Cramer to MainStreet: Avoid this Money Mistake!

Do you have to worry about your money fund?

Is that where we are right now in this vicious spiral of fear that may seem, to you, only broken temporarily by the better than expected performance of some large banks?

Frankly, I never want to scare anybody, but I think that if you are with a financial group that has had big problems—and unfortunately I have to include Legg Mason—I would be worried. You don't put your money in cash to take on risk, so any places that have had problems with their cash funds or are the subject of too many headlines aren't worth your loyalty.

I think this because I NEVER, ever want to worry about the money that is supposed to be worry free. There are so many outfits with pristine reputations that have done nothing wrong whatsoever that deserve your cash. I don't know why you would even think about not moving the money.

I, personally, keep my excess capital in U.S. Treasury bills and I roll them over regularly. I am buying a house so I have to stay very, very liquid. I have more than the $100,000 limit in my bank account, so I may be an aberration.

Under ordinary circumstances, here's what I would do right away. If you don't know whether your financial entity has had a run in, go to the search box on TheStreet.com and enter your institution's name to check the headlines. What you are looking for is any instance of "breaking of the buck," a reference to a fund not being able to give investors a dollar-for-dollar return. Even if the company shored up the fund and made good on its cash accounts, to me, that's the ultimate red flag. I would pull the money out NO MATTER WHAT.