So reported The New York Times, here, on December 30, 2012.
The uninsured sums are mostly in the large operating non-interest-paying accounts of businesses, municipal governments and non-profits which now enjoy only $250,000 of FDIC coverage like the rest of us.
The article indicates about $1.5 trillion is involved, supposedly 20% of US deposits, providing new protections for which is now the lucrative business of cash management firms which carve up the sum into chunks at various institutions for a fee to take advantage of the FDIC rules. Private wealthy depositors understand this business by analogy with CDARS, the Certificate of Deposit Account Registry Service, where up to $50 million can be safely deposited with full FDIC coverage among fewer than 250 banks and all on one statement.
At the end of 2012, the FDIC reported that just 64.27% of $9.447 trillion in deposits in domestic offices was insured, which must mean that of total US deposits of $10.8 trillion at the time, $4.7 trillion were not insured. Presumably that figure will rise during the year.
