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Delta offers passengers $10,000 for seats on an overbooked flight

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Yahoo Finance Live looks at how Delta Airlines offered $10,000 to passengers for their seats on an overbooked flight to Michigan ahead of the July 4th holiday weekend.

Video Transcript

SEANA SMITH: It is a summer travel season from hell. Tens of thousands of flights delayed or canceled so far this summer. Pilot shortages and other staffing issues causing a massive headache, leaving airlines scrambling to do everything they can to get their passengers to their destination. Now, the situation has gotten so dire-- listen to this-- Delta offering travelers $10,000 each to give up their seat on an oversold flight. We're not just talking credits here. We're actually talking $10,000 cash. Rachelle, this is crazy.

RACHELLE AKUFFO: I would take it in a heartbeat. If I didn't have something, like, super time sensitive and I had some wiggle room, I would literally snatch my child and be like, come on, yeah, $20,000 right here. We'll go. Absolutely no qualms about it at all. But it does depend on what you have going on. It's frustrating already to travel when there's crowds and delays. So I get why some people are hesitant to want to take the money and sort of delay their trip even more.

DAVE BRIGGS: Do you? There is no trip on Earth I would not postpone for $10,000. And they said they'd pay them right now, courtesy Apple Pay if they had it in their phone. Speaking of Delta Airlines, Ed Bastian, the CEO, put a letter out there ahead of what's looking like a nightmare travel scenario this weekend at airports across the country and, frankly, around the world.

And the CEO says, if you've encountered delays and cancelations recently, I apologize. We've spent years establishing Delta Airlines as the industry leader in reliability. And though the majority of our flights continue to operate on time, this level of disruption and uncertainty is unacceptable. Nice to hear at least some accountability, although I don't think it's going to make passengers feel a whole heck of a lot better.

Interesting numbers from "The New York Times" today, though, guys, that actually showed, yes, the numbers of delayed and late flights are worse, but only about 2% to 3% worse than they were pre pre-pandemic. So it's bad, but it's been bad for quite a while, maybe is the takeaway of that.

SEANA SMITH: I don't know. I'm flying soon, and I'm just praying that I get off the ground.

DAVE BRIGGS: I believe. I believe--

SEANA SMITH: I like that.

DAVE BRIGGS: --you will make it.

SEANA SMITH: We will see. Only time will tell. I don't know.

DAVE BRIGGS: You'll make it.

RACHELLE AKUFFO: I will say that according to some data that Stacker, a company that was tracking information from the Department of Transportation, they said that you're most likely to get bumped off a flight if it's Frontier, Southwest, and American. This is among US airlines, so you have the information there. Just, you sort of prepare yourselves.

DAVE BRIGGS: Fingers crossed.