Hi there, It might seem awkward for a tech blog to talk about a Checking Account – and that too in the U.S. Bank(s). Usually, blogs don’t really care much about these sort of things, which is why we are going to talk about them in detail.

Another very valid reason is the number of emails that are sent to me on daily basis, most of them from freelancers on the internet. These people encounter problems whenever they are trying to withdraw money from an online freelancing website, such as:

-          ODesk

-          Elance

-          Guru

Now here’s a piece of interesting news for you; owners of checking account reserves are, and may be subject to further accountability. Apparently, this announcement was made by the Federal Reserve authorities in the U.S. As of the latest updates, the overdraft protection is not available for checking accounts, unless and until the client wants to opt in to them.

It may be a good move for those customers who can’t afford too much of that protection. Before the implementation of this new Federal Reserve policy, many banks used to add the overdraft protection for a “small amount” of fee. Some customers never realized the amount of money they were paying on that overdraft protection service.

The overdraft mode used to accommodate those customers who didn’t have enough money in their accounts to pay for current transaction. As a result, the bank would pay for them but it came with a cost. That cost was deducted on your next transaction. However, transactions are now going to be declined when you don’t have enough money in your checking account for whatever reason.

The rules are titular for those who want to make changes in them. You can always go to bank authorities and let them know that you’re interested in signing up for the overdraft program. This way, you will be back to “normal routine” and there won’t be any difference in your financial transactions anymore.

With the new regulations in order, it is getting difficult for internet business owners to work with banks. Stay tuned for another update to this article. It will be an in depth How To post on the dilemmas of working online, and different ways of dealing with your financials.