WASHINGTON—The Federal Reserve has announced pricing, effective Jan. 2, 2024, for payment services Fed 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 Fed noted.
The Federal Reserve said it expects to recover 103% 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 are estimating the price changes for 2024 will result in a 1.8% average price increase for established, mature services.
Schedule to be Published
The Reserve banks will maintain the previous year's fee schedule for the FedNow Service, inclusive of discounts, the Fed stated.
The entire 2024 fee schedule is included in the Federal Register notice and will also be published on FRBservices.org, the Fed noted..
As Winter Approaches, the Price for the Best Daily News Update in Credit Remains a Nice, Cozy Free!
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?