EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

				Three Months Ended		Nine Months Ended
(Dollars in Millions)				September 30, 2009		September 30, 2009
Earnings
	1.	Net income attributable to U.S. Bancorp		$	603	$	1,603
	2.	Applicable income taxes, including interest expense related to unrecognized tax positions			86		287
	3.	Income before income taxes (1 + 2)		$	689	$	1,890
	4.	Fixed charges:
		a.	Interest expense excluding interest on deposits*	$	451	$	1,419
		b.	Portion of rents representative of interest and amortization of debt expense		22		70
		c.	Fixed charges excluding interest on deposits (4a + 4b)		473		1,489
		d.	Interest on deposits		299		937
		e.	Fixed charges including interest on deposits (4c + 4d)	$	772	$	2,426
	5.	Amortization of interest capitalized		$	–	$	–
	6.	Earnings excluding interest on deposits (3 + 4c + 5)			1,162		3,379
	7.	Earnings including interest on deposits (3 + 4e + 5)			1,461		4,316
	8.	Fixed charges excluding interest on deposits (4c)			473		1,489
	9.	Fixed charges including interest on deposits (4e)			772		2,426
Ratio of Earnings to Fixed Charges
	10.	Excluding interest on deposits (line 6/line 8)			2.46		2.27
	11.	Including interest on deposits (line 7/line 9)			1.89		1.78

* Excludes interest expense related to unrecognized tax positions.

  58 U.S. Bancorp