Press Release: August 17, 2001

WR Hambrecht + Co Initiates Coverage of eFunds (EFDS) with a Neutral Rating

San Francisco, CA, August 17, 2001—WR Hambrecht + Co today initiated research coverage on eFunds (EFDS) with a Neutral rating. WR Hambrecht’s eFinance analyst Jeff Baker cites overall industry trends and valuation relative to its peer group in making the firm attractive for investors, but he adds near-term contract uncertainties warrant the Neutral rating. WR Hambrecht + Co offers all its research reports free and real time at www.wrhambrecht.com.

“Despite the stock trading at a discount to its peer group and participating in an attractive space, in our opinion, the company is facing two near-term concerns that we would like to see addressed: the renewal of a key government contract and a long-term contract addressing its relationship with Concord EFS,” Baker said.

WR Hambrecht + Co estimates eFunds to post diluted EPS of $0.79 on revenues of $514.6 million in fiscal 2001 and $1.12 on $557.2 million in fiscal 2002. eFunds reported a diluted EPS of $0.34 on $417.9 million in fiscal 2000.

eFunds Corporation provides electronic transaction processing, automated teller machine outsourcing and risk management services to financial institutions, retailers, electronic funds transfer networks, e-commerce providers and government agencies.