On Friday, the Federal Reserve Board announced the pricing for payment services provided by the Federal Reserve Banks to banks and credit unions. These services include clearing checks, ACH transactions, and wholesale payment and settlement services, and the new pricing will take effect on January 2, 2024.
According to the law, the Federal Reserve is required to establish fees that recover the costs of providing payment services in the long term, including imputed costs. In 2024, it is expected that 103 percent of the actual and imputed expenses will be recovered, which also includes the return on equity that would have been earned if a private-sector firm provided the services. The Reserve Banks estimate that this will result in an average price increase of 1.8 percent for established, mature services.
The fee schedule for the FedNow Service will remain the same as the previous year, including any discounts. More information about the FedNow Service, including pricing and implementation costs, can be found in the Federal Register notice.
The complete fee schedule for 2024 can be found in the Federal Register notice and will also be published on FRBservices.org.
Read the original Federal Reserve release here.
