Yes, that's correct.
Under the Payment History link (under the My Account tab) you should see a line item for "Earnings..." with a date on or around Jun 30, 2005.
When your payment has been processed, you will see a line item right under the Earnings line item that says "Payment..." or "Payment in Progress". Clicking on the link will show details about the payment that is being sent to you.
If you signed up for EFT, your Payment in Progress link will show up a couple of days after it shows up for people that selected payments by check.