Bank Shot Enables Clients to Deposit Earnest Money, Commission Payments Via Mobile App
May 8, 2018
Bank Shot has released a product to help title companies, closing attorneys and other real estate industry professionals deposit earnest money, commission payments and other types of checks.
Bank Shot’s mobile app—which is available for iPhone and Android—allows the check to stop at a web-based portal first—prior to deposit—so that the operator can confirm the check and property and then choose which account to deposit the funds. The app all lets the user take a photo and electronically submit checks. Confirmation of the transaction takes place immediately, according to Bank Shot, giving all parties a date and time stamp when the check was successfully sent.
Checks can be deposited in multiple accounts at multiple banks per client. This process allows banks to receive these images and process them similarly to any other mobile deposit.
“As brokers, we’ve seen contracts transform from paper to electronic, but until now, no one had made depositing earnest money and other common checks in real estate electronic and mobile,” said Bank Shot Co-founder Glenn Drake, a 28-year real estate owner operator of over 700 agents. “Bank Shot makes sense for the title industry. There is nothing as comprehensive, compliant, secure and convenient. We are real estate veterans, and we developed this solution to address a problem in our industry. As broker/owners we understand operating expenses, so we set up Bank Shot to be delivered with no set up fee, monthly fees or tech fees. You only pay when a successful deposit is sent and we have kept that cost very low. This gives users the convenience and peace of mind knowing their checks will be delivered quickly and securely.”
Contact ALTA at 202-296-3671 or [email protected].