Wells Fargo & Co. said it has developed a quick way to transfer credit card balances and other debt directly into home equity loans or lines of credit.

Generally, refinancing credit card debt into home equity loans is a two- step process: the consumer takes out the loan, then writes checks to his or her other creditors. That can take weeks.

Wells said its new system can transfer balances in seconds, using just the creditor's name and the consumer's account number.

The bank said it has used the technology to transfer more than $100 million of credit card balances into home equity debt in recent months.

The system was developed with help from Response Data Corp. in Lyndhurst, N.J.

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