WASHINGTON—The Federal Reserve has approved the fee schedules for payment services the Federal Reserve Banks provide to depository institutions in 2021.
The changes are estimated to result in a 2.4% average price increase across their services, the Fed said in a release.
The Fed stated that with the increase Reserve Banks expect to recover almost 99% percent of their priced services costs, including actual and imputed expenses and profit that would have been earned if it were a private business providing the services.
“While the Reserve Banks do not expect to recover fully actual and imputed expenses, including profit that would have been earned if a private-sector firm provided the services, in 2021, they do expect to recover fully expenses over 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 stated.
The fee schedules will go into effect Jan. 4.