Fed to Hold Most Payments Services Fees Steady for 2021

The Federal Reserve announced today that it will maintain its current fee schedules for priced services for most payments services in 2021, except for check fees, which will rise 2.7% on average. Fees will remain unchanged for FedACH, National Settlement Services, Fedwire Funds, Fedwire Securities and FedLine Solutions.

The Fed projects that it will recover 98.7% of its priced services costs in 2021 and added that the Reserve Banks do not expect to fully recover expenses and profits in the short term that would have been earned if a private-sector firm provided the services but expect to recover those expenses in the long run. “This approach recognizes the uncertainties created by the COVID-19 pandemic and offers price stability for customers facing unique challenges in 2021” the Fed said.