SITUATION: You don’t know if all of your money on deposit at the bank or credit union is covered by insurance.
ACTION: Prior to the credit crisis, each individual had a base guarantee of up to $100,000 per bank. So if you had a checking account, a CD, and a money market, all the accounts were fully insured if their combined total did not exceed $100,000. If you had a joint account, you and the person you shared the account with were eligible for another $100,000 each of coverage. (The same limits applied for federally insured credit unions.)
The limit for banks and credit unions was raised to $250,000 per person per bank/credit union for 2009, and this higher coverage amount has been extended through 2013. If you have less than $250,000 at any single bank or credit union and that bank or credit union is federally insured, stop worrying. You are fine through 2013.