Warning: Bank checks and Certified Checks are NOT like CASH.

[Steve Candor]

I just found this out and it could have been really bad situation.

So we collected a certified check for the rent and security deposit. After the tenants sign the lease (guarantor has not yet), paid the rent, they decide to back out because they decided they actually didn't want the apartment anymore. Their cosigner refuses to sign the lease because the tenants anymore. I'm fine with it since I only want the deal if the cosigner signs the lease.

So we have ALREADY deposited the certified checks and they clear. The tenants stopped payment on the checks the next day but they already cleared. After 24  hours (just to be safe) I wrote them checks for the rent and security deposit. The next day, 48 hours later, I see that the STOPPED PAYMENT went through! So the bank took money out of my account! So now, not only did they get their money back because i wrote them checks they also go money back from the stop payment. 

It could have ended really bad here. I called the banks and they basically said I should have waited 7 days. 

Then what is the point of certified checks and bank checks???