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U.S. Bank Payee Positive Pay Helps Businesses Stay Ahead of Check Fraud

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 13, 2006--Check fraud has evolved to yet another level. Now that some criminals have found out that banks have the ability to verify check serial numbers and dollar amounts on checks presented for deposit, they are focusing on altering the payee name on stolen checks or counterfeit checks.

"Payee Positive Pay eliminates the risk of loss from check alterations by identifying suspect items and allowing them to be returned within the 24 hour return window - the most critical element in avoiding loss for both the bank and our customers," said Ann C. Smith, senior vice president of U.S. Bank Treasury Management Services. "U.S. Bank strongly encourages business customers to take advantage of this important enhancement."

Businesses can stay one step ahead of criminals by using U.S. Bank Payee Positive Pay. This new enhancement to U.S. Bank Positive Pay now helps detect and prevent altered payee name fraud on deposited and cash letter items. Payee Positive Pay identifies any non-matching items compared to the customer file of checks issued. During the check clearing process, U.S. Bank Payee Positive Pay verifies who the checks are payable to and identifies suspect items. The customer reviews their checks and makes the decision online whether to return suspect items or continue payment. Payee Positive Pay also includes payee name verification at U.S. Bank's teller line. Checks presented for payment that don't match the issue file are returned to the presenter. U.S. Bank has made significant investments in technology to offer customers this next level of fraud prevention.

U.S. Bank notifies customers of any non-matching checks for their decision making. Customers can efficiently review images and make payment decisions online from a single point of access with U.S. Bank SinglePoint(R), part of a suite of integrated online Treasury Management Services.

"U.S. Bank Payee Positive Pay has enabled us to take the additional step to tighten controls on how we process and reconcile our paid checks," said Brian K. Hankel, vice president and treasurer, MidAmerican Energy Holdings Company. "We can now easily review any suspicious checks and exception items to determine whether they should be paid. We are confident that Payee Positive Pay provides us the next level of security needed."

U.S. Bancorp (NYSE:USB), with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 banking offices and 4,966 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

Amy Frantti, 612-303-0733
Media Relations


"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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