Patent ID: 7627525

Claim:
An automated method for processing a check financial transaction using a computing system communicatively coupled to a computer network, said computing system including a scanner, and said method comprising: obtaining application information from a customer via the computing system; receiving an original check for payment of a first amount; producing check data from the original check using the scanner, said original check having a front and a back; accessing a creditworthiness database to obtain customer creditworthiness information for the check financial transaction; communicating application information and customer creditworthiness information to an underwriting module configured to determine whether to approve the check financial transaction; if the check financial transaction is approved, voiding the original check; if the check financial transaction is approved, providing a second amount to the customer, said second amount being an amount less than the first amount, a difference between the second amount and the first amount including a transaction fee; and if the check financial transaction is approved, communicating the check data, including the first amount, to a remote settlement system configured to settle the check financial transaction; and wherein said check data includes data for producing a substitute check, said data for producing the substitute check including data for an image of the front of the original check and data for an image of the back of the original check.