Thank you everyone for your input. (Sorry for the delay, I was out of town and enjoyed being disconnected for a few days!)
Since my original post, the following has transpired:
1. Called the tenant to inform her of the bounced check.
2. Wrote a letter to her, stating the events that took place and sent her a copy of the documents I received from my bank, via certified letter. In the letter I requested this months rent paid by cashier's check or money order.
3. Spoke with client who states she was the victim of a fraud which has resulted in several overdraft charges. She and I talked about her plan of how to pay for Augusts rent and that this will most likely cause Septembers rent to be late too.
Yes, 48 a months is a long lease, but keeping the property occupied is important. I didn't panic, not in the financial sense. And I can carry this mortgage for about 5 more months without it dipping into my personal funds.
We have an inspection scheduled for this Friday to go view the property and check in with her. After our face-to-face and our assessment of the property, I may wave the late fee for Septembers rent. I understand things happen, and I've been on the other side before. As I stated before she has been a good tenant, late once before, but we were informed well before it was do and had her plan of action, which she followed to the T. I would like to give her the benefit of the doubt, but as they say, "fool me once, shame on you; fool me twice, it's all on me."
I like the idea of on-line, automated payments and will look into that.
Again, thank you for your responses.
Elena