[jeffrey]

When you write a check, the money is not immediately taken out of your account. 't takes a few days for the check to arrive to the processing center as it usually has to be trucked there. When it arrives, then the money is deducted from your account. The time it takes before the money is taken out your account is called the "float"

If you know your paycheck will be deposited in 2 days and the float on your checks is 4 days, you can write a check even if you don't have enought money in your checking account because you know when the check is processed, your paycheck will have been deposited and enough money will be there to cover the check. This is referred to as "playing the float"

Since the new law allows banks to make electronic version of a check and send them to the processing centers, it will take much less time for them to take the money out of your account (the checks no longer have to be sent by truck...just a click of the computer).