U.S. Bank’s Check Cashing Program Expands to Denver

FORT WORTH, Texas--(BUSINESS WIRE)--VALID Systems, the nation’s preeminent check cashing and verification solutions provider, announced this morning that U.S. Bank is expanding its successful check cashing program utilizing VALID’s banking application to all 62 of its locations in the Denver market, both in-store and traditional branches.

Chuck Tufts, EVP and Director of Retail Services for U.S. Bank noted, “Our Colorado Springs pilot has shown that the underbanked market is both promising and diverse. We plan to offer check cashing in all branches to attract new customers and better meet their immediate needs. Our experience with VALID’s solution has been tremendously positive, and we look forward to working with them closely as our check cashing program continues to expand.”

U.S. Bank began piloting VALID’s check cashing system in all of its Colorado Springs branches in January, 2007, focusing on suburban customers. Initial results included high customer, employee, and market manager satisfaction, with more than a 50% increase in transactions from the first to the second month, and almost 50% repeat transactors by the third month. Branches saw an increase in new account openings by the second month of the pilot, in line with its strategy to capture young customers with check cashing service while they are still underbanked, and then migrate them to more traditional banking products. As of mid-April, 57% of customers enrolled in the program were 18 to 29 years old.

Said John Templer, VALID’s CEO, “The speed of U.S. Bank’s expansion demonstrates the ease and effectiveness of VALID’s technology, as well as the potential for in-branch check cashing to attract and serve new customers across a bank’s entire footprint. Working with an institution of U.S. Bank’s stature is an honor. We look forward to continued growth for both our companies through our association.”

More financial institutions and major financial services providers now use VALID Systems than any other automated check cashing solution. To learn more about VALID’s products and depth of experience in the underbanked market, go to http://www.validsystems.net/.

About U.S. Bancorp:

U.S. Bancorp, with $223 billion in assets, is the parent company of U.S. Bank, the 6^th largest commercial bank in the United States. The company operates 2,499 banking offices and 4,867 ATM’s and provides a comprehensive line of banking, brokerage insurance, investment, mortgage, trust and payment services products to consumers, businesses, and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

About VALID Systems:

VALID Systems is the financial services industry’s leading check cashing and verification solutions provider. Customers including three of the top ten banks in the United States, as well as a variety of financial services companies of all types and sizes, have found VALID’s ground-breaking, patent-pending system unparalleled in its speed, ease of use, and cost effective ability to attract and serve promising new customers. For more on how VALID can help you improve your retail program, visit http://www.validsystems.net/.