SACRAMENTO, Calif., Mar 11, 2003 (BUSINESS WIRE) -- U.S. Bank and the Internal
Revenue Service (IRS) in Sacramento have partnered to offer participants of the
Volunteer Income Tax Assistance program the opportunity to cash tax refund
checks for a flat $5 versus the typical 10 percent fee charged at check cashing
The discounted check cashing option is geared for VITA participants who earn
$36,000 or less and do not have bank accounts. The goal is to offer a low cost
option and ultimately encourage them to open a checking account, which is safer
and cheaper in the long run. Check cashing services are provided free of charge
to U.S. Bank customers, plus they have the security of knowing that their money
is safe, unlike carrying large amounts of cash.
"We hope that in addition to providing a low cost alternative, we can also
provide good information and banking service to those who do not have a bank
account," said Sandy Thompson, district manager for U.S. Bank in Sacramento.
"Participating in programs that make an impact on the community in this way is a
great example of our commitment to provide Five Star Service Guaranteed."
The program is being tested in the Sacramento region. Participants will receive
a certificate written in English and Spanish that can be used to cash their
refund check at the following U.S. Bank locations: 11111 Olson Drive in Rancho
Cordova, 120 West Court in Woodland, 2460 Watt Avenue in Sacramento, 3418
Broadway in Sacramento, 950 Florin Road in Sacramento, 1401 Merkley Avenue in
West Sacramento and 903 Colusa in Yuba City.
"Ultimately, we would like to see this become a model program across the United
States for those seeking to cash the refund checks that they have worked so hard
to earn," said Robert Meyer, territory manager with IRS Stakeholder
Partnerships, Education and Communication (SPEC) in Sacramento.
U.S. Bancorp, with assets in excess of $180 billion, is the 8th largest
financial services holding company in the United States. The company operates
2,142 banking offices and 4,604 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 is home of the
Five Star Service Guarantee which assures customers of certain key banking
benefits and services or customers will be paid for their inconvenience. U.S.
Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at
CONTACT: U.S. Bancorp
Steve Dale, 612/303-0784
Teri Charest, 612/303-0732
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SOURCE: U.S. Bancorp