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U.S. Military Could Save $23 Million Annually with New U.S. Bank Payment Agreement

WASHINGTON & MINNEAPOLIS, May 17, 2011 (BUSINESS WIRE) --

The U.S. Department of Defense (DoD) is expanding its relationship with U.S. Bank to automate its process to pay providers of "non-temporary storage" (NTS) for military household goods. By moving to electronic billing and payment of storage and related costs through U.S. Bank Freight Payment, U.S. Bank anticipates saving the military services nearly $23 million per year over the current paper-based process.

"Non-temporary" refers to storage of a service member's household goods during overseas deployments of three months duration or beyond. The government currently pays storage facilities using paper invoices that can take up to 120 days to process. With U.S. Bank Freight Payment's automated process, average turnaround for payment will shrink to 72 hours.

The new agreement expands on U.S. Bank's existing contract with DoD, which covers payment of transportation-related costs connected with service member relocations. U.S. Bank provides both DoD and its transportation service providers (TSPs) with on-line access to shipment data as well as analytical reporting tools in addition to payment processing. The bank processed more than 8.2 million invoices for DoD in 2010.

"By automating NTS billing and payment, DoD adds further transparency to its supply chain and expanded ability to analyze data for efficiency and cost-saving opportunities," said Doug Ichiuji, senior vice president and head of government services for U.S. Bank Corporate Payment Systems. "We have a history of working with DoD dating back to 1999, and we look forward to expanding on that relationship in the coming years."

U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31, 2011, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE: U.S. Bank

U.S. Bank
Teri Charest, Media Relations, 612-303-0732
teri.charest@usbank.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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