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U.S. Bank and Mexico's L@Red De La Gente Begin Money Transfer Program in Chicago, Los Angeles and San Diego

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 banking system.

"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 their communities.

"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 located.

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 rates.

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 homeowners.

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 usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank Media Relations
                  Teri Charest, 612/303-0732
                  teri.charest@usbank.com

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SOURCE: U.S. Bank

"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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