First Data to Acquire Instant Cash Services Business from Wells Fargo

Wells Fargo Bank, N.A., a subsidiary of Wells Fargo & Company, and First Data Corp. announced they have signed a definitive agreement for First Data to acquire the Instant Cash Services® (Instant Cash) business, which includes the Instant Cash Network, from Wells Fargo. First Data will continue to operate the Instant Cash Network under the Instant Cash brand. Instant Cash Services provides debit card and ATM payment processing services for more than 500 community banks, credit unions, thrifts and non-financial institutions in 20 states. The transaction will not affect Wells Fargo’s ATM banking network of 6,700 ATMs in 23 states nor will it affect the company’s ranking as the nation’s #2 largest debit card issuer, with 18.7 million debit card accounts. Financial terms of the transaction were not disclosed.

"Instant Cash Services is a natural fit with First Data. We serve thousands of similar financial institutions nationwide, and this acquisition supports our strategy of securing transaction processing volume and integrating high quality, value-added products and services," said Todd Strubbe, president of First Data Debit Services. "The Instant Cash Network participants will continue to receive the high-touch service and convenience they enjoy today, along with continued deposit-sharing and surcharge-free access to ATMs at Wells Fargo branch locations. As we move forward, Instant Cash customers will gain access to new and enhanced products to help them service, protect and grow their businesses."