The FDIC change that leaves wealthy bank depositors with less protection
Affluent Americans may want to double-check how much of their bank deposits are protected by government-backed insurance. New rules implemented last month capped what the Federal Deposit Insurance Corporation (FDIC) will insure in a trust account at $1.25 million. Before, there was no limit on trust accounts, which are legal arrangements that ensure an individual's assets are distributed to specific beneficiaries./ The FDIC said the new rule will make it easier for consumers and bankers to understand deposit insurance rules. It is also ...
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