The Federal Reserve today announced pricing for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house transactions, instant payments and wholesale payment and settlement services. The new pricing takes effect Jan. 1, 2025.
By law, the Fed must establish fees to recover the costs, including imputed costs, of providing payment services over the long run, according to a statement. The Fed expects to recover 104.1% of actual and imputed expenses in 2025, including the return on equity that would have been earned if a private-sector firm provided the services. The Fed banks estimate that the price changes for 2025 will result in a 2.8% average price increase for established, mature services.
The Fed also released transaction volume and value data for FedNow, its instant payments service, which shows that adoption continues to grow.
