Bank Deals has posted the fourth bank failure of 2008, a little bank in Minnesota, along with a comprehensive guide about what to expect if your bank goes belly up.

Rule #1: Don’t have more than $100,000 in an account at any one bank.
Rule #2: (if you must break Rule #1) Understand the FDIC protections you are afforded.

A lot of people expect a lot of banks to go under because of CDO’s so keep a watchful eye out.

Bank of America has a new $75 checking account bonus valid until July 31st, 2008. You can apply online or in a physical branch (the promotion code is AOU260508) but the promotion is valid for new customers and you must deposit $100 in the account to get the promotion. The best option, since any checking account will work, is the MyAccess Checking because of the fee structure.

If you don’t have an account with your local credit union, consider opening an account so you can start a relationship with them. Credit unions differ from banks and can offer better rates on many products because they have the credit union member’s in mind. They are a not-for-profit cooperative, where the members “help each” and so the rates are often better than at a commercial bank with commercial interests in mind.

Credit unions also have several other benefits:

• Taxation Benefits: Credit unions don’t have to pay federal income taxes, which was established in 1937 and reaffirmed in 1998 in HR 1151. Not having to pay taxes is a huge benefit.
• Volunteer Boards: Did you know that the board of directors on a credit union is filled with volunteers elected by the credit union’s membership? Yep!

So, consider learning the eligibility requirements for your local credit union and joining!