CHICAGO, LOS ANGELES & SAN DIEGO, Jul 29, 2003 (BUSINESS WIRE) -- U.S. Bank and
Mexico's L@Red de la Gente (The People's Network) have begun a pilot of the
money transfer program that was introduced in San Francisco in June. The service
will be available to customers in Chicago, Los Angeles and San Diego. The goal
is to encourage more people to become bank account holders and savers through
this new money transfer service that is priced as low as $6 when made from one
account to another.
L@Red de la Gente is a commercial banking alliance developed by the Mexican
savings bank BANSEFI and 17 other entities of the Mexican Popular Banking
Sector. The service enables individuals in the United States to transfer money
from a U.S. Bank branch to Mexico and have the funds directed to savings
accounts or picked up in currency at any of the 750 branches of L@Red de la
Gente. While sending or receiving the transfer, customers will have the
opportunity to learn more about the financial and safety benefits of using the
"I was pleased to receive the news that U.S. Bank launched L@Red de la Gente, a
new program for money transfers to Mexico at a very low cost," said Martha I.
Lara, Consul General of Mexico in Los Angeles. "This program embraces the
thousands of Mexicans' quest for secure and trustworthy means of sending their
resources to their country of origin.
"As you might be aware, the acceptance of the Mexican Consular identification,
or Matricula Consular by the vast majority of financial institutions as the
primary form of identification of its customers has also opened the path for
money transfers to the benefit of our people. Programs such as the L@Red de la
Gente are yet another great opportunity for thousands of Mexicans and Mexican
Americans to contribute through their resource transfers to the development of
"I applaud the effort that prestigious institutions, such as U.S. Bank are
making to fulfill their social commitment towards the well being of the
community through better services to our people," Lara concluded.
The partnership expands the low cost money transfer options available through
U.S. Bank, which is also piloting U.S. Bank Secure Money Transfer via the ATM.
The service allows individuals to safely and quickly transfer money to Mexico
through any of the 20,000 PLUS Network ATMs in Mexico. Money can be sent and
received 24-hours-a-day, seven-days-a-week, and the funds are immediately
available when money is added to Secure Money Transfer card. Senders need not be
U.S. Bank checking or savings account holders, although there are added benefits
for those who have a U.S. Bank account.
U.S. Bank Secure Money Transfer is currently available in Sacramento, Denver and
Madison, Wis., and will be available at 2,199 U.S. Bank branches in 24 states in
September. Combined, the services offered by U.S. Bank (Secure Money Transfer
through the ATM or through L@Red de la Gente) allow individuals in the United
States to reach friends and relatives in metropolitan areas where many ATMs are
located and rural areas where many of the L@Red de la Gente branches are
L@Red de la Gente serves Mexico's lowest income savers by providing savings
accounts and other financial services, including remittances, for millions of
individuals who are not served by the large financial institutions in the
country. There are currently 750 L@Red de la Gente locations. It is expected
that there will be around 3,000 locations at the end of the present Mexican
presidential administration (term ending in 2006).
The U.S. Bank and L@Red de la Gente partnership bolsters the Mexican government
mission to encourage more citizens to become bank account holders and savers,
which was one of the primary reasons for BANSEFI's development under the
direction of Mexican President Vicente Fox. BANSEFI is the National Savings and
Financial Services Bank, the Spanish translation of which is abbreviated as
BANSEFI. The savings bank charges no commissions and offers competitive interest
U.S. Bank was among the first in the nation to make advances that directly
benefit the Hispanic consumer. In November 2001, U.S. Bank was one of the first
financial institutions in America to accept the Matricula Consular as a form of
identification when opening an account. Many U.S. Bank locations have bilingual
signage, brochures and other material to make the banking experience more
inviting to customers who prefer to do business in Spanish. U.S. Bank also
offers a Spanish version of usbank.com with a branch locator that identifies
where Spanish-speaking tellers and bankers are located and information on
consumer and small business banking. On July 21, U.S. Bank Home Mortgage
announced a new mortgage program with Freddie Mac and DeOro, a Hispanic mortgage
company, that is specifically designed to meet the needs of prospective Hispanic
U.S. Bancorp (NYSE:USB), with assets of $195 billion, is the 8th largest
financial services holding company in the United States. The company operates
2,199 banking offices and 4,575 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
SOURCE: U.S. Bank
CONTACT: U.S. Bank Media Relations
Teri Charest, 612/303-0732
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SOURCE: U.S. Bank