I recently cancelled a credit card with Iberia Bank because of their inability to process payments efficiently. Unlike most banks, they are not connected to the banking system in such a way that allows me to wire them money electronically, like I do to everyone else. So I have to send them a physical check. The checks take a long time to clear. Recently, a check had not cleared after two weeks, so rather than risk getting a late charge, I called them and learned of their proprietary online payment system. I logged on to it and made a duplicate payment. But their system is clunky and hard to use. Meanwhile, I asked my bank to void and reissue the original payment, thinking that if the second check arrived, it would just cover additional charges I might make; that check cleared, leaving me a credit balance. A few days later, Iberia submitted the original check for payment (4 1/2 weeks after it was sent, two weeks after receiving the online payment, and one week after submitting the replacement check), but my bank did not honor it, since it had been voided and reissued.
Iberia subsequently sent me a letter demanding a certified check to replace the returned check (even though I had a credit balance with the -- they owed me money). I phoned them, and learned that they had applied a returned check fee. I requested that they waive the fee since I had paid them the money I owed them twice and had a credit balance with them. But they declined to do so.
Needless to say, I cancelled the card on the spot since I do not make it a practice to do business with thieves.
Source: http://www.yelp.com/biz/iberia-bank-sarasota
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