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The IRS has authority to waive penalties for reasonable causes. It is certainly possible that they will do so if you provide the supporting information you have - bank letter, your letter, etc.

Unfortunately, they cannot waive the interest charges - congress won't let them. So rather than beat your head against the wall on that issue, focus on getting the penalty waived. A conversation with your bank manager might be more productive in getting the interest charge refunded to you - perhaps in some additional bank services rather than strictly in cash.

Other than that, I'll agree with Lorenzo, including deference to pmarti, who has been converted from the dark side of the force.

Y'know, I could just stay home and abuse myself <g>.

I echo the advice you've been given. I would think IRS would waive the penalty and the bank would refund the interest. That assumes that you even get billed for interest. (There are some small-dollar tolerances.)

There are two penalties to be dealt with: the bad check and the late payment. Be sure to include a reference to both penalties in your request.

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