Nah, it's already "cleared". The problem was that it didn't actually clear. According to the e-mail, the bank didn't honor it.
Do you still have the same amount of cash in your bank account, or did you lose money from that and pokerstars is claiming they didn't get the money?
Either way I'd email pokerstars support, in the first case asking how you can deposit instead, and the second case telling them to give you your fu**ing money back.
You could also talk to your bank and simply ask why it didn't clear. You don't need to give them the reason you're sending it to echecks and the transfer is perfectly legal. They're the ones who need to explain it, not you.