MINNEAPOLIS, May 16, 2005 (BUSINESS WIRE) -- U.S. Bank (NYSE:USB) customer Stifel Nicolaus (a retail
brokerage and investment banking firm) is reaping the rewards of
utilizing U.S. Bank Electronic Cash Letter Deposit. This revolutionary
product allows Stifel Nicolaus to deposit all check payments
electronically at U.S. Bank. Stifel Nicolaus no longer needs to
prepare and transport paper-based cash letter payments to the bank,
allowing them to reduce operating expenses and have more processing
time for their payments.
"We are excited to have Stifel Nicolaus on board and using U.S.
Bank Electronic Cash Letter Deposit," said Jamie Wells, vice president
and product development manager for treasury management services at
U.S. Bank. "Stifel Nicolaus is very progressive in their approach to
new treasury management solutions and we shared in their vision of
truncating checks at the first point of presentment."
"We are very pleased with the results of the pilot program, and
that U.S. Bank had its electronic cash letter deposit product ready
when we wanted it," said Curt Stalter, vice president of treasury
management at Stifel Nicolaus. "We had wanted to implement an
electronic cash letter deposit solution for some time, and when Check
21 became effective, a number of other banks I checked with didn't
have their product ready. The U.S. Bank team was organized with an
implementation plan for the pilot program. Things happened on time and
went very well, as expected."
U.S. Bank has made a significant commitment to this electronic
deposit capability, and it has generated a large amount of interest
among the company's corporate and government customer base.
U.S. Bank Electronic Cash Letter Deposit allows bank customers to
capture and transmit an electronic file with check data and images. It
eliminates the need to run a second or 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. Automated Clearing House (ACH) eligible items can be
converted to electronic transactions, with remaining items processed
as an image deposit. The ACH feature is optional for customers who
prefer to use image deposit for all items. Customers benefit from
extending the check processing window with late evening ACH deadlines.
The product also consolidates ACH and image deposit returns by
providing the customer with re-presentment capabilities as well as
automating the final charge-back process.
"The product was designed so that any company that has the ability
to capture images and check data along the bottom of the check, can
now clear those checks electronically with U.S. Bank," said Wells.
U.S. Bancorp (NYSE:USB), with assets of $198 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,377 banking offices and 4,654 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.
SOURCE: U.S. Bank
Amy Frantti, 612-303-0733