The FDIC change that leaves wealthy bank depositors with less protection

The FDIC has introduced a new rule capping insurance on trust accounts at $1.25 million, a change from the previous unlimited coverage. This adjustment affects affluent depositors and may require them to restructure their bank accounts to maintain insured status. The rule aims to simplify the understanding of deposit insurance and expedite the FDIC's process in determining insured accounts post-bank failure.