The Federal Reserve Board has announced pricing changes for payment services provided to banks and credit unions, with the new rates set to take effect on January 1, 2027. The announcement covers services including the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services.
According to the Board, the pricing changes are designed to recover the costs of providing these services over the long run, including imputed costs. The Federal Reserve expects to recover 101.5 percent of actual and imputed expenses in 2027. This target includes the return on equity that would have been earned if a private-sector firm provided the services.
Overall, the price changes for 2027 are projected to result in an estimated 1.4 percent average price increase for established, mature services.
In addition to pricing adjustments, the Federal Reserve Banks announced changes to streamline and adjust their check services. The changes were informed by public feedback and a request for information on check services issued last year. The adjustments include optimizing check processing windows during low-volume periods and increasing fees that banks and credit unions pay to process checks. The Board noted that these changes do not impact the ability of consumers and businesses to pay with or receive checks, but rather affect how banks and credit unions process checks with the Federal Reserve Banks.
The entire 2027 fee schedule for all of the Federal Reserve's payment services is published on FRBservices.org.
