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U.S. Bank Makes Benefits of Electronically Imaged Checks Available to Consumer and Small Business Customers

MINNEAPOLIS--(BUSINESS WIRE)--June 3, 2004--U.S. Bank consumer and small business customers will soon be able to experience the benefits of check imaging and Check 21 legislation, which takes effect nationwide in October. Starting in August, U.S. Bank consumer and small business customers will be able to receive monthly bank statements with check images, and in September, U.S. Bank Internet Banking customers will be able to retrieve check images online. The changes represent ongoing efforts by U.S. Bank to provide greater service and convenience to its customers.

U.S. Bank is actively preparing its customers for the innovations that are sweeping across the banking industry nationwide. Customers began receiving information about check images from U.S. Bank in the mail the week of May 24. In addition, U.S. Bank has made information about check imaging and Check 21 available online at usbank.com. Most importantly, a thoroughly trained U.S. Bank sales and service force will be ready to assist all current and prospective customers who have questions about the new technology.

Statements with Check Images

The first innovation that U.S. Bank customers will see is the availability of check images in their monthly bank statements. The new format, which will be offered starting in August, will enable consumer and small business customers to receive images of the front of their checks in numerical order, with eight to ten check images per page. The new format is crisp, easy-to-read and makes organizing canceled checks simple.

The arrival of statements with check images gives customers a fourth choice in how they receive their monthly U.S. Bank account statements. The statement options are:

    --  Check safekeeping, a free service where customers are mailed a
        monthly statement with account detail while check information
        is maintained at U.S. Bank;

    --  Online statements through U.S. Bank Internet Banking, a free
        service in which customers receive via U.S. Bank Internet
        Banking a monthly statement with account detail while check
        information is maintained at U.S. Bank;

    --  Check return, still available to customers who prefer to
        receive their canceled checks with the detailed account
        statement through the mail (service fee may apply); and

    --  NEW, Statements with check images, in which customers are
        mailed monthly account detail with images of the front of
        their cleared checks in numerical order on additional pages at
        the back of the statement (service fee may apply).

Customers may choose to switch their statement option at any time by calling U.S. Bank 24-Hour Banking at 1-800-USBANKS or by visiting any U.S. Bank branch. U.S. Bank Internet Banking customers can choose the online statement option at the top of their account summary page.

Check Images on U.S. Bank Internet Banking

In September, U.S. Bank Internet Banking consumer customers will be able to see their canceled checks online through a secured Internet banking session. The function will allow customers to search the previous 90 days of cleared check transactions and see the images of the front and back of their checks. They may save the image files electronically on their personal computer. They may print the front and back of their canceled check for proof of payment or to store in their files. For more information on check imaging visit www.usbank.com/Image.

U.S. Bank and Check 21

The Check Clearing for the 21st Century Act, also known as Check 21, goes into effect on October 28, 2004. While the effects of Check 21 on banking will be very gradual, over time customers may see that checks and deposits will clear faster and more consistently. Some canceled checks returned in customer statements may be replaced with substitute checks and retrieving copies of checks will become easier. A substitute check is a legal equivalent of an original check. For more information on Check 21 visit www.usbank.com/Check21.

"Making imaged checks available to customers in their statements and through U.S. Bank Internet Banking represents a new age in banking," said Steve SaLoutos, senior vice president of consumer products at U.S. Bank. "The adoption of Check 21 by the federal government has been a catalyst for banks to quickly bring advances in check imaging to the market for the benefit of all consumer and business customers."

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With assets of $192 billion, U.S. Bancorp is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs in 24 states 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. Visit U.S. Bancorp on the web at usbank.com.

Media note: for a briefing on check imaging technology or Check 21 legislation call Teri Charest at (612) 303-0732.


    CONTACT: U.S. Bank Media Relations
             Teri Charest, 612-303-0732

    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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