07.25.24 INVESTMENT WARNING: Private Placements / When Is A Bank NOT A Bank?

The Clark Howard Podcast

Clark Howard

Business, Investing, Entrepreneurship

4.6 • 5.2K Ratings

🗓️ 25 July 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Be aware, falling for this hotly touted investment pitch can burn your wallet - What to know about Private Placements. Also, when is a bank not a bank? Hundreds of millions of dollars have vanished from multiple fintechs, money that was deposited via the fintech apps. Clark did some digging and lets you know what he’s found out. Beware Of Private Placements: Segment 1 Ask Clark: Segment 2 Fintech Missing Money: Segment 3 Ask Clark: Segment 4 Mentioned on the show: A Real-Estate Fund Industry Is Bleeding Billions After Starwood Capped Withdrawals - The WSJ Can a Patient Advocate Help With Your Medical Bills? How Should I Donate a Non-Working Vehicle? 6 things you need to know before donating your used vehicle NYTimes: What Happens When Your Bank Isn’t Really a Bank and Your Money Disappears? How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts Chase’s plan to charge for checking accounts—and how consumers might respond Report: The #1 Internet Provider in America Fixed Wireless Internet: Using Your Cellular Service Provider for Home Internet What Is Umbrella Insurance and Do You Need It? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This podcast is brought to you by Progressive Insurance.
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0:28.2	progressive casualty insurance company and affiliates.
0:31.1	Comparison rates not available in all states or situations. Prices vary based on how you buy.
0:37.0	It's great to have you here on the Clark Howard Show. You know our mission is to serve you with
0:44.9	advice and information that empowers you to make better financial decisions in your life. Today I have yet another in my series of examples why you need to be really aware of the danger
1:01.6	of what's so hot in the touting investment community private placements that are pitched
1:12.1	as exclusive ways because you're so special to make really big money.
1:19.0	But have a bigger effect of burning your wallet.
1:24.4	Also, when is a bank not a bank?
1:28.0	Something you've got to know real world examples.
1:32.4	So I have had a thing about private placements forever.
1:39.0	If you are a business owner, an entrepreneur,
1:42.0	or you use a full commission stockbroker, you are going
	...

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