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U.S. Bank Extends Checking That Pays to Business Customers; Business Checking That Pays to Reward Customers with Cash or Gift Certificates

MINNEAPOLIS, Dec 4, 2003 (BUSINESS WIRE) -- (NYSE:USB)

Building on the success of paying customers for using their checking accounts, U.S. Bank has expanded it's "Checking That Pays" program to include businesses. "Business Checking That Pays" allows U.S. Bank business customers to use their debit or check card for signature-based (non-PIN) purchases and take part in one of two different reward programs.

"Our Checking That Pays program has been so successful with our consumer customers that we made a decision to expand the program by giving U.S. Bank business customers choices as to how they would like to be rewarded," said Richard Davis, vice chairman and head of commercial and consumer banking for U.S. Bank. "We value our business customers and this is our way of rewarding current customers and attracting new customers. Business Checking That Pays is not an introductory or one-time offer, but an ongoing effort to give back to our business customers and show our appreciation for their business."

The two check card products now available to U.S. Bank business customers include the Cash Bonus Visa(R) Business Check Card and Business Check Card with Visa(R) Extras. Both products are a part of the Business Checking That Pays program to reward off-line signature purchases. A signature purchase is one the does not require the customer to enter a personal identification number. All a customer has to do is sign up for the program, use their business check card and start earning rewards.

Cash Bonus Visa(R) Business Check Card - With the Cash Bonus Business Check Card, business customers will earn a 1/4 percent cash rebate every time they use their U.S. Bank Cash Bonus Business Check Card on qualifying purchases. The Cash Bonus rebate program will be paid annually in November and customers can track the growth of their rebate through monthly updates that will appear on their checking account statements as well as online at usbank.com. There is no enrollment cost.

Business Check Card with Visa Extras - Visa Extras is an exciting, points-based rewards program in which customers receive one reward point for each dollar on qualifying transactions up to $4,000 and two points for every dollar spent for all non-PIN purchases over $4,000. These reward points can be redeemed for gift certificates and merchandise at more than 50 retailers and restaurants nationwide. Participating companies include: Barnes & Noble, Staples, Amazon.com, L.L. Bean, Kenneth Cole, Macy's, as well as many dining establishments and travel gifts like a weekend getaway.

Complete details of U.S. Bank's Business Checking That Pays reward programs are available at all U.S. Bank branches and on the Web at usbank.com. This will be the first reward program for business check cards, and U.S. Bank is the only bank in the country to offer Business Checking That Pays. There are no spending limits on the program. Business Checking That Pays can be used with any type of U.S. Bank business checking account, including free checking and checking accounts that pay interest. This program is available to existing customers and new customers.

U.S. Bancorp (NYSE:USB), with assets of $189 billion, is the 8th largest financial services holding company in the United States. The company operates 2,201 banking offices and 4,506 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 www.usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank
                  Steve Dale, 612-303-0784
                  Karen Greenwood, 612-303-0731

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Copyright (C) 2003 Business Wire.  All rights reserved.

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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