Just as a conclusion for this case and in a hope that it helps someone else, I was able to talk to the IRS agent and here is what I was told. It was my responsibility to monitor my bank account and if the moneys were not debited in a day or two after the due date, it was my responsibility to call the IRS and and make sure they receive the payment. The IRS is not responsible to notify me that their attempt to debit the funds was unsuccessful, they will only send the notice at the time I already owe the penalty and interest.
So do not rely on specifying your bank information in TurboTax, there is no guarantee that the payment will go through or will even be attempted. The sure way to make the payment is to do it yourself via the IRS online payment website and get a Transaction ID (confirmation number).
