06.27.25 Clark Answers His Critics on Clark Stinks / Savings Rate Vigilance

Summary

The Clark Howard Podcast: June 27, 2025
Episode: Clark Answers His Critics on "Clark Stinks" / Savings Rate Vigilance

In this episode of The Clark Howard Podcast, host Clark Howard engages directly with his listeners' critiques in the "Clark Stinks" segment. He addresses a range of topics from extended warranties and savings bonds to medical advice and banking practices, providing detailed explanations and his professional insights to clarify misunderstandings and offer actionable advice.

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1. Extended Warranties: To Insure or Not to Insure

Listener Feedback: Vernon Vern challenges Clark's longstanding skepticism toward extended warranties, arguing that modern warranties differ significantly from the problematic ones of the 70s and 80s. Vernon suggests that with the rise of cheaper products and diminishing manufacturer coverage, extended warranties might offer necessary protection for unexpected repairs.

Clark's Response [02:51]:

“The most recent data I saw found that for every dollar people spend on an extended warranty or extended service contract, they get back 9 cents in value, the average. That means you're losing 91 cents... However, for vehicles, where repairs can exceed $5,000 or even $10,000, an extended warranty might be necessary for those without sufficient emergency funds.”

Insight: Clark acknowledges the potential necessity of extended warranties for high-cost items like vehicles but maintains that, on average, they are not financially beneficial for consumers.

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2. The Tax Advantages of I Bonds

Listener Feedback: Carl points out that Clark often overlooks the significant tax benefits of I Bonds, which accrue interest tax-deferred until redemption, similar to holding bonds within an IRA.

Clark's Response [04:51]:

“A great point, Carl. I want to highlight that while I Bonds have attractive tax advantages, Treasury Inflation-Protected Securities (TIPS) have more complex tax implications. It's essential to understand these differences when choosing between them.”

Insight: Clark appreciates the reminder about I Bonds' tax benefits and clarifies the distinctions between I Bonds and TIPS, emphasizing the importance of understanding tax implications in investment choices.

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3. Converting Savings Bonds from Paper to Electronic

Listener Feedback: Dan raises a concern about the process of converting paper savings bonds to electronic ones via TreasuryDirect, highlighting the need to send the original paper bonds through reliable mail services to avoid conversion issues.

Clark's Response [05:58]:

“Dan, thank you. Use FedEx or UPS for sending your bonds to ensure proper tracking, as the Postal Service is currently unreliable.”

Insight: Clark advises using tracked delivery services like FedEx or UPS for converting paper savings bonds to electronic form, citing operational challenges with the Postal Service.

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4. Health Advice and Medical Information Accuracy

Listener Feedback: Ted criticizes Clark for providing inaccurate health-related information, specifically regarding Dexcom's glucose monitors. He suggests that Clark relies too heavily on popular press sources rather than qualified health professionals.

Clark's Response [07:25]:

“Ted, thank you for the feedback. While I focus primarily on financial advice, I acknowledge the importance of accurate health information and plan to share updates on my personal health journey separately.”

Insight: Clark takes responsibility for the miscommunication and emphasizes his commitment to providing accurate information, particularly when discussing his own health matters.

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5. Umbrella Insurance Coverage

Listener Feedback: Brian argues that Clark's advice on umbrella insurance is overly simplistic, lacking nuances regarding when to adjust coverage based on state regulations and asset protection strategies.

Clark's Response [11:05]:

“Brian, thank you. While there can be instances of overinsurance, umbrella policies are generally affordable and crucial for protecting substantial assets against liability risks. It's better to err on the side of caution.”

Insight: Clark reiterates the importance of having adequate umbrella insurance, stressing that the minimal cost is justified by the significant protection it offers against potential liabilities.

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6. Capital Gains Tax on Precious Metals

Listener Feedback: Rory points out that Clark's explanation of capital gains tax on gold and silver was incomplete, noting that the 28% tax rate is only applicable to higher income brackets and that many may qualify for lower rates or zero tax.

Clark's Response [13:07]:

“Rory, thank you. It's important for listeners to understand that while precious metals can incur higher capital gains taxes, the actual rate depends on individual income levels.”

Insight: Clark acknowledges the oversight and clarifies that the capital gains tax on precious metals varies based on income, providing a more nuanced understanding of tax liabilities.

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7. T-Mobile Data Plans for International Travelers

Listener Feedback: Eric corrects Clark regarding T-Mobile's international data policies, explaining that while high-speed data is limited to five gigabytes in 11 countries, unlimited data is still available at reduced speeds thereafter.

Clark's Response [14:09]:

“Eric, thank you. I’d like to add that downloading maps over Wi-Fi before traveling can help minimize data usage abroad.”

Insight: Clark appreciates the clarification and offers additional practical advice for international travelers to manage their data usage effectively.

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8. HSA Tax Treatment in Certain States

Listener Feedback: An anonymous listener corrects Clark by stating that states like New Jersey and California tax HSA contributions, contrary to Clark's assertions that HSAs are completely tax-free.

Clark's Response [15:26]:

“Andrew, if that's true, thank you for informing me. That’s unfortunate.”

Insight: Clark acknowledges the discrepancy and appreciates the listener’s input, recognizing that state tax treatments of HSAs can vary and impact their tax-free status.

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9. Naming Financial Firms in Advice

Listener Feedback: A listener expresses frustration over Clark's reluctance to name specific financial firms when discussing their practices, making it difficult for consumers to make informed decisions.

Clark's Response [16:30]:

“Sometimes it’s appropriate to name a company and sometimes it’s not. In this case, it was Edward Jones, a respected yet high-cost financial institution.”

Insight: Clark addresses the criticism by naming Edward Jones, explaining his rationale for discussing the firm’s costs transparently while recognizing the challenges in naming companies consistently.

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10. Banking Practices and Interest Rates

Listener Feedback: Clark discusses recent misconduct by Capital One, including deceptive savings account practices, highlighting the importance of vigilance in banking choices.

Clark's Commentary [17:07 - 25:11]:
Clark elaborates on Capital One's restitution efforts after deceptive practices with their 360 Savings Account, compares them to other banks like Schwab and Fidelity, and advises listeners to actively manage their savings by choosing online banks that offer better interest rates. He warns against complacency, emphasizing that banks often offer negligible interest while imposing high credit card rates.

Quote [25:11]:

“Most banks with physical branches pay teensy tiny amounts of interest... it’s so easy now to have an online savings account with an online bank.”

Insight: Clark underscores the importance of actively managing savings accounts to secure better interest rates and avoid the pitfalls of traditional banks' low yields versus high lending rates.

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11. Handling Unfulfilled Bank Bonuses

Listener Feedback: Sendu and Georgia share their disappointing experience with a regional bank’s unfulfilled $600 bonus promotion for checking and savings accounts.

Clark's Response [26:04]:

“File a complaint with consumerfinance.gov and your state banking regulators. Persist through multiple channels to pressure the bank into honoring its promotional promises.”

Insight: Clark provides a step-by-step approach for listeners to address unmet bank bonuses, emphasizing the importance of leveraging regulatory bodies to seek resolution.

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12. Dealing with Unethical Developers in Housing Developments

Listener Feedback: Stephanie from Ohio describes a problematic housing development where a builder is hoarding lots, overpricing properties, and creating potential neighborhood blight.

Clark's Response [27:54 - 32:02]:
Clark advises Stephanie and her neighbors to organize collectively, form an advocacy group, engage with city officials, and utilize media outlets to highlight the issue. He emphasizes community action and leveraging political and administrative channels to address the developer’s unethical practices.

Quote [28:13]:

“Your neighborhood needs to get active... you need to organize your own separate association to advocate for the owners.”

Insight: Clark encourages collective community action and strategic engagement with local authorities and media to combat unethical development practices and protect property values.

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13. Amending Tax Returns for Credits

Listener Feedback: Trevor from Colorado inquires about the benefits of filing an amended tax return (1040-X) to claim an $800 overpayment from the 2021 tax year.

Clark's Response [32:36]:

“It's worth the effort. Set up an account at irs.gov to access your records or file Form 4506 to get copies of your tax returns.”

Insight: Clark recommends pursuing the amended return to reclaim overpaid taxes, providing practical steps to obtain necessary documentation from the IRS.

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14. Importance of End-of-Life Conversations

Listener Feedback: Bill from Delaware shares a heartfelt testimonial about the peace of mind his wife’s detailed end-of-life directives provided him during her sudden passing.

Clark's Response [34:02 - 34:31]:

“Bill, your story highlights the critical importance of having these conversations. It makes incredibly difficult times easier by ensuring clear instructions and wishes are documented.”

Insight: Clark emphasizes the value of initiating end-of-life discussions and documenting wishes to alleviate emotional and logistical burdens during times of loss.

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Conclusion
In this episode, Clark Howard effectively addresses a diverse array of listener concerns, offering clear, data-driven advice while acknowledging areas where he can improve his communication. His responses demonstrate a commitment to consumer advocacy, financial literacy, and personal accountability, reinforcing his mission to empower listeners to make informed financial decisions.

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Resources Mentioned:

• Clark.com/askclark

Note: All timestamps correspond to the original podcast transcript provided.

Transcript

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[Listener]

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[Clark Howard]

It's my pleasure to welcome you here to the Clark Howard show where our mission is to serve you with advice and information that empowers you to make better financial decisions in your life. And if you missed having Clark Stinks last week, well, you're not alone. We're back with a fresh edition of why I Smell. Later, I want you to know about banks and brokerages playing games with your money, but now it's time to hear where you feel I let you down in today's Clark I should have never encouraged you to speak. You must think I'm pretty stupid. You should be ashamed of yourself. Well, maybe I'm wrong, maybe I'm wrong, maybe you're right pal.

[Listener]

You are one of the top consumer advocates, but none of us are perfect. You may it may be time to revisit your anti extended warranty bias. It probably came from data and experiencing the warranty wild west era of the 70s and 80s. The bad actors gave warranties a black eye and they're long gone, partially due to reputation and most likely heavy regulation. Things built in the 80s and beyond are nothing like our parents products that were quality and used to last. The modern warranty industry only exists due to increasingly cheaply made products and decreasing warranty coverage and honoring by same manufacturers. Many appliance and automakers offer their own extended service contracts. Your stuff will eventually break and some of us don't have the extra money to cover the repair expense. We all carry expensive auto insurance even though thankfully most of us will never use it. What's the harm in insuring yourself to cover major purchases?

[Clark Howard]

Vernon Vern thank you very much for this, and I respectfully disagree with you for this reason. The most recent data I saw found that for every dollar people spend on an extended warranty or extended service contract, they get back 9 cents in value, the average. That means you're losing 91 cents. Most of the money involved with the sale of extended warranties or service contracts goes to commissions and sales and marketing expenses, not to the actual underlying coverage itself. Now you bring up one key point and that is appliances and electronics. Generally they are not budget busting kind of things when something goes wrong with them. A vehicle on the other hand, we're talking about a potential budget buster. It's not unusual for a vehicle repair now for a major component to be more than $5,000, even $10,000 for the repair. So the math isn't necessarily better on a manufacturer provided extended warranty on a vehicle, but it may be necessary for a lot of people because you just don't have laying around in a rainy day account that much money to deal with a big bad oops.

[Listener]

Clark, every time you talk about I bonds, you miss discussing one of the most important benefits. You tend to focus on comparing the rate paid to prior I bonds or something like a cd. Don't forget the major tax advantages of the I bond. It accrues interest tax free from the moment you buy it to the moment you sell it. So sort of like holding a regular bond in an ira, you only pay tax on the total gain when you finally sell. This has major influence on the overall return if you're holding them for the long run. Carl.

[Clark Howard]

Carl, thank you very much, very good point. And I want to bring something up that I talked about about a year ago and that is there's a lot of hype right now about the cousin of Series I savings bonds and those are tips, Treasury Inflation Protected securities. The tax treatment on TIPS is much more complicated than it is on Series I savings bonds. And if you're seeing all these pitches about tips, understand that even though TIPS are a great purchase now, a better purchase than Series I savings bonds, you got to understand the tax implications for that also come with them. But a great point, Carl Clark was.

[Listener]

Talking about savings bonds and how you should convert paper to electric bonds and not send them in the mail, but missed part of the process after converting them via the TreasuryDirect website, you are required to send the paper bonds with a manifest to the Treasury. However, they do recommend sending them via certified or registered mail or via UPS, FedEx, but they must be sent to fully convert them. Dan and a lot of people wrote in about that.

[Clark Howard]

Dan, thank you. And to other people who wrote in about the conversion, so FedEx or UPS is how I want you to send them. There are too many operational problems at the Postal Service right now for you to use them. You're going to have proper tracking and tracing with UPS and FedEx. And let me emphasize again, the problems at the Postal Service are not the fault of of the hard working postal employees. It is a managerial problem and I don't see a fix immediately on the horizon.

[Listener]

You are a doctor's best friend when it comes to financial advice, but please stop making statements about health off the cuff as you do regularly. Your comment on Dexcom Stillo I think it's still glucose monitor is 100% wrong. This is not a new device. It's a rebrand of an existing prescription device, the Dexcom 7 marketed to consumers without a prescription. It does require a small needle in the skin just like any other available cgm. Abbott also has remarketed their prescription CGM as the lingo available over the counter. My bigger issue with you and Krista is that you tend to get your health, diet and exercise info from the popular press and not credentialed health professionals and it's often wrong. Maybe clark.com should have a medical advisory board like most publications do, or refer listeners to their own health professionals. And I love the financial advice, but I facepalm anytime you attempt to answer a health or food question.

[Clark Howard]

Ted TED thank you very much. And that is advice Very well taken. An example coming up is, you know, probably next week, week after, I'm going to talk about the latest on my long running prostate cancer and my latest tests at ucla. And whenever I talk about my journey with prostate cancer, we get that similar kind of post from a doctor.

[Listener]

It's not usually about that because you know so much about your own that's your own prostate cancer. It's really more when we talk about eating food, other stuff. Yeah, point taken. I don't truly believe Clark stinks since we live in the same building and I would have noticed the smell in the elevator. However, he did ask the audience if there were any positive attributes to private equity. I have seen several firsthand. As an ophthalmologist who spent years in rural and suburban areas of New England, a region dominated by very small practices, I saw doctors who just retired and closed their offices, unable to recruit younger doctors to continue providing care for another generation. In fact, in general, young doctors are now less willing or interested in actually managing practices, signing onto debt and buying their share of the equipment. They want to live in highly desirable locations and enjoy high compensation, but also value more work life balance. They are reluctant to relocate their families and join a very small practice as it has significant risk compared to a larger organization. As such, the data shows that the average age of physicians in rural areas is much higher than in urban locations, with suburban providers being halfway in between. So unless investors enter the market to consolidate smaller practices, patient access to care will suffer. Patients will need to drive further to the nearest doctor, or if a local provider remains, he or she may be unable to invest in the latest technologies. Not saying everything private equity does is good, but you do need to recognize that some things they do are helpful. Brad, your neighbor.

[Clark Howard]

Brad, thank you. And so this is an example of where it's so difficult for medical professionals to set up practices. They've got maybe a mountain of loans from going to medical school, dental school, whatever. And we do have, I mean, you can go back decades and there was a cute movie called Doc. Hollywood never saw it and the doctor in the community was aging out and they were trying to recruit a doctor. They couldn't get anybody to come practice there. And that was decades ago. And the problem is only magnified now. And there are counties all over the country that don't have medical professionals in them. They don't have dentists, they don't have eye doctors, they don't have medical doctors of all different kinds. And so, yeah, if you're right, Brad, that lowering the risk and lowering the overhead by private equity owning practices and rural areas will increase the availability of medical practices, I think that's great.

[Listener]

Your recent advice in having umbrella insurance of at least your net worth was way too simple and lacked qualifiers that people should consider to avoid being overinsured and paying too much premium. Although it varies by state, umbrella coverage starts with net worth, but can usually be reduced by all or partial values of qualifying retirement plans and all or a portion of primary homestead value. An insurance salesperson might appreciate your simple strategy and not properly advise on types of assets that not at risk. Brian.

[Clark Howard]

Brian, thank you very much. You know, my thing on liability coverage, umbrella coverage, is that the big problem I've got is getting anybody to buy it. And I guess it's possible there are people who end up over covered. If there's such a term over covered for liability coverage. The reality is umbrellas get cheaper by the millions. So it's such a minor expense versus the amount of wealth somebody's trying to protect that I don't Want to put any ideas in people's heads where they end up underinsured in case something happens? I mean, it could be something as simple as happens every day out in traffic. When somebody's looking at their phone when they should be driving, they have a wreck. If you don't think a personal injury lawyer is going to have a blast with liability risk for you because you were looking at your phone and you caused a horrific accident, it happens. Having proper liability coverage is a success tax. If you have developed a lot of assets over the years, I want you to protect them. As for assets that might be shielded, there are differences by state, whether your home is protected, whether IRAs are protected. 401ks generally are protected anywhere. But I'd rather see somebody a little bit overinsured than leave themselves exposed underinsured.

[Listener]

Your telling of the capital gains tax on gold and silver was not complete. You stated correctly that the metals are treated as collectible and the capital gains tax is 28%, but that is the maximum tax. It is a graduated tax that begins at zero tax and increases with higher income tax. My wife and I make $60,000 a year. We can sell $61,000 on top of the amount we bought it for of gold or silver for zero capital gains after owning it for more than a year. Metals capital gains tax calculators can be found online.

[Clark Howard]

Rory Rory, thank you very much and that's a very valid post. I just want people aware that gold and precious metals are subject to potentially a higher tax rate on capital gains than traditional stock investments.

[Listener]

Clark stinks like that piece of cheese he has forgotten still in his carry on bag from his recent trip to Italy, T Mobile does not restrict users to 5 gigabytes of data when abroad. In fact, just like when Clark was a T Mobile subscriber and would recommend the carrier for international travelers, users still get unlimited data and texting in 215 countries. I've used this for maps, email and website viewing in over 30 countries over the past 5 years. What is new is that in 11 countries T Mobile now gives users 5 gigs of high speed data. But if you use that up, you still get the normal speed unlimited data for the rest of your trip. And if Clark is really needing more than five gigs of high speed data on a trip, then maybe he should take his eyes off his screen and enjoy the country he's visiting. Eric.

[Clark Howard]

Eric, thank you very much. So the T Mobile normal high speed is kind of puny, is not very fast if it works for the basic kind of things you're doing and it works for mapping. Fine. One thing I'm glad you posted this because I realized I forgot last time. Most phones will allow you before you go on your trip best when you're on WI fi to download maps, full maps for the places you're visiting. Anytime you're on WI fi you're able to do this and then you don't have to worry about the data use. You already have them downloaded. If you're having trouble with the Internet on your phone, you're already going to have those maps. And then when you're in your hotel and you know hotel Wi fi is a little sketch. But anyway, you want to delete the maps you don't need anymore and download the new ones. Hopefully there's not much risk in doing that over the hotel.

[Listener]

Wi Fi Clark keeps staying the HSA money is completely tax free. It's not 100% true and just slightly stinky. I lived in New Jersey and New Jersey taxes your HSA contributions on the way in.

[Clark Howard]

Oh come on. Do they really?

[Listener]

I believe California also does the same. Is true is 100% free of federal income tax, but New Jersey and California tax HSA money going into the account.

[Clark Howard]

Andrew, Andrew, if that's true, thank you for telling me. And what a terrible thing it's like. I mean that's so uncool that if that really is true in New Jersey and California. Did you know also in New Jersey they tax breathing. You breathe too much.

[Listener]

And a listener wrote about a financial firm he was with stating how his family has been with the guy for generations. Your advice wasn't the issue. The problem was you didn't tell us the name of the firm. You say over and over how we can learn from each other, but how can we know facts about companies we may do business with if you censor the company name? I guess just that listener gets to learn, but the rest of us are left out in the cold in the middle of spring. I absolutely love the show and now my wife listens to Clarky for life. Greg and somebody else wrote about that too. Why don't you give the company names?

[Clark Howard]

So there are times that it's appropriate for me to give the company name and times that are not. I'm trying to remember the firm. In this case I only faintly remember and I think it was a particular one that is not considered to be scammy but is very high cost. But it's always a tough decision when I name a firm and when I don't. Do you remember who it was. In that case, you're going to write it down.

[Listener]

You want me to say it?

[Clark Howard]

Go ahead and say it.

[Listener]

Edward Jones.

[Clark Howard]

Okay, so Edward Jones is a respected financial institution. They're also high cost in my book. So if you have somebody you really have trusted over the years, you've liked what they've done at Edward Jones. Just know that they, among several other companies, are expensive to do business with. And so over time, the expenses you pay end up having a real effect on how much money you have later in life when you retire again. They are a legitimate, respected company, but they are high cost. So I hope that helps. I mean, there was nothing bad about Edward Jones in that and I maybe I should have named them at the time, but it is a higher cost firm to do business with. Coming up ahead. Speaking of organizations that I pick on a lot. The banks. Well, let me share something straight ahead. How the banks can actively cheat you. But by the way, they're not alone. Some of the brokerages do too. This podcast is brought to you by Progressive Insurance. Do you ever think about switching insurance companies to see if you could save some cash? Progressive makes it easy. Just drop in some details about yourself and see if you're eligible to save money when you bundle your home and auto policies. The process only takes minutes and it could mean hundreds more in your pocket. Visit progressive.com after this episode to see if you could save Progressive Casualty Insurance Company and affiliates. Potential savings will vary. Not available in all states.

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[Clark Howard]

This podcast is brought to you by Progressive Insurance. Do you ever find yourself playing the budgeting game? Shifting a little money here, a little there, just hoping it all works out well. With the name your price tool from Progressive, you can be a better budgeter and potentially lower your insurance bill too. You tell Progressive what you want to pay for car insurance and they'll help you find options within your budget. Try it [e-mail] Progressive Casualty Insurance Company and affiliates Price and coverage match limited by state law. Not available in all states this episode is brought to you by Polestar. There's only one true way to experience the all electric luxury SUV Polestar 3, and that's to take a test drive. It can go from 0 to 60 in as little as 4.8 seconds with the dynamic handling of a sports car. But to truly understand how it commands the road, you need to be behind the wheel. Up to 350 miles of range. The 3D surround sound system by Bowers and Wilkins. It's all something you have to experience to believe. So book your Test drive for Polestar 3 [e-mail] I want to give an update on the Capital One situation. You know, Capital One was trying to get approval for their deal with Discover and hanging over them was the crooked, dishonest, rotten, terrible behavior by Capital One with their savings account. And their savings account, called the 360Savings Account originally was a great deal paying way above normal rate of interest compared to traditional big banks. And Capital One is a big bank. So Capital One fought and fought and fought for years. When they got caught red handed cheating their customers, what they did was they had the 360 savings account that started paying a tiny amount of interest even though it used to pay a big one. But then they had all these signs about the 360 Performance Savings Account paying the old much higher interest rates. So they were running two accounts with almost identical names. There were emails that leaked internal communications that showed that they specifically designed having these two accounts to cheat existing account holders. And after fighting and fighting and fighting for years, Capital One didn't want to mess up their purchase of Discover. So they said, okay, we're going to make everybody whole. So they're paying nearly half a billion dollars in restitution to former360 account holders. That'll be made full. But this is the kind of stuff you got to be aware of. And again, this isn't just the banks. You need to know that. I've talked about Schwab and Fidelity playing these games with money that their customers have in savings money market where they'll have a variety of choices available. Some pay puny amounts of interest if you do nothing. Others pay very high rates of interest on your savings. So you have to act on it if you're with Schwab or Fidelity to make sure you're getting the good money, not the puny money. Now let's talk about the banks. What this uncovered is a fact. Most banks with physical branches pay teensy tiny amounts of interest. Even today, as little as 1/100th of a percent while at the same time the banks are charging their credit card users 25%. So you're lending the bank money at basically zero that they they'll end out at 25%. Great deal for them, bad deal for you. It's so easy though now for you to have an online savings account with an online bank. We and many others put out a current list, see what the best rates are on those. And if you are at Fidelity or Schwab, you have to manually move your money to a good account rather than their crummy account. It's your money, it's your choice. You worked hard for the money that you you have there because you're living on less than what you make. You want that money to then make more for you and do that Vanguard customers, owners because that you own Vanguard. When you have an account, you don't have to do the games. They pay a decent rate right off the bat. No games or gimmicks. I have to mention because I'm hearing from so many people who have the Capital One Venture X which you've heard me talk about. And Capital One recently has made any consumer changes in the Venture X with new restrictions on lounge access coming with the card. And pay close attention if your renewal is coming up for your Capital One Venture X. It's a, you know, high annual fee card to see if it's still going to be worth it for you to have the card with the new restrictions on lounge access, which is one of the things they've touted so much. And only the big spenders on Venture X still get pretty much unfettered lounge access for you and your friends with you or family members with you if you spend, are you sitting a minimum 75,000 a year on your Venture X card? If you're not spending that much, you have lost most of your lounge privileges. Okay, so a lot about Capital Ones in the news a lot lately, aren't they?

[Listener]

They sure are. Sendu and Georgia says, I have a question regarding how to pursue an issue with one of the big banks. We've opened checking and savings accounts late last year and part of the account opening they were running a $600 bonus promotion. After meeting all the requirements for both accounts, we received only half of the bonus for the checking account in January. We reached out to the bank in February and they stated that the remaining bonus will be deposited in April. What's odd is that their promotional material.

[Clark Howard]

Checks in the mail.

[Listener]

Promotional materials says it will be deposited after 60 days from opening the accounts. April is way past the 60 days. Anyway. We gave them the benefit of the doubt and waited until May. Once we reached out in May, we were given bogus reasons about why we did not qualify for the second part of the bonus. Very disappointing and deceiving. We did file a complaint with the bbb. Any other steps we should take to make sure the bank is going to fix this?

[Clark Howard]

Yeah, the banks generally don't care about the bbb, but they do care even now about complaints [e-mail] I would do that. And you may or may not have an ability to complain with your state banking regulators, your state department of banking. You can just Google it for your state. It'll be easy to find. File a complaint against them with the bank. Even if they say they won't act on it, they'll send the complaint on likely to the bank. You want to do pressure points all over. This is really stupid of a bank to lure you in with a bonus to try to get you to put a big deposit with them and then say we were just kidding about the bonus. I mean it completely defeats what they're trying to do, which is to capture a new customer and get you for potential multiple lines. This is a regional bank. It's what's known as a super regional. They're, they're not a small bank. They're not one of the giant monster mega banks. And they have had a lot of regulatory problems. They've had a lot of violations of law over time. So a complaint to consumer finance.gov and your state banking regulators may bring a new level of attention from the bank that they need to give you the money because they need to give you the money because that's what they promised you.

[Listener]

Stephanie Ohio says. I'm hoping you have some advice regards to an unfortunate situation my neighbors and I are dealing with. I live in a nice new construction neighborhood that has been developed in development for over 10 years. There are currently around 25 houses here. There are 50 vacant lots. The developer has a contract with a builder who owns approximately 40 of those lots.

[Clark Howard]

Wait, wait, wait, wait, wait, wait. I got to go over that math again. This is crazy. In this housing market with such shortage of housing. There are 75 lots in the neighborhood. Only 25 houses have been built and this has been going on for 10 years. This is crazy.

[Listener]

The developer has a contract with a builder who owns approximately 40 of the remaining 50 lots. Their contract reads that this particular builder has sole building privileges. No other builders can build here and the owner Builder is not willing to sell or develop these lots and he has built three houses which have been sitting on the market for three years.

[Clark Howard]

What?

[Listener]

He has these listed for sale and also lease to own. They are listed at absurdly high prices that would never comp and refuses to negotiate to sell the properties when someone is interested. The neighbors have collectively band together in hopes to try and ban leases through the HOA. However, the HOA document states that lot owners have voting rights and 75% vote is needed to amend the HOA. We don't have any control to change the HOA. Upon researching this builder, it's clear he's a crook. Multiple lawsuits against him and I don't believe these lease to own structures are above board. The city says we're at risk of becoming a blighted neighborhood. This is a beautiful neighborhood with house prices in low 500s to $700,000 being overtaken by a crook. We are concerned about property values and potential crime with vacant houses sitting and is there anything we can do?

[Clark Howard]

Stephanie, this is terrible, terrible, terrible. I was thinking back that my very first book in 1993 I've written 10. My very first book I wrote about the problem of buying a home in a just developing neighborhood. Because if things go bad in the neighborhood like this with undeveloped lots, you have no idea what's going to happen from there and what it does to your value and your neighbors values that have been paying for these wonderful homes you live in in what you hoped was going to be a beautiful completed neighborhood and sits there in a mess. Your neighborhood needs to get active. You need to create. You can't, you don't control the hoa, but you can set up your own separate association of owners with no authority over the neighborhood. But you use it as a way to push political and administrative levers. You need to be organized. The 25 of you here because your wealth is at risk, your safety is at risk and you need to be a common presence at any board hearings. Anytime a property becomes derelict, you need to be filing complaints. You need to become well known to your city commissioner or council member or whatever it is. And you need to see if you can get that city councilor out to walk the neighborhood with you and see the problem and see if there's anything that the city can do to compel this developer to get going. I mean you may, may or may not have the ability with the city council to get a vote through to ban any kind of build to rent in the neighborhood or lease to own, which can be a Real problem in a neighborhood at the price point you're at with what could happen in your neighborhood. So the 25 of you have a common stake in protecting your safety, your values of your home. And that's why you need to organize your own separate organization that is an advocacy organization for the owners.

[Listener]

I would also try to contact a local TV station or two and see if they're willing to do a story on it.

[Clark Howard]

That's a great suggestion.

[Listener]

Person out if they really are a crook.

[Clark Howard]

That's a great suggestion as well.

[Listener]

And Trevor in Colorado says, I'm trying to figure out if it's worth filing a 1040 X for my 2021 tax year. I missed a credit and overpaid by $800. However, I need to submit my original 1040 documents, worksheets, etc. Which I do not have. I stumbled across this because I made a mistake with my state taxes in the same year. And when reviewing my records, I realized the miscredit. I have corrected the mistake and paid the state $4,000. But I'm thinking the $800 will help offset that $4,000 bill. Is refiling worth the effort? And will the IRS help with this $800?

[Clark Howard]

I'd say it's worth the effort. 1040X is a very common. I've had to do them many times. Simple process. If you don't have your records, if you set up an account for [e-mail], you will then be able to access what the IRS has from you, which may involve some. Not just your 1040 for the 21 year, but also some supporting documentation. And I'm trying to remember There's a.

[Listener]

Form 4506 with the IRS that you can file with them as well to get a copy of your tax return via mail. So if you don't have an online account.

[Clark Howard]

But I. I think it would be better in this case for Trevor to set up.

[Listener]

Yeah, if they can go. I don't know if they'll be able to go back that far through the online account. They say definitely last year's taxes. So we. We're not sure.

[Clark Howard]

Okay.

[Listener]

But the IRS has pretty clear instructions on there.

[Clark Howard]

You know, I have a lot of different businesses and stuff, so I've had to do amended returns again and again and again. And it's almost like a routine for me. Yeah.

[Listener]

Okay. And then I wanted to read this one here. It's not a question, but really important. I think Bill in Delaware wrote in with this. I wanted to share with you and your listeners the importance of having end of life conversations even at a young age. My wife recently passed at the age of 59 of a sudden and devastating illness.

[Clark Howard]

I'm really sorry about your loss.

[Listener]

However, she had left me a book filled with everything I needed to know about her final wishes and her advance directives. I cannot tell you the relief I had when I opened that book and had all the answers that needed to give her the send off that she wanted. I know these are uncomfortable discussions to have with your loved one, but I'm here to tell you as a living testament that these discussions made an incredibly trying time a lot more easy. Thank you for all you do, Bill.

[Clark Howard]

Bill thank you. In the time of your personal suffering, you took the time to write this and I know it's hard for people. They always put off discussing anything about when they or their partner, wife, husband, whatever is trying to share with you what they want at the time of their death or share with you what you're talking about with clear financial instructions. It's very, very important to do this. Bill. I'm going to stop right there because what you said was so heartfelt and so clear and you have no idea how many people you're going to help who are now going to get around to doing it. And I appreciate it very much and I hope that you have the support from family and friends to deal with your very, very hard loss. And thank you so much for joining us today. I hope that you have a wonderful weekend in front of you. And I want to tell you what a pleasure it is for me that you spend part of your day with Krista and me and your fellow listeners and viewers as part of this podcast and YouTube show. And we're all part of Team Clark. This is exactly a perfect example of it from Bill who is reaching out to to be of help to you. And that's what I love about what we do with Clark Stinks and everything else we [e-mail] and clarkdeals and our newsletters and social media. It's all about empowering each other, serving each other so you can save more and spend less and avoid getting ripped off. And we'll be at your service on Monday.