> Multiple people were calling me to ask whether they should get their money out of their bank

Should we? At minimum keep as close to $250k or less spread across however many banks as practical, right now.

If you have significantly more than $250k, you should keep it in a sweep account, which spreads it across banks for you.

https://accountopening.fidelity.com/ftgw/aong/aongapp/fdicBa...

I thinks lots of small companies with a sudden $4m influx of cash are not in a good position to open accounts at 16 banks.

Now that said, there are hot money managers that will do this for you.

Open an account at one of the biggest banks (JPM Chase, Wells Fargo, etc).

You don't need 16 banks when you can bank with a "too big to fail".

Or open at two of the 2big2fail - the chance that both go t-bills up at the same time is very low (and the one that doesn’t go bankrupt can provide the liquidity until the other resolves).

We use a sweep account that does this automatically with us just holding one bank account

That's gonna spawn some hot season for burglars!