By OBBM Network Editorial Staff

Derived from an episode of Epic Real Estate.

Imagine a thief walking into a bank, slipping a note into the teller’s drawer, and walking out with $15.9 billion—exactly what happened to Americans last year. The con artists didn’t need a vault; they simply pretended to be the bank.

Turn on Every Alert – Your First Line of Defense

Theriault warns that the tiny push notifications most people ignore are actually the bank’s way of starting a fraud‑detection clock. “Those little transaction alerts on your phone, they’re not a convenience. That’s the bank telling you they’re starting the clock,” he says. By enabling alerts for every transaction, login, and new device, you force the fraud timer to start immediately, giving you a chance to intervene before the thief can move the money.

He also stresses that banks profit most from customers who never check their statements. The longer you let a fraudulent charge sit, the more the bank can claim it as your responsibility. A simple habit of reviewing statements within 60 days can dramatically reduce exposure.

Revoke Automatic Pulls and Know Your Rights

Many consumers assume that once a company has permission to pull money automatically—whether it’s a gym membership or an old insurance premium—the permission is permanent. Theriault debunks that myth, likening the checking account to “Hotel California” where you can always check out. Under federal rules, you can cancel any automatic withdrawal by notifying the company in writing and informing your bank at least three business days before the next scheduled pull. The bank is required to honor the stop‑payment request, though it may ask for written confirmation within 14 days.

He suggests sitting down one evening to list every recurring charge. “I bet there’s at least one you haven’t used since the Obama administration,” Theriault jokes, but the point is clear: trimming unused subscriptions not only saves money but also reduces the number of entry points for fraud.

FDIC Insurance Limits and the Hidden Risk

Most people believe all bank deposits are fully insured, but the FDIC only covers up to $250,000 per depositor, per bank, per ownership category. When Silicon Valley Bank collapsed in March 2023, 88 % of its deposits were uninsured, accelerating the bank run. Theriault advises using the FDIC’s online calculator to verify exactly how much of your money is protected.

Even within the insured limit, the FDIC’s insurance fund holds only about a penny and a half for every insured dollar, meaning a simultaneous failure of multiple large banks could strain the system. To mitigate this, Theriault spreads his cash across several banks, a strategy he calls diversification—not paranoia, but a sensible risk‑management practice.

Beware the Imposter Call: Zelle and the $870 Million Scam

Fraudsters often impersonate bank representatives, claiming they’ve detected suspicious activity and urging you to move money to a “safe” account. Once you comply, the transfer—especially via Zelle—is irreversible. Theriault notes that customers of the three biggest banks lost more than $870 million to Zelle fraud over seven years. Regulators sued the banks in December 2024, but the case was dropped in March 2025, leaving consumers without a safety net.

His rule of thumb: never send money, make a wire, use Zelle, or transfer crypto in response to an unsolicited call or text. Instead, hang up, flip the card, and call the number on the back of the card. If the bank truly called, they’ll still be on the line.

Freeze Your Credit – A Free, Powerful Shield

Many people think a credit freeze affects existing credit lines, but Theriault clarifies that it only blocks new credit inquiries. A thief with your name, birthday, and Social Security number can open a fresh account elsewhere and ruin your credit before you ever see a collection notice. By freezing credit at Equifax, Experian, and TransUnion—each separately—you stop that door from opening. The freeze is free and can be lifted instantly from a smartphone when you actually need a loan.

This simple step, combined with the earlier alerts and revoking automatic pulls, closes five of the ten “doors” fraudsters use to steal money.

The Hidden Costs of Low Savings Rates

Theriault points out that the national average savings rate is under half a percent, while top online savings accounts offer around 4 %. A retiree with $100,000 earning a few hundred dollars a year at a traditional bank could earn $4,000 a year at an online bank with the same FDIC insurance. He cites Capital One’s 2022 lawsuit, where the bank settled for $425 million after allegedly keeping a higher‑interest account hidden from existing customers.

He encourages listeners to shop around for the best rates, using resources like stackmybanks.com, and to move cash into multiple high‑yield online accounts to maximize returns while maintaining insurance coverage.

Understanding Available Balance and Overdraft Fees

Consumers often confuse “available balance” with actual cash on hand. Banks process withdrawals before deposits on the same day, a practice known as “authorized positive, settled negative.” This can cause an overdraft fee after a purchase that seemed covered at the point of sale. Theriault advises reading the deposit agreement for the terms “posting order” or “funds availability” and keeping a cushion of unused funds in checking to avoid surprise fees.

The typical overdraft fee is $32.50 on a $50 transaction—a cost the bank incurs of less than 50 cents. In December 2024, the CFPB finalized a rule capping overdraft fees at $5, but Congress killed the rule twice in early 2025 and used the Congressional Review Act to block the agency from issuing a similar rule again. The result is a de‑facto “courtesy fee” that now enjoys “diplomatic immunity.” Theriault calculates that the effective annualized interest rate on a $50 overdraft for three days is over 7,900 %—a rate that would be considered loan‑sharking if charged by a private lender.

Closing the Remaining Doors

The final three doors involve how banks handle negative balances. If you let an account stay overdrawn, fees pile up, the bank may close the account, and report you to Chex Systems, a credit‑bureau‑like service for bank accounts. A Chex report can block you from opening new accounts, pushing you toward high‑cost check‑cashers. Theriault advises fixing an overdrawn balance within the same week, even if it means moving money from savings, to prevent a lasting black mark.

He also recommends separating bill payments from everyday spending: keep a dedicated “bills” account with a buffer and no debit card, and use a separate “spending” account for daily purchases. This way, a $40 dinner can’t jeopardize a $400 insurance payment.

Putting It All Together

Matt Theriault’s ten‑step checklist turns ordinary checking‑account users into their own financial protectors. By activating alerts, revoking unused automatic pulls, diversifying deposits, freezing credit, and managing balances wisely, consumers can dramatically reduce the risk of fraud and unnecessary fees. In a financial landscape where banks profit from inattention, the responsibility now lies with the account holder.

While Theriault is not a lawyer or CPA, his two‑decade experience buying houses and his Marine discipline give weight to his practical advice. Implementing these steps won’t just protect your money; it will also help you earn more on the cash you already have, reinforcing the broader goal of financial independence.

The full episode of Epic Real Estate is available on OBBM Network TV.