November 17, 2023
Federal Reserve Board announces pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, ACH transactions, and wholesale payment settlement services
For release at 1:30 p.m. EST
The Federal Reserve Board on Friday announced pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, and wholesale payment and settlement services.
By law, the Federal Reserve must establish fees to recover the costs, including imputed costs, of providing payment services over the long run. The Federal Reserve expects to recover 103 percent of actual and imputed expenses in 2024, including the return on equity that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes for 2024 will result in a 1.8 percent average price increase for established, mature services.
The Reserve Banks will maintain the previous year's fee schedule for the FedNow® Service, inclusive of discounts. Other information on the FedNow Service, including pricing and implementation costs, is available in the Federal Register notice.
The entire 2024 fee schedule is included in the Federal Register notice and will also be published on FRBservices.org®.
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