Abstract: A system and method for utilizing location data for automatic categorization of financial transactions utilizes data indicating a user's location at various times, and mapping databases, including mapping and/or merchant websites, to determine a likely merchant payee associated with a financial transaction and the products sold by that merchant payee. This data is then used to determine, at least in part, a financial category to be assigned to the financial transaction.

Abstract: An optical image of a check is obtained at the approximate time of a check-based financial transaction and the approximate time of the check-based financial transaction is recorded. Geographical position/location data and/or voice memo data is then obtained at, or about, the time the optical image of the check is obtained. Optical Character Recognition (OCR) technology is then used to extract image-based financial transaction data from the optical image of the check and the geographical position/location data, and/or voice memo data, is also transformed into financial transaction data associated with the check and the check-based financial transaction. The extracted and/or transformed financial transaction data is then used, at least in part, to automatically assign a financial category to the check-based financial transaction and/or transform the category status of the check-based financial transaction.