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MoneyGram Now Available in 185 U.S. Bank Locations

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 31, 2004--MoneyGram money transfer services are now available at 185 U.S. Bank locations in Chicago, Milwaukee, Madison, Los Angeles and San Diego as part of the first phase installation, which will ultimately include all 2,344 U.S. Bank offices by mid-2005.

U.S. Bank is MoneyGram's largest bank affiliate in the United States. The two companies announced their agreement in June 2004 to provide international money transfer services through U.S. Bank branch offices to make the popular service more convenient.

The MoneyGram affiliation represents yet another low-cost way in which consumers can transfer money internationally through U.S. Bank. In 2003, U.S. Bank launched two low-cost money transfer solutions targeted to metropolitan and rural areas of Mexico. The card-based Secure Money Transfer product and relationship with Mexico's L@Red de la Gente provide consumers with low cost options to send funds to more than 20,000 ATMs generally in larger Mexican cities or 750 L@Red de la Gente locations primarily in rural Mexico. L@Red de la Gente is part of the MoneyGram network.

The addition of the MoneyGram network opens additional outlets in Mexico and access to 160 other countries, including some of the most reputable financial and retail locations in the world. MoneyGram complements existing money transfer capabilities at U.S. Bank and provides greater flexibility for current and prospective customers who wish to send money safely and quickly to friends, family or associates in all parts of the world.

"We recognize that there is a real need to provide money transfer services, which are in high demand nationwide. By offering a safe, secure and trusted money transfer service, we can start to build a banking relationship with those customers so that they are poised to make wise financial decisions and avoid costly, unsafe practices," said Steve SaLoutos, senior vice president of products and services at U.S. Bank.

The price to send a MoneyGram transfer through U.S. Bank will vary based on the dollar amount being transferred and the destination. For example, a $300 transfer from Los Angeles to Mexico is as low as $8.54. MoneyGram also offers an excellent exchange rate, which directly benefits the customer. MoneyGram has 70,000 outlets in more than 160 countries, including more than 6,000 outlets in Mexico alone.

U.S. Bancorp (NYSE:USB), with $190 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,344 banking offices and 4,578 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 in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

    CONTACT: U.S. Bank
             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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