential candidate JD Vance has said to speak at a fundraiser in Rancho Santa Fe in San Diego County. Tickets for the event next week range from one thousand to fifty thousand dollars per couple. Vance then heads to another fundraising reception in La on September eighth. Two US aircraft carrier groups are in the Middle East after Israel and Hesbela fired missiles at each other in Lebanon over the weekend. ABC's Britt Clinet says Iran has renewed its
threats to strike Israel. An all out war between Israel and Hezbla may have been averted for now.
But Iran now doubling down on its.
Threats to strike Israel in response to the assassination of Hamasa's political leader in Tehran nearly a month ago.
Clinton says Israeli Prime Minister Netanyahu will send his delegation to Cairo later this week to try to settle on a ceasefire agreement in Gaza. Thirty states have now reported cases of West Nile virus. ABC's Ariel Rechef says some communities have started spraying against mosquitoes to stop the spread. Trucks from New York City's Health Department will be fanning across Manhattan and Brooklyn targeting disease carrying mosquitoes with pasticide spray.
Eight cities in Massachusetts are at high risk for West Nile. The town of Plymouth has closed fields and parks from dusk until dawn so people aren't exposed to the mosquitoes. The launch of Space Ex's Polaris Dawn mission has been delayed because of a helium leak. The launch was supposed to happen today, but now we'll have to wait until
at least tomorrow to try again. ABC's Alex Stone says the crew plans to go eight hundred and seventy miles above Earth, which is the highest human spaceflight since the Apollo missions.
During the five day trip, two of the crew members are planning to exit the spacecraft four hundred and thirty five miles above Earth.
Is part of a test of SpaceX's new spacesuits. SpaceX says Falcon and Dragon remain healthy and the crew continues to be ready for their multi day mission to low orbit a low Earth orbit, and you might want to check your five dollar bill, it could be worth thousands. Go Banking Rates says a five dollar bill was so called solid serial numbers on it. That means that all the serial numbers are the same, so like one one one one one one is worth as much as two
thousand dollars. Only about one in eleven million bills with solid serial numbers are in circulation. But if you have one, the penny hoarder says, take it to a coin shop and get it appraised. First of its kind bill would make illegal immigrants eligible for first time home loans. The bill in the Democrat controlled legislature would make immigrants eligible for a to one hundred and fifty thousand dollars in
taxpayers supported home loans In California. Governor Newsom hasn't said whether he would sign the measure if it reaches his desk by the August thirty first deadline. The US soldier who ran across the DMV from South into North Korea last year is expected to plead guilty to five of fourteen charges against him. Travis King crossed the border in July of twenty twenty three and then was held in North Korea until he was released to the US in September.
A LaBamba remake is in the works. Variety reports Sony Pictures as developing a remake of the Golden Globe nominated La Bamba about Richie Vallen's Vallins, played by lou Diamond Phillips in the nineteen eighty seven movie, died at the age of seventeen in the plane crash, along with Buddy Holly and The Big Bopper. The writer and director of the original food film. Lewis Valdiz will serve as executive producer at six oh five, It's handled on the news.
Love this ATM. Fees have hit an all time high. Right now, let's say good morning to ABC's Jim Ryan, Jim Merglaries are out of control, more and more brazen. We just had a big home invasion in Sherman Oaks overnight. They luckily caught a couple of guys, but residents are doing something to try to hide themselves from criminals.
Now, yeah, and this is something I actually saw that came out of southern California, where you've had all sorts of problems or at least higher profile burglaries and home invasions, break ins like that. People what they're doing. The suspicion a means that some folks, some burglars and then criminals
are going online. They're going to Google maps. They're checking out various neighborhoods by you know, dropping the little man down on the street and cruising through neighborhoods virtually and checking out see what houses are there, maybe see what kind of car you have in front of your house, and getting a very clear, crystal clear image of what's out there. You know, the license plates are blurred out.
And if you happen to be in the front yard picking up your newspaper or something, your face is blurred out too. You've seeing the Google car go by right and so. But people are going online now, they're going to Google Maps. They are finding their own homes and blurring them. And it's a very simple process to go and go in there and blur out the image of off your car. You know, you know your maserati is sitting there. You don't want criminals to see that, or
your mansion, or at least your address. You can blur out your address if you want to, just that small chunk of it. So it's an easy process, and I'll tell you how you to do it if you want to.
Hear okay, I do okay.
So you find your house on Google Maps, on a Google Earth US street view, and you click on the button there. It's in the upper left. I think it says report a problem up a right or lower right. And once you're a reporter problem, it gives the option to blur out any particular part of that image, whether it's the house or the car, whatever it is that
you've framed up in the picture. You do have to certify and promise there that it is your house, that it's somebody else's house that you're trying to do this too, and then there's a review process and then Google will blur it. It'll blur that image right there, so people cruising through the neighborhood then checking it out, we'll see a fuzzy image there as they're virtually cruising down your street.
Okay, So Jim, it doesn't happen instantaneously. You basically have to apply to have it done. Because I was just going to ask you, well, couldn't I just go on to some website start blurring people's houses.
Sure. Yeah, And that's why Google has that process. They're going to check out I assume, one way or another to show that you're the registered property owner there at that particular place, and then they'll go ahead and blur.
It for you.
But I mean, it's just and there's no real evidence that criminals are cruising neighborhoods virtually and checking them out on Google Maps and street view. But the police say that whatever we can do to protect yourself, it's just another step, same as the sign in front of your house that says I have an alarm system or there's a barracuda loose in the house, something like that.
You know, whatever, you can do it.
It's another step toward protecting yourself.
Okay. And you said that it started in LA. Is it spreading now across the country.
Well, I think the trend started in LA. For starting in southern California because of break ins and things there. That's it seems to be where it's most predominant. But it's been available everywhere, I think for as long as street view has been around.
Okay, I didn't know that. Okay, So here's here's me playing Devil's advocate.
Go ahead.
Could a blurred picture actually entice burglars and invaders?
Sure it could. Or let's say you want to sell your house someday and home shoppers cruising down you know, then I did that buying house. You know, you virtually go down the street. Yeah that's nice. Nice, and you know, I'm pretty looking at houses for sale, and so yeah, there is a potential downside to it, and it may attract people who say, well, if that's a mansariety that's blurred out there in front of Amy's house, you know, Could it do that? Sure it could. I mean, there's
no this is all anecdotal anyone. I don't think there's hard evidence to suggest that burglars are doing this or that this is going to help. But it is just one more thing. You'd also get an app on your phone that says that tells you about crimes or crime trends in your neighborhood or your town, and there's another
way to do that. I think the main thing, though the police sector suggesting Amy is putting down the phone, putting away the laptop there, going outside, meeting your neighbors right, knock on the door and say, hey, I'm Amy, I live next door. If I'm out of town, could you watch the place. I'll do the same for you and build a relationship with your neighbors.
I think that that is a really good idea because nosy neighbors are good. I used to live next to somebody who she knew everything going on in the neighborhood, and some of the neighbors would complain about it, and I'm like, no, no, it's a good thing because if something is awry, she's going to be the first one to go, h excuse me.
Yeah, we'll call the cops or something. Yeah.
Absolutely, Yeah. And you know, and the other thing that app that you mentioned about trending and that kind of thing, there's that neighborhood app. Yeah, and I had to get rid of it because all everybody does is talk about bad stuff. God, I don't even want to know about this.
Yeah, gossip and racist rants in some places. It's just no fun anymore. I got off that a long time ago, too, So.
Blurring homes not hard to do. Just take some minute. Google theoretically reviews it. A wonderful live person reviews it, or if it must not be, it's got to be some sort of algorithm says yes, or well, I.
Think you're right. I mean they have the records there. They know, you know, property records, who are places registered to and looking at the address, it's probably done in a millisecond.
Well, I think doing anything you can to protect your property. Since even though they say crime stats are lower, I don't buy it, because we just hear about these things happening more and more. They've got a whole neighborhood or community on alert in West LA because of all the break ins they've had recently. So yeah, all right, you see Jim Ryan, thank you so much.
All right, appreciate it.
Touch to you soon. Okay, all right, let's get back to some of the stories coming out of the KFI twenty four hour newsroom. Public health officials in the US are urging people to get the newly available COVID nineteen vaccine ahead of the winter respiratory illness season. ABC's Sony Salzman says, the vaccines are aimed at keeping virus cases out of hospitals.
These vaccines, they do a really good job protecting you from that severe illness.
They do not do the best job against protecting you from infection. Full stop. Salesman says. Peak of protection last for maybe two weeks after someone gets the shot. Bodycam video shows a sheriff's deputy in Orange County shoot a man who had allegedly decapitated his parents and their dog in San Juan Capistrano.
The man, wearing blood soaked clothes, is id'd as Joseph Gerdville. He continues advancing, holding what turned out to be a water meter in his hand, gets shot, falls to the ground, bleeding heavily, but can be heard singing a Tina Turner song as deputy's treat.
It's the gunshot wounds.
The man can also be heard last month saying I love you and please finish me off. Gerdwille faces murder charges that a first court appearance set for next month in Orange County Corbin Carson kf I.
News deliberations are set to resume this morning in LA in the trial of former high profile lawyer Tom Girardi. Prosecutors claim he ran a Ponzi scheme between twenty ten and twenty twenty and stole about fifteen million dollars in settlement money from his clients. Prosecutors accused Girardi of using the money to buy private jets, golf club memberships, and jewelry, then lying about it. Defense lawyers claim it was the other people at Girardi's law firm who stole the money.
The law firm closed in twenty twenty. Girardi was disbarred in twenty twenty two. A federal judge in Texas has temporarily stopped the Biden Administration's new protections that would allow a path to citizenship for the immigrant spouses of US citizens. President Biden announced the program in June. Sixteen states led by Republicans Attorneys General challenged the program in a lawsuit filed last week. The state accused the administration of bypassing
Congress for blatant political purposes. Mariah Carey has announced the deaths of her mother and her sister. Gary first said yesterday that her heart was broken because her mom had died, and then said her sister also died the same day. She didn't give any details on the cause, but did ask for privacy. Travelers are still facing delays and cancelations at SeaTac Airport because of a cyber attack. The airport's networks were shut down on Saturday when hackers were found
in the systems. Wi Fi has been turned off. The luggage handling system is down and that's causing delays getting bags onto the planes. It's unknown when systems will be up and running again. The lapds asking free help in finding a newborn baby, her fourteen year old mother and fifteen year old sister in law. Officials say the three may be headed to the High Desert. The baby has a heart condition and needs daily medication. Amoria and Sinai Brown and the baby o Maria were last seen Sunday night.
Republican vice presidential candidate jd Vance is going to be in La next week for a fundraising reception. Tickets range from thirty three hundred dollars per person to fifty thousand for a couple. Before La, Vans will be speaking at a luncheon fundraiser in Rerancho Santa Fe in San Diego County on September sixth. Magic Mountain's going to start requiring anyone fifteen or under to have an adult chaperone to
get into the park. It starts next week. Park officials say the chaperone policy will remain in place through the fright Fest extreme Halloween event because of recent increases in unruly and inappropriate behavior. At six oh five, it's handle on the news, California lawmakers have passed the first in the nation legislation that requires public universities to hire illegal immigrants even if they don't have permits to work in the US. At five poin fifty, We're going to learn
how to money with Joel Larsgard. We're talking about those nasty little ATM fees which are getting bigger and the best way to make your money grow now. The way that you pay your real estate agents has changed in California and it's confusing. So to help us sort it all out, let's say good morning to real estate agent and former technical producer for the Bill Handle Show, Justin Warsham. So, Justin, this is a total treat for me because very few people actually get up and come into the studio at
five o'clock in the morning. So thanks for making the time. And oh, Harry, So this is the reason that we had to talk to Justin. As you may or may not have heard, we've just kind of gone through a metamorphosis and changed the way that houses are bought and sold.
At least in California.
I want to be clear that a lot of people come to me and say, well, now with these new law changes, nothing has changed in the law.
Okay.
All that has.
Changed is the policy in which they have taken the cooperation element out of the multiple listing service.
Wait, now, you got to back up. Does that even mean?
Multiplistic service is what a realtor uses to put your house on the market to be seen by other realtors.
Right, So that's where all the pictures are with all descriptions of the houses.
Correct.
Okay, So there was an element of that called cooperation where if you were a member of an MLS or multiple listing service, there was an implied commission that as a buyer's agent you would get that has been taken away due to the settlement that happened with NAR.
Okay, So this is not a law. This is a legal issue, and because of the settlement, you guys have to change the way that you do commissions, correct, Okay, So now we have that basis. Okay, So what changes Because it used to be a certain percentage, Like yeah.
I would go, so I'm going to sell your house for Yamy King, and I would come to you and say, on average in southern California, I charged five to six percent commission, and I would take a part of that five or six percent commission and I would give it to a buyer's agent. So technically you were paying me and I was paying the buyer's agent, not you technically paying the buyer's agent.
Gotcha. Okay. So now what's different.
Now is I can only talk to you about what you're going to pay me. And I cannot put on the MLS any implied their concessions instead of commissions. But I can't put on the internet that there is an implied amount that you as the seller are willing to pay. A buyer's agent, I can have a verbal conversation with you, and as a buyer's agent, if I submitted an offer, I put in there that I would like to get from the seller two and a half percent of the purchase price.
Oh my god, so confusing. Okay, So if I am the seller, yeap. Let me see. If I'm the seller, I agree to pay you the old way. I agree to pay you five to six percent, correct, and then you split the commission.
Yeah, let's use the most common I would say, I'm going to charge five percent, two and a half percent goes to me, two and a half percent goes to the buyer's agent, and on the listing agreement, we would disclose that information to you.
Okay, So now I get to negotiate how much I want to pay.
You always could negotiate. That's another misnomer that everybody did. That everybody, And that's part of the reason why the DOJ brought all this up is that the public felt misinformed. And so you could always negotiate your commission for your agent as a listing agent, you could always negotiate your commission.
As a buyer's agent.
It's just a little bit more difficult when you're asking for a commission reduction as a buyer's agent, because technically you would be saving the seller money. Like this just came up with me on a transaction, I'm doing okay.
So now if I'm buying as the buyer, I have to pay my agent correct and as the seller, I pay my agent. So as the seller, I'm not paying my agent and the buyer's.
Agent not anymore technically and less.
Well, how am I going to get the money if I'm buying a house to pay an agent?
And that is the problem that realtors have with all of this is that this was all forced down our throat without anybody taking the time to allow lending guidelines to allow a buyer to pay their agent out of their loan.
So realistically, what's.
Happening behind the scenes for the most part is that the system is working exactly the way it used to, only there's just a lot more conversation about a buyer's agent commission before it was predetermined the minute I took the listing. We know a buyer's agent is getting two and a half percent when your house goes on the market. Now, when an agent submits to me, they can call and say, hey,
is the seller willing to pay any concession? And I could say, I talk to my seller and I'm they're willing to pay two percent, two and a half percent, one and a half percent, whatever it is that they are willing to pay. So now, as a buyer's agent, I put that in the deal. And then you also have to show in this document this is what I'm expecting the seller to pay. And then you also have to provide proof that you have a buyer representation agreement.
Now, okay, so this is a mess. So here's my takeaway from this. Justin you got to get yourself a good agent so they can explain this to you and then pay attention because one, as a buyer or a seller, you have the power to negotiate that rate. Always always didn't know that.
And my advice when you're looking for an agent, have this conversation with your agent, and if you feel like your agent can't break this down for you, then find another agent. Most of the time people go with the first agent that either they know or they're referred to, but they should be talking to two to three agents.
And it's really about that vibe.
You want to feel like that person is looking out for your best interest above their own, and they could properly articulate to you and are willing to articulate to you any of your questions or confusions or deal with any of your concerns.
Yeah, and for me that's important because I got a lot of.
Questions anxious clients at my wheelhouse man, that's my spot.
Justin Worsham, thank you so much. This is so helpful. At least I have a rudimentary understanding of it now and again, talk to your buyers or seller's agent.
Always a big fan of you, Amy King, always a big fan.
Thanks, Justin, Thank you. We're going to put that up also on the CAFI website, just because I think that Justin gave us such great information and it is confusing, like why not just keep it the way that it was done? But then government gets involved. So again, the law hasn't changed, but the rules changed because of a
legal settlement. So again, it's going to be up on the wake Up Call page at KFIAM six forty dot com, or you can go and re listen to the interview anytime on the wake Up Call page on the iHeartRadio app. The Dodgers are back in town. They're taking on the Orioles. First pitch goes out tonight at Dodger Stadium at seven ten. You can listen to every play of every Dodgers game on AM five to seventy LA Sports and stream all
the games in HD on the iHeartRadio app. Keyword is AM five seventy LA Sports powered by LA Care for All of LA. One of LA's most iconic restaurants, says it'll close if the area around it isn't cleaned up. The owner of Langer's Deli says crime, homelessness, and illegal street vending has gotten out of control in MacArthur Park and he's worried about his customer safety. Norm Langer says if the city doesn't do something about it, he's going to have to close. After seventy seven years in business.
Vice President Harrison former President Trump are bocking at debating. Harris is now demanding microphones be left on during the debate. Trump says the ground rules have already been agreed upon, but then yesterday said he doesn't care to be okay if both Mike's stayed on the debate is scheduled for September tenth on ABC, The City of Orange will no
longer fund school crossing guards. Officials say by cutting fourteen part time crossing guards from the payroll, the city's going to save about four hundred and twenty five thousand dollars a year. Orange has a nineteen million dollar budget deficit. We're just minutes away from Handle on the news this morning, and you know, ATM fees are at an all time high. Handle's going to talk about that. But before Handle does it, we're going to talk to Joel Larsgard about it. He's
the host of Powder Money on KFI. Good morning, Joel.
Good morning.
Let's beat Handle to the punch.
I know, right, okay, ATM fees, I just saw that they were at record highs. Yeah, But first of all, who gets charged atmfees? It used to be that if you went to your bank, you didn't get fees. Is that changed?
That's a lot of times that is true. So if you're going to let's say you're with Bank of America, you go to a Bank of America ATM, you're typically not going to get charged some sort of ATM fees. But there's you know, you're not always going to your bank's ATM. When you're looking for cash, you're going to the most convenient one. Let's say you're at a concert and you need cash or something like that. You're out and about, you just go to the one that's closest
to you. And in that case, you might be paying ridiculous fees to access money. And if you're grabbing forty bucks and the ATM fee is five bucks, like, think about the interest rate is exorbitant essentially for you to grab your own cash, and.
Especially if I do that, I'd pull out more money.
Right, which is I think an understandable reaction. Right, You're like, listen, I'm just gonna pull even more than I need because the fee is just expensive. And there are certain ways around this. By the way, I feel like when it comes to banking fees, we're kind of in Barbel territory here. We're on one side of the equation. Some banks are doubling down and they're increasing fees on everything under the sun, and then other banks are saying, no, we're basically eliminating
all fees altogether. You never have to worry about this, and so who you bank with makes a big difference on this front. So, but on the ATM fees in particular, there are ways to avoid this. There are some banks that have networks essentially where hey, guess what, they're all point ATMs or something like that. If you're with Capital One and a lot of those. There are ATMs that are at Targets and Walgreens, and then you don't get charged any fee for accessing your money when you find
specifically an ATM that's within their network. And then there are other banks that just say, hey, listen, worre they're going to refund a portion of whatever ATM fees you pay in a given month, or every single atmfee that you ever incur.
Ever, like a Schwab, which.
Is an investment firm, they have a banking side, and so if you are a habitual ATM user and you're constantly paying ATM fees because you're getting money from an ATM that's not in your bank's network, going with Schwab would mean like, hey, they're going to forgive all of those charges, like in perpetuity.
You mean retrospectively or moving forward.
Basically they always have. So if you let's say you get ATM five ATM withdrawals this month and you're paying the average now ATMFE which is like four dollars and seventy seven cents apiece. You're getting all of those charges forgiven. That's just one of the perks of being a Schwab customer.
Okay, so good idea to check and it's okay to ask, hey, do you guys charge ATM fees?
Yep, yeah, exactly, and then just like looking for if there is a robust network that's nice, like they like I'm with Capital One and uh and I've always enjoyed that where it's like, okay, cool. Maybe it's not the ATM that's closest to me, but there's always one within spitting distance.
It's sort of like the airlines when they share miles.
Yeah.
Yeah, it's got aspects of that for sure. It's like, yeah, we're all going to kind of join up and have this have this ATM network and you can use it, you know, the ones that are that other banks are using too, and there's overlap there.
So yeah, I don't know.
I don't know how often people are getting money from ATM ATMs either, by the way, these days I have it. I don't know the last time I grab money from an atm.
And maybe that's all.
Yeah, so maybe that's also part of the reason that that that the fees are going up and you just have to be more careful because people are using them less and less frequently, and because of that, they have to make more profit every time you use them. So just be tend to pay attention and be aware that when you use those ATMs, it's going to cost more of these days.
Okay, So that leads me to my next question, Joel, and that is that people aren't using ATMs, but where are they getting cash? And one of the places where I get cash a lot of times is it the grocery store. Yeah, and I have noticed grocery store chain to remain unnamed Ralph's started charging.
Oh really to get cash back at the at the register. Really, yeah, because that's usually that is one way to avoid it that people do that is they'll go in, they'll buy a pack of gum because you can actually use the gum and the gums at buck fifty or something like that, and then you get your twenty bucks back because you need the cash. And that was typically a way to avoid ATMPs too. Oh, that's fascinating. The grocery stores are starting to switch that up on people too.
Yeah. And then like at convenience stores, if you go buy something and you use a card, they charge you like a seventy five cent or a dollar fifty feet, so you got to watch for it. They haven't posted usually, but at convenience stores, I've seen it coming up too well.
And often with the convenience stores, there's a minimum threshold of what they want you to spend to be able to avoid that fee, right, And so what they're trying to do is is they get charged fees for every time there's a swipe when you're buying something, and they're saying, okay, cool, because we have to pay this ridiculous fee to be said MasterCard, You've got to buy something that's minimum ten or fifteen bucks or something for you to be able
to use your credit card than otherwise we want you to use cash.
Yeah, okay. Then, speaking of cash and making more of it, should you abandon your high yield savings account for a CD? Bloomberg says you should?
Yeah, So that's interesting. When you read the headline, you're like, wait a second, why am I supposed to abandon my high held savings account?
Right?
Is rates are just getting good, Like for the first time in a long time. Over the past couple of years, we've seen sabers actually rewarded for having money stashed away, whereas for so many years the high interest rate was like half a percent, right, And the sad thing is
with the big banks the rates are still trash. But Bloomberg is making a reasonable prediction here, and one of the things that they're trying to get across to people is that as the FED is basically saying, hey, rates are likely to go down, We're likely to cut rates in the near future, that rates for CDs and for savers are likely.
To go down.
And that does mean and actually we've already seen that on the CD front. Because of even just that projection of rates going down, banks and started to lower what they're paying on CDs. And so, should you lock your money in to basically have a higher rate promise to you for six or twelve or eighteen months. The answer is maybe right, because lots of times what happens with savings is you want it liquid, like this is emergency fund.
This is for hey, if I lose my job or if something happens to my vehicle, I need this cash. And when you put money into a CD, you're locking it away and you're basically preventing yourself from having access to that cash. And so you have to realize, Okay, is this medium term money or is this potentially short term money? And if it's short term money, it needs to stay in liquid savings even though might drop on your savings account in the coming months.
Okay, the question for you about the CD. You don't lose your money and you don't get penalized if you pull it out of the CD early, right, You just don't get the interest that you got.
No, typically there is a penalty. Oh the interest you lose some of the interests to you've accrued. That's what they're that's the stick in order to keep you in that CD that you've agreed to. There are really cool I was actually just talking with Cono about this, Like Ally has something called a no penalty CD. The rate on the no penalty CD right now is four percent. The rate on their savings account is four point two percent.
So why would you take their CD which pays less than you would then instead of just a traditional savings account that they have the high end savings account. Well, The reason you would pick the CD is because you're assuming that that savings rate is going to be lower a couple months from now, six months from now, and so you're banking on Hey, I want to I want
the guaranteed four percent. And the cool thing about the no penalty CD they offer is that you can take your money out that one time I'm like, without paying any sort of interest back to the bank. So it's not many banks offer that, but Ally is one of those that has a no penalty CD, which is kind of a cool product.
Good to know. Okay, so before we run out of time, just if you're nervous about this and you want to give it, I mean, if you've got I don't know, twenty thousand dollars sitting there are forty thousand dollars, can you do like a portion of it and say I'm going to try a CD, but not put all of it in a CD.
One hundred percent?
Yeah, you can definitely take a both and approach. And the other thing people are doing as well is something called CD laddering. So let's say you need money six months from now, twelve months from now, eighteen months from now. You can put and you've got thirty grand that you're like, this is more medium to long term sort of money that I don't necessarily want invested. But you can open up a six month CD, a twelve month CD, in an eighteen month CD and put you know, equal portions
into each one. There are all sorts of ways to use CDs to your benefit. But it is likely true that you know you're getting a locked in better rate, even though it's I would say, take you know, future rate cut predictions with a grain of salt. There were a lot of predictions, you know, twelve months ago. Those haven't come the past because inflation was stickier. What happens with ray cuts is really anybody's guests. Even though it certainly looks like we're headed in a specific direction.
It's supposed to be good news. There's always a downside to everything.
Now we're interesting uncertainty.
Yeah, okay, Joe Larsgard, as always, thank you for helping us make sense of our money, and you can get a lot more great advice on your financial future with the host of How to Money on KFI. The show is noon to two on Sunday. It's Joel Larsgard. Thank you so much.
Thanks Amy all right.
This is KFI and kosd HD two Los Angeles, Orange County, live from the KFI twenty four hour Newsroom. I'm Amy King. This has been your wake up Call, and if you missed any wake up Call, you can listen anytime on the iHeartRadio app. You've been listening to wake Up Call with me, Amy King. You can always hear wake Up Call five to six am Monday through Friday on KFI AM six forty and anytime on demand on the iHeartRadio app.