DELUXE CORP — Director's Dealing 2004

Jan 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-01-26

Reporting Person: SCHULTE RICHARD L (Sr. V.P., President - DBS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-26	Restricted Stock Units	A	868	$42.30	Acquired	2369	Direct
2004-01-27	Restricted Stock Units	M	1501	—	Disposed	868	Direct
2004-01-27	Common Stock	M	1501	—	Acquired	13775	Direct
2004-01-27	Common Stock	F	784	$42.23	Disposed	12991	Direct

Footnotes

F1: Restricted stock units were awarded on 1/26/04 (868 units) under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the anniversary of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through such date. Award results from an election to receive a portion of the holder's 2003 incentive compensation in restricted stock units in lieu of cash.

F2: Vesting of restricted stock units awarded on 1/27/03 under the Company's Stock Incentive Plan. Award of units resulted from an election to receive a portion of the holder's 2002 incentive compensation in restricted stock units in lieu of cash.

F3: Amount also includes 321 shares acquired under the Company's Employee Stock Purchase Plan on July 31, 2003.