DELUXE CORP — Director's Dealing 2003

Dec 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2003-12-05

Reporting Person: FELTZ GUY C (Sr. V.P., President - DFS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-05	Common Stock	M	11667	$20.24	Acquired	22398.38	Direct
2003-12-05	Common Stock	M	16666	$20.00	Acquired	39064.38	Direct
2003-12-05	Common Stock	F	4631	$40.73	Disposed	34433.38	Direct
2003-12-05	Common Stock	S	200	$40.53	Disposed	34233.38	Direct
2003-12-05	Common Stock	S	100	$40.56	Disposed	34133.38	Direct
2003-12-05	Common Stock	S	2200	$40.57	Disposed	31933.38	Direct
2003-12-05	Common Stock	S	300	$40.58	Disposed	31633.38	Direct
2003-12-05	Common Stock	S	100	$40.60	Disposed	31533.38	Direct
2003-12-05	Common Stock	S	200	$40.61	Disposed	31333.38	Direct
2003-12-05	Common Stock	S	1200	$40.62	Disposed	30133.38	Direct
2003-12-05	Common Stock	S	1300	$40.63	Disposed	28833.38	Direct
2003-12-05	Common Stock	S	100	$40.64	Disposed	28733.38	Direct
2003-12-05	Common Stock	S	1400	$40.66	Disposed	27333.38	Direct
2003-12-05	Common Stock	S	400	$40.67	Disposed	26933.38	Direct
2003-12-05	Common Stock	S	1000	$40.68	Disposed	25933.38	Direct
2003-12-05	Common Stock	S	600	$40.69	Disposed	25333.38	Direct
2003-12-05	Common Stock	S	200	$40.70	Disposed	25133.38	Direct
2003-12-05	Common Stock	S	1000	$40.74	Disposed	24133.38	Direct
2003-12-05	Common Stock	S	500	$40.80	Disposed	23633.38	Direct
2003-12-05	Common Stock	S	300	$40.81	Disposed	23333.38	Direct
2003-12-05	Common Stock	S	1800	$40.82	Disposed	21533.38	Direct
2003-12-05	Common Stock	S	900	$40.83	Disposed	20633.38	Direct
2003-12-05	Common Stock	S	1200	$40.84	Disposed	19433.38	Direct
2003-12-05	Common Stock	S	2200	$40.85	Disposed	17233.38	Direct
2003-12-05	Common Stock	S	1641	$40.86	Disposed	15592.38	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-05	Options	$20.24	M	11667	Disposed	2008-01-26	Common Stock (11667)	Direct
2003-12-05	Options	$20.00	M	16666	Disposed	2010-01-28	Common Stock (16666)	Direct

Footnotes

F1: Includes 419 shares and 224 shares acquired under the Company's Employee Stock Purchase Plan on January 31 and July 31, 2003, respectively.

F2: Options were granted on 1/26/01 (8,333 shares at $20.24 per share), 3/14/02 (40,000 shares at $47.67 per share) and 3/10/03 (40,000 shares at $38.54 per share). Options have seven year terms. One-third of each option vests and becomes exercisable on each of the three succeeding anniversaries of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through the applicable vesting date.