The FDIC insures deposit accounts (savings, checking, money market deposit accounts, and certificates of deposit) only and there’s a cap of $250K at any single

The FDIC insures deposit accounts (savings, checking, money market deposit accounts, and certificates of deposit) only and there’s a cap of $250K at any single institution. I’ve no idea what accounts this bank offered, but anything in excess of that cap or held in, for example, mutual funds, stocks, etc are uninsured losses. Those people the article mentioned specifically called out retirement savings, so they very well may not have been in insured deposit accounts.