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U.S. Bank Customers Receive Checking That Pays Cash in November

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 3, 2004--U.S. Bank will pay its Checking That Pays(R) Cash Bonus Visa(R) Check Card customers more than $23 million in annual cash rebates for 2004. The rebates will appear as a direct deposit to customer accounts in November, which is Checking That Pays Reward Month at U.S. Bank.

U.S. Bank Checking That Pays rewards customers for making non-PIN check card purchases by offering them a choice of four check card reward programs. The four reward options include the Cash Bonus Visa Check Card, the U.S. Bank Check Card with Visa Extras, the WorldPerks(R) Visa Check Card and the Harley-Davidson(R) Visa Check Card.

The 2004 rewards demonstrate an on-going commitment by U.S. Bank to reward its check card customers. Checking That Pays rebates for all reward options in 2004 amounted to $26 million, five times the $5 million rewarded in 2000. U.S. Bank has paid $89 million in Checking That Pays and legacy check card cash reward programs since 1998.

"Our goal is for customers to experience value from their bank every day," said Steve SaLoutos, senior vice president of consumer products and services at U.S. Bank. "Checking That Pays does exactly that by rewarding customers every time they use their U.S. Bank Visa Check Card to pay for everyday purchases like groceries or gas. It's one way we like to say 'thanks' for choosing U.S. Bank."

There are four ways in which customers can enjoy rewards through Checking That Pays.

Cash Bonus Visa Check Card - This is a cash rebate program in which consumer and business customers earn a 1/4 percent cash rebate every time they use their card for non-PIN purchases. The Cash Bonus rebate program pays enrolled customers annually and customers can track the growth of their rebate through monthly updates that appear on their checking account statement.

U.S. Bank Check Card with Visa Extras - This is a points-based reward option in which consumer and business customers will receive one reward point for each dollar spent in non-PIN purchases. These reward points can be redeemed for gift certificates and merchandise at more than 50 retailers and restaurants nationwide. Participating companies include: The Gap, Old Navy, Barnes & Noble, Staples, Pizza Hut, Chili's Grill & Bar, Phillips, The Sharper Image, L. L. Bean, Pottery Barn, Toys "R" Us, Franklin Covey, Amazon.com and many others.

WorldPerks Visa Check Card - Participants in this reward program earn one WorldPerks mile for every $2 in net non-PIN purchases they put on their card. WorldPerks miles earned may be redeemed for award travel on Northwest Airlines, their SkyTeam(R) Global Alliance Partners and other qualified WorldPerks Airlines Partners. There is no cap on the number of WorldPerks miles a customer can earn. As an added bonus, customers receive 3,000 Enrollment Bonus Miles upon account opening or transfer, all for a low $20 annual fee.

Harley-Davidson Visa Check Card - U.S. Bank customers with a Harley-Davidson Visa Check Card have the chance to win a Harley-Davidson(R) motorcycle in the Harley-Davidson Visa Free Ride Sweepstakes. The Harley-Davidson Visa Free Ride Sweepstakes gives away one new Harley-Davidson motorcycle every month.(1) For every $1 in non-PIN purchases made on the Harley-Davidson Visa Check Card, customers earn one entry into a monthly drawing and one entry into a bonus drawing at the end of the year. New Harley-Davidson Visa Check Card customers receive a $10 Harley Chrome(TM) Cash certificate, which can be used towards purchases at participating, authorized Harley-Davidson dealerships. There is no enrollment cost, and the Harley-Davidson Visa Check Card is only available to consumer checking customers.

Complete details of U.S. Bank's Checking That Pays reward programs are available at all U.S. Bank branches and on the Web at usbank.com.

U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,346 banking offices and 4,621 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 usbank.com.

(1) Harley-Davidson Visa Free Ride Sweepstakes: No purchase necessary. Sweepstakes ends 12/31/04. Open to legal U.S. residents age 18 and older. For details, see Official Rules at h-dvisa.com. Void where prohibited.


    CONTACT: U.S. Bank
             Steve Dale, 612-303-0784
             or
             Teri Charest, 612-303-0732
             teri.charest@usbank.com

    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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