First Data to Acquire Instant Cash Services Business 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 Fargos ATM banking network of 6,700 ATMs in 23 states nor will it affect the companys ranking as the nations #2 largest debit card issuer, with 18.7 million debit card accounts. Financial terms of the transaction were not disclosed. Wells Fargo will continue to participate in the Instant Cash Network and has agreed to recommend First Datas processing services to its Global Correspondent Banking Group customers. The business was created in 1977 by Northwestern National Bank of Minneapolis, a predecessor of the former Norwest Corporation, to process payments for community banks and credit unions in the Upper Midwest. Instant Cash Services is a part of Wells Fargo Card Services, a division of Wells Fargo Bank, N.A. Its customers include community banks, credit unions, thrifts and non-financial institutions in 20 states including Minnesota, North Dakota, Montana, Arizona, Nebraska, Wisconsin, South Dakota, Colorado, Utah and Texas.