Sec Form 4 Filing - Koldenhoven Lynn @ DELUXE CORP - 2012-02-16

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Koldenhoven Lynn 2. Issuer Name and Ticker or Trading Symbol DELUXE CORP [ DLX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) SVP, Direct Checks (Last) (First) (Middle) 8245 N. UNION BLVD. 3. Date of Earliest Transaction (MM/DD/YY) 02/16/2012 (Street) COLORADO SPRINGS, CO80920 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 10,656 ( 1 ) D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Restricted Stock Units $ 0 ( 2 ) ( 2 ) 01/24/2014 Common Stock 5,119 5,119 D Common Stock Option $ 39.63 04/27/2006( 3 ) 04/27/2012 Common Stock 1,013 1,013 D Common Stock Option $ 26.58 02/14/2007( 3 ) 02/14/2013 Common Stock 7,000 7,000 D Common Stock Option $ 32.65 02/13/2008( 3 ) 02/13/2014 Common Stock 15,400 15,400 D Common Stock Option $ 22.52 02/20/2009( 3 ) 02/20/2015 Common Stock 14,000 14,000 D Common Stock Option $ 9.73 02/18/2010( 3 ) 02/18/2016 Common Stock 16,500 16,500 D Common Stock Option $ 18.28 02/17/2011( 3 ) 02/17/2017 Common Stock 13,300 13,300 D Common Stock Option $ 25.59 02/16/2012( 3 ) 02/16/2018 Common Stock 12,600 12,600 D Common Stock Option $ 25.45 02/16/2012 A 12,300 02/16/2013( 3 ) 02/16/2019 Common Stock 12,300 $ 0 12,300 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Koldenhoven Lynn 8245 N. UNION BLVD. COLORADO SPRINGS, CO80920 SVP, Direct Checks Signatures Anthony C. Scarfone as Power of Attorney for Lynn Koldenhoven 02/21/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Total ownership includes 552 shares purchased under the Employee Stock Purchase Plan on 1/31/2012. ( 2 )Restricted Stock Units were awarded on 1/24/2012 under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the second 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 advance election by executive to receive a portion of his/her 2011 incentive compensation in restricted stock units in lieu of cash. ( 3 )Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains an employee of the Company. Date entered reflects date on which first installment vess(ed).

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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