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U.S. Bank Enhances Checking That Pays(R) to Include Contributions to Nonprofits and On-Demand Cash Payout

MINNEAPOLIS--(BUSINESS WIRE)--July 18, 2005--U.S. Bank (NYSE:USB) has introduced enhancements to its exclusive Checking That Pays reward program allowing customers the opportunity to contribute to a nonprofit organization by making check card purchases and giving customers who select the Cash Bonus reward the ability to redeem their cash whenever they choose.

U.S. Bank has been rewarding customers for non-PIN purchases made with their U.S. Bank Visa(R) Check Cards for several years. The program was improved in 2002 and transformed into what customers know today as U.S. Bank Checking That Pays. Checking customers choose a check card reward from the following categories: cash, travel, merchandise and contributions to a nonprofit organization.

Customers who choose the new U.S. Bank Affiliation Visa Check Card designate their earned rewards to go to one of the non-profit organizations that are affiliated with U.S. Bank including college alumni associations and hobbies or special interest groups. Current options include Moose, Yellowstone Park Foundation, Pheasants Forever and the University of Wisconsin-Eau Claire Alumni Association. An initial contribution of $10 will be given to the organization when the card is first used for a non-PIN purchase. More organizations will be added to the program in coming months.

Also new for 2005, customers who choose the Cash Bonus Visa Check Card are now able to redeem their cash whenever they choose. The reward is available after a minimum of $5 has been earned and may be redeemed in $5 increments through U.S. Bank Internet Banking at usbank.com or by calling U.S. Bank 24 Hour Banking at 1-800-USBANKS.

Other check cards that continue to reward Checking That Pays customers include the: WorldPerks(R) Visa Check Card, WorldPerks Visa Gold Check Card, U.S. Bank Check Card with Visa Extras and the Harley-Davidson(R) Visa Check Card. More than 2.5 million customers earn rewards through the U.S. Bank Checking That Pays program.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With $198 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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. Visit U.S. Bancorp on the web at usbank.com.

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


"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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