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Status Report:
My bank (TD) is confiming what IBill told me, that they are having trouble clearing the cheques through the standard automated processes due to there being "something wrong" with the coding along the bottom of the cheque.
They pulled the funds from my account while they put the cheque in for "Collection". Basically they are attempting to process it manually and the funds will "probably" show up in my account in 1-2 weeks if they are successful. If they are unsuccessful it will be at least 2 weeks before I can get my hands on the cheque itself, return it to IBill and get some form of reimbursement.
So, officially IBill's European cheques are not "Bad", it's just that they're not particularly "Good" at any given Canadian bank.
I'm kind of lucky in that IBill only represents a small percentage of my total revenue and my business is fairly flush right now. This kind of unexpected interruption in cashflow could easily put a guy out of business if he was on the edge to begin with.
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My IQ is higher than my postcount, but it hasn't really helped me that much....
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