MINNEAPOLIS, Nov 02, 2006 (BUSINESS WIRE) -- U.S. Bank has seen an increase in business in its retail branch
offices as a result of its alliance with MoneyGram, which it began
offering in all U.S. Bank locations one year ago. U.S. Bank is
MoneyGram's largest financial institution money transfer agent in the
To celebrate the one-year anniversary, U.S. Bank will offer
customers a discount to send funds to any of MoneyGram's more than
100,000 money transfer agent locations in more than 170 countries
worldwide, for a flat fee of $5 through Nov. 30, 2006.
"The program has exceeded our expectations and continues to grow
month over month," said Stephanie Miller, vice president and manager
of emerging markets at U.S. Bank. "It has driven new traffic into our
branches because the service appeals to a broad market. Funds have
been sent to 147 different countries from our metropolitan markets as
well as from our community markets across the United States."
The Inter-American Development Bank recently announced a jump in
remittance volume from $30 billion in 2004 to $45 billion in 2006.
Latin America continued to be the top recipient of remittances from
the United States, and while the states that are the largest source of
remittances to Latin America remained the same - California, Texas,
New York and Florida - many states within the U.S. Bank footprint,
including Wisconsin, Tennessee, Arkansas, Kansas, Kentucky, Nebraska
and Iowa, saw increases of more than 80 percent in the last two years.
The study also found that nearly 90 percent of the income generated by
remitters remained in their local, U.S. economy. For more information
on the report, visit www.iadb.org/news.
MoneyGram is the second largest money-transfer provider in the
world with more than 100,000 agents in 170 countries, and offers
low-priced money transfer options and some of the best foreign
exchange rates in the money transfer industry.
U.S. Bancorp (NYSE:USB), with assets of $217 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,462 banking offices and 4,943 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.
SOURCE: U.S. Bank