I will be going to a seminar on weds about it. I have been watching it over the past couple months to see what the impact might be. It shouldn't affect the average person who keeps a good balance in their account. It just means funds will be pulled more quickly. No more 3 day holds on checks etc. For Joe Smoe who writes checks for rent before he gets paid this will really screw him. For big business this will really make a change. Think about how much a business could have in float during any one day. (1,000, 500,000, 1mil, 10mil, more??) Some billing companies already pull money from accounts in this fashion. Remember this legistlation only allows banks to do this. It is not requiring them to do it in Oct. My bank will not be switching until the bugs are worked out.
