First Data Acquires Wells Fargo’s Instant Cash EFT Network

DENVER – First Data Corp. announced Friday it has agreed to acquire Wells Fargo’s Instant Cash Services unit, which provides electronic funds transfer services for 500 financial institutions in 20 states–including 175 credit unions. First Data, which owns and operates the STAR network, plans to retain the Instant Cash brand, which includes no-surcharge services and deposit-taking ATMs. As a result, users of the brand will continue to access Wells Fargo’s 6,700 ATMs around the country. Financial terms of the deal were not disclosed.