I agree. Mostly business accounts and some rich individuals with very bad advisors. If you have a million dollars just put it in 4 different banks. You can even have multiple accounts in one bank if the ownership is different. For example husband, wife, child, brother or combinations. But that is my recollection from 10 years ago. The rules could have changed.
On that note, how does someone with say $50 million in financial assets get insured? How does that work?