Keeping your money safe

This year alone, we’ve seen over a dozen bank failures –and some of them are household names. Here's how to know that your money is safe.

1) Know your limits

The federal government through the FDIC stands behind consumers deposits at member institutions. The insurance coverage applies to consumers with deposits up to the following limits:

$100,000 for individual accounts
$200,000 for joint accounts
$250,000 for retirement accounts.

The FDIC is trying to get those limits raised as part of the financial rescue bill currently in the Senate.

2) Credit unions offer similar protections

If you’re thinking of switching your money over from an FDIC-insured bank to a credit union, it may not be worth the effort. First of all, credit unions have the same insurance protections as banks—that’s if they are members of the National Credit Union Association. Keep in mind that credit unions haven’t escaped the credit crunch. Some credit unions had toxic mortgage debt on their books and there’s been consolidation as a result.

3) Be confident
The FDIC says there’s no chance it will run out of money. Right now it has about $45.2 billion on hand, but it can raise money through member banks and it also has lines of credit it can draw on from the Treasury.

For more of Gerri's Top Tips, tune into CNN weekdays at 11:15 am Eastern Time.