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U.S. Bank Ready to Help Businesses Address New Back Office Check Conversion Rule Changes

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 12, 2007--U.S. Bank is prepared to meet the needs of retailers and other customers who wish to take advantage of check electronification opportunities for point-of-sale (POS) payments when NACHA's check conversion rules change for Back Office Conversion (BOC) on March 16, 2007. U.S. Bank is showcasing its portfolio of advanced check processing products at the National Retail Federation's 96th Annual Convention and Expo in New York City, Jan. 14-17.

The bank has launched a new enhancement to U.S. Bank Electronic Check Service designed to meet the needs of multi-lane retailers by eliminating the investment in check imaging technology at the point of sale.

"Our Electronic Check Service for multi-lane retailers is just one example of U.S. Bank's overall strategy to support electronic processing of point-of-sale payments," said Stephanie Schmitt, vice president, treasury management product management at U.S. Bank. "Previous point-of-purchase check conversion rules posed significant cost and operational hurdles for retailers. With the upcoming rule change regarding back office conversion, many of those obstacles will be eliminated, giving retailers access to exciting new opportunities for payment processing efficiency."

The new enhancements to Electronic Check Service allow multi-lane retailers to use existing MICR technology to perform real-time financial authorizations at the point of sale, which lowers the risk associated with accepting checks and improves cash flow. A high-speed imaging device in the retailer's back office uploads batches of check images at the end of the day, joining the image data with the original transaction detail and eliminating the need to manually reconcile point-of-sale activity with transaction data in the back office. Funds are deposited in as little as 24 hours and all exception handling is automated, eliminating the associated labor and fees for retailers.

Electronic Check Service is the only product in the marketplace that automatically leverages three processing methods: direct DDA access, ACH processing, and the banking network adhering to Check 21 regulations. It automatically determines the appropriate processing method without clerk manipulation at the point of sale.

Developed in partnership with NOVA Information Systems, a U.S. Bancorp subsidiary, U.S. Bank Electronic Check Service allows merchants to choose the level of service that is most appropriate for their business - from guaranteeing payments to verifying and collecting funds to strictly converting checks to electronic payments. Retailers using U.S. Bank for credit and debit card processing further benefit by having one point of contact for all their payment processing needs.

To further support BOC, U.S. Bank is piloting a new Web-based version of its popular On-Site Electronic Deposit remote deposit product, which allows customers to scan and process all incoming checks in a back-office environment. It includes automated data-capture capabilities that minimize the data entry tasks associated with keying in check dollar amounts. On-Site Electronic Deposit gives businesses with multiple stores or branches a way to quickly prepare, approve and electronically send deposits to the bank, without making a trip to a branch. This can be either done from each store or branch location, or from one central location.

For customers using in-house technologies for image and check data capture, the U.S. Bank Electronic Cash Letter Deposit service will be upgraded to process BOC transactions. Electronic Cash Letter Deposit allows customers to send a file of MICR data with or without check images for clearing through ACH and/or check processing systems.

"We are currently planning pilot projects with customers interested in implementing electronic check processing products before the new rules go into effect on March 16, 2007," said Schmitt. "We are already seeing a high degree of interest in the industry, with customers eager to select a BOC solution, establish their operational processes and get comfortable with the technology. On March 16, they want to be ready to process eligible checks through Back Office Conversion."

U.S. Bancorp (NYSE:USB), with $217 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,467 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 usbank.com.

Jennifer Wendt, Media Relations, 612-303-0731

"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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