Keeping your money safe

Given all the turmoil going on in the financial markets lately, you may be wondering about your own safety nets. Is your money at risk? Here's your financial checklist.

1) Take stock of your accounts

Figure out what you have in each of your accounts —including your savings accounts, checking accounts, CDs or joint accounts. That’s because your money will be protected up to certain limits by the FDIC if the bank fails. Individual accounts are protected up to $100,000. Joint accounts are protected up to $200,000 and retirement accounts are protected up to $250,000.
Credit unions are also insured up to the same limits. If you have a brokerage account, you’re protected in case of a bankruptcy up to half a million dollars for securities.

2) Look at your money market account

Last week the US Treasury announced it would insure the holdings of money market mutual funds. So, you don’t have to worry about losing your money. Make sure you know what your money market fund is invested in –if it has a lot of company debt, and you’re feeling nervous, you may want to switch out to a money market account that invests in treasuries. That’s the safest bet around.

3) Know your protection

You may have a life insurance policy, perhaps homeowners insurance or an annuity through an insurance company. Remember that even if your insurance company goes out of business, your accounts are protected by state guaranty funds. For the most part, your homeowners policy is protected up to $300,000 and annuities are protected up to $100,000. But check with your agent or your own state’s guaranty fund because limits vary widely.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.