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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

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