MINNEAPOLIS & MILWAUKEE, Aug 03, 2011 (BUSINESS WIRE) --
U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), and SkoreIt!, a leader
in the Internet penny auction industry, have launched the new,
co-branded SkoreIt! U.S. Bank Visa(R) Gift Card for SkoreIt website
members. This represents the first partnership between a major national
bank and a leader in the penny auction sector. The U.S. Bank SkoreIt!
Visa Gift Card will be serviced and fulfilled by U.S. Bank, ensuring the
highest level of security and integrity.
A penny auction is a type of auction in which participants must pay a
non-refundable fee to place a small incremental bid. When the time
expires, the last participant to have placed a bid wins the item and
also pays the final auction price, which is generally 80 to 99 percent
lower than the retail price of the item.
"Our partnership with SkoreIt! is an opportunity for U.S. Bank to
partner with a new and innovative vehicle that is accessed by tens of
thousands of visitors a day," said Kevin Morrison, senior vice president
and head of the prepaid division at U.S. Bank Retail Payment Solution.
"Because of the fun, reliable and user-friendly auction experience it
provides, U.S. Bank has awarded exclusivity to SkoreIt! for penny
auctioning of U.S. Bank Visa Gift Cards."
The SkoreIt! U.S. Bank Visa Gift Card is welcomed everywhere Visa debit
cards are accepted in the United States, including online and mail order
purchases. Gift cards in denominations ranging from $25 to $500 are
available for bidding and are personalized with either the bidder's name
or "A Gift for You" if the card is intended to be a gift. The dollar
amount can also be embossed on the card. Lost or stolen Visa Gift Cards
can be replaced if the account number is provided upon immediate contact
with U.S. Bank.
"Our robust national marketing efforts since the inception of SkoreIt
have contributed to consumer education and awareness of the penny
auction industry," said Joseph Crivello, chief operating officer at
SkoreIt!. "We are delighted to work with a financial partner of U.S.
Bank's stature. The partnership with U.S. Bank will allow us to continue
to deliver value and high quality service to our rapidly growing
community of bidders."
Being a bidder on SkoreIt! is easy. Interested participants can purchase
a bidpack at www.skoreit.com,
place their bids and compete to be the highest bidder to "skore" the
SkoreIt! is a leader in the Internet penny auction industry and is
a division of Vesuvius Technologies, LLC, a privately held limited
liability company. SkoreIt! is an industry leader in a rapidly emerging
sector offering auctions combining entertainment, shopping and
competition in a configuration commonly referred to as a "penny
auction." SkoreIt! conducts business with a variety of major national
brands. Please visit www.skoreit.com
for additional information.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30,
2011, is the parent company of U.S. Bank, the fifth-largest commercial
bank in the United States. The company operates 3,086 banking offices in
25 states and 5,086 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
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SOURCE: U.S. Bank
U.S. Bank Public Relations
Teri Charest, 612-303-0732
Blois Olson, 952-851-7246