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inchpincher
Moving into separate accounts at different institutions works if that's manageable. I.e. smaller company with not millions in cash reserves.
The larger the company the more I would expect them to have a defined risk tolerance with a few larger banks in their roster and a regular review and rebalancing of levels of cash at each.
Any such company (in the same way the banks do) should be reviewing their banks annually at a minimum in order to ensure they remain only with the most stable and secure banks.
I work in a bank. This question has come up.