No. of Recommendations: 1
Some changes in FirstIB's bill payment process. They appear to enhance what i already thought was a great system.

First IB is pleased to announce some exciting enhancements to our bill payment service. After July 18, you will be able to:

* Maximize the interest you earn. We are revamping the bill payment processing sequence to allow you to retain the funds for payments initiated until the payment has been issued. As a result, the funds will remain in your account for a longer period of time, allowing you to earn more interest each month.

* Maintain your payee records with ease. You will be able to edit the address and phone number for any payee.

* Plan your payments ahead of time. You will be able to set up payments up to one year in advance.

* Receive and pay your bills online. Hundreds of billing companies will offer you the option to receive your bills electronically through our online banking and bill payment system. Simply click to pay the bill, and we'll take care of the rest!

All of these enhancements are made possible through First IB's new bill payment processor, CheckFree, the leader in electronic billing and payment. CheckFree has processed hundreds of millions of payments reliably since launching this business in 1981 and offers a strong guarantee that your electronic payments are safe and reliable.

The new bill payment terms and conditions are available online at https://connect.firstib.com/OnlineBanking/AccountAccess/pdf/BPTC071802.pdf.
Please take a moment to review this required disclosure. (If the URL does not appear as a link, please copy and paste it into your browser.) Your continued use of the bill payment service after the launch will indicate your agreement to these terms.

Rest assured, we will be sending you more information regarding the bill payment changes in the weeks leading up to the launch. We also encourage you to visit the "Find Answers" area of our website (click on "Contact Us" to get there). We have created a new category of questions and answers that deal with the bill payment changes. Be sure to look for new and updated answers; they will be clearly marked to make getting the information you need even faster. Our number one priority is to make the transition seamless for you.

Thank you for banking with First Internet Bank of Indiana.



Joe

PS. as long as it doesn't raise the price!
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* Plan your payments ahead of time. You will be able to set up payments up to one year in advance.

I like this one.

UKBB
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The way I read the terms and conditions posted on the website, we will now have to set the "processing" date instead of the "due" date. I don't think I like that change.
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Jeff, good catch.

"Scheduled Payment Date" is the Business Day your Payment Account will be debited and is also the day the Service will begin processing your payment, unless the Scheduled Payment Date falls on a non-Business Day in which case it will be considered to be the previous Business Day.

"Due Date" is the date reflected on your Payee statement for which the payment is due. It is not the late date or grace period.

"Scheduled Payment" is a payment that has been scheduled through the Service but has not begun processing.

PAYMENT SCHEDULING
Transactions begin processing on your Scheduled Payment Date and will arrive approximately four (4) Business Days after the Scheduled Payment Date. When scheduling payments you must select a Scheduled Payment Date that is no less than five (5) Business Days before the actual Due Date, not the late date or the grace period.

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The way I read the terms and conditions posted on the website, we will now have to set the "processing" date instead of the "due" date. I don't think I like that change.

I don't think they have changed that part. It sounds like its just a terminology change rather than a change in functionality. Here is the question from the FAQ:

Question: I've been using First IB's bill payment for several months. What differences are in store for me with the new system?

Answer Most features of our bill payment system will remain the same. You'll still see the payees that you have set up as well as any pending payments you may have established. You'll still set up payments based on their due date, and you may choose to pay bills from any checking account on which you are an authorized account holder.

There are just a few new terms:

the due date is now called the scheduled payment date

pending payments are now called scheduled payments

Once you have mastered the new terms, please review the other changes which make the payment process more convenient and intuitive.


And this question and answer sounds like it is pretty much the same system as related to the interface we all know and love:

Question: would like to send money to a friend, and there is no official due date for this payment. Or, what if I simply want the payment to go out as soon as possible? What should I enter in the "payment date" field?

Answer The default date that appears in the payment date field on the payment screen is the earliest possible due date, given that payments need four business days to be issued and arrive at the payee. Therefore, if you do not have a due date for a payment, or if you simply want the payment to be issued as soon as possible, you should not change the date that appears when you are setting up your payment.

I suppose we'll find out for sure in July

Joe
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Thanks, Joe. I guess I need to read more closely before I go running my mouth off.

We'll wait and see what happens. I still think FirstIB is the greatest combination of value and service out there!
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We'll wait and see what happens. I still think FirstIB is the greatest combination of value and service out there!

I totally agree .. they have been great.

Joe
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