The Clark Howard Podcast
Episode: 12.15.25 – Protect Your Retirement Accounts / Electronic Medical Records
Date: December 15, 2025
Host: Clark Howard
Co-host: Krista
Episode Overview
This episode focuses on two major consumer issues:
- The growing threat to retirement and brokerage accounts from electronic transfer scams (specifically, exploitation of the ACATS system).
- The slow adoption and enormous benefits of electronic medical records.
Clark and Krista also tackle listener questions about account security, auto maintenance, appliance shopping, medical payment fees, mail privacy, and Amazon’s pricing tactics, providing practical advice for everyday financial and consumer hurdles.
Key Discussion Points & Insights
1. Protecting Retirement & Brokerage Accounts from ACATS Scams
- Clark warns about a new scam targeting investment accounts via the ACATS (Automated Customer Account Transfer Service) system.
- Criminals exploit weak security around ACATS to transfer all funds out of victims’ investment or retirement accounts—even if those accounts are supposed to be secure (00:28–07:50).
- Once money is stolen, “it’s unbelievably difficult, if not impossible, to get your own money back.” (Clark, 01:55)
- Simple Security Steps:
- Set a “lock” on your account to prevent unauthorized ACAT transfers.
- Fidelity: Online security lock is easy, prevents the scam completely.
“With Fidelity, if you set up that simple click...the criminal cannot steal the money. Period. Simple.” (Clark, 05:41)
- Schwab & Vanguard: Requires a phone call to set up a similar transfer lock.
- Always have a SIM lock with your wireless provider to prevent criminals from hijacking your phone number for two-factor authentication.
Notable Quote
“This has become a crime that is almost without prosecution because the criminals move that money so fast. And they are off with the wind.”
—Clark Howard, (06:41)
2. Listener Q&A Highlights
A. Bank Security for Peer-to-Peer Apps (Venmo/Cash App)
- Best practice: Use a separate bank for P2P (peer-to-peer) transactions to shield your primary accounts.
“You initiate the transfer of the funds...that you’re willing to lose if a criminal is able to tap in and steal using the Venmo or Cash app.”
—Clark Howard, (09:04) - Link a minimal-balance online bank to Venmo or Cash App, keep the rest of your funds protected at your main bank.
- “It only takes one [crook] to create a real problem for you.” (Clark, 10:18)
B. Are Tire Alignments a Scam? (11:09–13:32)
- Alignments aren’t a scam but are oversold by shops.
- Only necessary if you see uneven tire wear.
“You don’t need an alignment every time you buy tires. A lot of shops will tell you you need one every time...To me, it’s a react, not an act.”
—Clark Howard, (13:01)
C. Are Appliances at Big Box Stores Lower Quality? (13:32–16:58)
- Could be possible, but Clark isn’t certain.
- Advises using Consumer Reports to cross-check model numbers and ratings—regardless of retailer.
“The model number is the model number, right?”
—Krista, (15:52) - High prices don’t always mean more reliability. (Alanis Morissette joke included)
3. Electronic Medical Records: Why Don’t Consumers Use Them?
(19:12–23:06)
- The US medical field still uses outdated tools like fax machines, but electronic medical record (EMR) systems are becoming more common—yet patients aren’t embracing them.
- Example: Wellstar’s system lets patients enter their history once, update as needed, yet only 10% use it; most still fill out clipboards each visit (21:16).
“You have to...It’s like Groundhog Day every time. You gotta write it down again and again and again. And that’s insanity.”
—Clark Howard, (21:37) - EMRs can save lives in emergencies but also face hurdles (lack of interoperability, security risks).
- Never give your Social Security number on medical forms.
“Never, never, not ever to list on any medical form at any time ever is your Social Security number.”
—Clark Howard, (22:34)
4. More Listener Q&As and Money-Saving Tips
A. Debit Card Surcharge at Medical Offices (23:06–24:38)
- It’s illegal for a merchant to charge a debit card fee if processed as a debit — cite the Durbin Amendment.
- Complain to state consumer protection office or, less effectively, the CFPB.
B. Should You Remove Your Address Before Discarding Junk Mail? (24:38–25:47)
- “You are more cautious than I am.” (Clark, 25:00)
- For real peace of mind, use a shredder.
C. Amazon’s Dynamic Pricing (25:47–28:33)
- Listener observed product prices climbing within minutes while prepping an order.
- Clark: Amazon’s “sophisticated dynamic demand pricing” can change prices rapidly, even during checkout.
“I think Amazon is outsmarting itself...they could undermine trust in their customers.”
—Clark Howard, (27:04) - Use tools like CamelCamelCamel to spot true deals.
Notable Quotes & Memorable Moments
- On financial paranoia:
“This really gets into the realm of the paranoid, doesn’t it?” —Clark Howard, (07:46)
- Pop culture banter:
“You want to sing an Alanis Morissette song now?” —Clark Howard, (16:28) “No, nobody wants to hear me sing.” —Krista, (16:34)
- On the medical clipboard:
“A clipboard. I mean, I can’t write that anybody can read anyway.” —Clark Howard, (21:23)
Timestamps for Key Segments
| Timestamp | Topic | |-----------|-------| | 00:28–07:50 | ACATS/retirement account scam explanation & how to protect yourself | | 08:21–10:35 | Protecting bank accounts linked to P2P apps | | 10:35–13:32 | Tire alignments: scam or real need? | | 13:32–16:58 | Are big box store appliances worse? Consumer Reports advice | | 19:12–23:06 | Electronic medical records: why more people need to use them; data security warning | | 23:06–24:38 | Illegal debit card surcharges at dental/medical offices | | 24:38–25:47 | Should you remove personal info from junk mail? | | 25:47–28:33 | Amazon’s dynamic pricing – real-world listener example |
Tone & Style
Clark's hallmark is practical, actionable advice with a healthy dose of consumer skepticism and a bit of humor. He focuses on empowerment and self-defense in a world full of scams and shady practices—always encouraging listeners to check, verify, and act to protect themselves and their money.
Conclusion
This episode arms listeners with urgent steps to clamp down on account fraud, makes the case for embracing digital health tools, and reminds consumers to be vigilant—whether at the tire shop, the appliance store, or shopping online. Clark’s bottom line: Take proactive measures now to save more, spend less, and avoid getting ripped off.