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U.S. Bank Electronic Cash Letter Deposit Revolutionizes Processing Time for Businesses

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 20, 2005--U.S. Bank business customers who receive and process payments in their own lockbox can deposit all payments electronically at U.S. Bank, eliminating the need to prepare and transport paper-based cash letter payments to the bank. This is possible through U.S. Bank Electronic Cash Letter Deposit, a first-of-its-kind check clearing solution that provides commercial and government customers more processing time for their payments.

"U.S. Bank Electronic Cash Letter Deposit combines the advantages of Automated Clearing House (ACH) conversion and Check 21 image deposit into one process. Customers are able to avoid the otherwise inevitable increase in check processing costs as more checks are taken out of the check-processing stream and electronified," stated Jamie Wells, vice president and product manager for treasury management services at U.S. Bank. "Customers are enthusiastic about the reduction in processing costs that were previously incurred when physically preparing and depositing their cash letters. They also like receiving receipts of their returns up to 70 percent faster for items converted to ACH. It allows them to significantly reduce their operating expenses in both their remittance operation and their returns department because the returns can now be fully automated."

U.S. Bank Electronic Cash Letter Deposit allows bank customers to work directly from images without the need to run a second, sometimes even a third pass through their high-speed capture equipment and power encoding. Out-of-balance paper deposits, missing items, and missing cash letter issues are eliminated. Customers also benefit from extending the check processing window with late evening ACH deadlines of 8 p.m. CT. In addition, customers are able to avoid operational risks associated with processing their own ACH and image deposit returns.

"The U.S. Bank treasury management team is very excited about this product," said Jeffrey Jones, executive vice president for treasury management services at U.S. Bank. "Our ability to combine ACH and image check clearing options according to each customer's business rules, provides a competitive advantage for our customers. U.S. Bank Electronic Cash Letter Deposit will take advantage of future opportunities in the image exchange environment by leveraging our investment in that technology through ViewPointe, as well as an image pilot program with SPVCO."

U.S. Bancorp (NYSE:USB), with assets of $195 billion, is the 6th largest financial services holding company in the United States. The company operates 2,370 banking offices and 4,620 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.

    CONTACT: U.S. Bank
             Amy Frantti, 612-303-0733

    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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