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Bank Shot is an app that captures, processes and deposits checks for all types of real estate transactions.
Platform(s): iOS and Android
Ideal for: All agents
Top selling points
- Applicable to all lines of real estate business
- Information capture adapts to transaction type
- No setup or monthly cost ($1.50 per deposit)
- Developed by real estate agents
Top concerns
- Adoption by more traditional agents
- Ongoing support
- User experience lacking
What you should know
Bank Shot, a check deposit app developed by Drake Realty in Atlanta, is both fast and functional, providing a simple way to secure funds via check for any form of real estate transaction, including earnest money and monthly rent.
But the check-capture process lacks direction. I was stumped when trying to deposit pictures of pine cones on my deck.
The identical icons at the bottom of the interface, which drive the deposit process, change with each transaction type, but not according to each step within the transaction.
The odd terminology (Actors?) and lack of visual distinction had me staring at the screen for a couple of minutes.
But, I’m willing to forgive the unappealing interface because once I solved it, everything else flowed nicely.
I’ll also forgive it because I like to give credit to real estate agents who go after a problem and tackle it effectively with technology.
Switching between transaction types
The information requested by the app during a deposit changes to match the transaction type.
When sending rent, for example, a tenant is asked what month it’s for, if it’s late and whether additional funds are enclosed. The app also provides a note section to explain why.
For earnest money, BankShot asks for information from all agents and clients involved (as well as pertinent transaction dates) before the check images are captured.
Accounts, broker oversight and bank details
Any number of bank accounts can be connected to each user and only brokers are allowed to initiate the final submission to the bank.
The company is working in Atlanta with Wells Fargo and U.S. Bank, among others.
Any number of bank accounts can be connected to the Bank Shot app.
On the backend, brokers can peruse the status of any deposit; look at the images; hold checks; review all parties, dates, and amounts; and download reports at their discretion.
I find BankShot to be a smart, functional solution to the various delays and burden of handling paper checks during a real estate transaction.
While it may not look like it was developed by Apple designers, it certainly belongs on agents’ iPhones.
And their Androids.
Have a technology product you would like to discuss? Email Craig Rowe.
