Wells Fargo to move Wachovia’s credit card portfolio to First Data

First Data announced that Wells Fargo & Company expanded its agreement for card processing services. Now Wells Fargo will move its newly-acquired Wachovia credit card portfolios to First Data for comprehensive card processing services. Currently First Data is providing data processing services, statement/letter production and mailing, plastic card personalization and fraud services for Wells Fargo’s seven million plus cardholder accounts within its consumer credit and small business card portfolios.

Under the new terms of the partnership Wells Fargo will add the Wachovia credit card accounts, the Wells Fargo Private Label card accounts and the Personal Credit Management line of credit accounts to the existing Wells Fargo portfolios serviced on First Data’s system. Additional terms are not being disclosed.

“Expanding our long-standing partnership with Wells Fargo clearly demonstrates that First Data’s single platform solution, economies of scale and continuous investment in technology enables our clients to grow and build stronger relationships with their customers,” said Matt Kardell, senior vice president, Sales and Strategic Account Relationships for First Data.