Each account is only FDIC insured at 250K. Rich people don’t have a single account worth millions.

Easy, every organization and every need is it's own bank account if you don't want accounting to be a nightmare

Like if you take money, it should go in accounts receivable. For expenses, accounts payable. And then you'll want something for the pile of money before it's transferred/sorted, maybe a few for money held aside for various reasons, maybe separate ones for payroll, services from vendors, and miscellaneous things like office supplies. Etc etc etc

The more money moving around the more seperating out the money flows makes sense. A dozen or two bank accounts for mid sized company is pretty reasonable. A big one might have a dozen per department

What is a bank account but a digital box to put numbers in anyways? It costs next to nothing per account, but clear delinitation of the money makes it a lot easier to make sure it's going to the right place instead of being pocketed

Or alternatively, lots of accounts could make it very difficult to make sense of. But that kind of deliberate obsfucation might trigger some kind of anti money laundering alerts

I have 6 for personal use, which makes accounting so much easier. I assign a budget at the beginning of the month and at any time I have a good overview of how much I spent for that duration.
To illustrate, this is how I split my accounts:

• personal expenses
• household budget / groceries. This one's a shared account with my GF
• savings
• credit card
• rent / utilities. Pay in a fixed amount each month, slightly higher than average spending and then not get shafted when insurance or a high electricity bill is due.
• work travel. This one is the exception. It's empty unless I travel somewhere for work, then I top it up and at the end I copy and paste all my expenses from this account for travel reimbursement

I spend less than 15 minutes each month on accounting and the only downside is that I have to set up several budgets and carry a round several cards to pay with. Once a year I go through the accounts and adjust budgets if necessary.

Crime

Not that unusual. Each business project would have its own account.

? I have always had at least two as an adult. How do you only have one?

My wife has her account with our credit union and our joint account (my personal is with a different credit union). If there were any small businesses each she ran would be with them too.