Banks no longer need reserves?

[DSieve]

12 U.S.C. 461(b)(2)(A):

(A) Each depository institution shall maintain reserves against its transaction accounts as the Board may prescribe by regulation solely for the purpose of implementing monetary policy—

12 U.S.C. 461(b)(2)(B) specifies reserve requirements for nonpersonal time deposits.

What is the difference between transaction accounts and nonpersonal time deposits?

The reason I ask is because in section 203 of the Financial Services Regulatory Relief Act of 2006, is a clause that reduces a bank's requirement to hold a percentage of cash against deposits from 3% to zero, effective October 1, 2011:

SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS.
Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended--
(1) in clause (i), by striking `the ratio of 3 per centum' and inserting `a ratio of not greater than 3 percent (and which may be zero)'; and
(2) in clause (ii), by striking `and not less than 8 per centum,' and inserting `(and which may be zero),'.

In the Bailout Bill that was just passed, they succeeded in sliding in the following:

‘‘Emergency Economic Stabilization Act of 2008’’
SEC. 128. ACCELERATION OF EFFECTIVE DATE.
Section 203 of the Financial Services Regulatory Relief Act of 2006 (12 U.S.C. 461 note) is amended by striking ‘‘October 1, 2011’’ and inserting ‘‘October 1, 2008’’.

http://financialservices.house.gov/e...o08c04_xml.pdf

Does this mean that banks can simply tell you that they have no cash, try again later, when you go there to withdraw your money?