WASHINGTON—The fee schedule for payment services provided by Federal Reserve Banks and used by depository institutions will go into effect Jan. 3, 2023, the Fed has announced
The Fed is required by law to establish the fees to recover the long-term costs of providing payments services over the long run. With these fees, the Reserve Banks expect to recover 100.2% of their priced services costs for 2023, including actual and imputed expenses and profits that would have been earned if it were a private business providing the services, NAFCU explained.
In addition, the Fed has also announced the 2023 service fee schedule for FedNow, its instant payment network, which is set to launch in mid-2023. The pricing details are substantially similar to what the Fed previewed earlier in 2022.
To encourage adoption, certain fees will be waived during the first year, the Fed said. Customer credit transfer up to 2,500 transactions and the FedNow participation fee will be discounted to $0.00 for 2023. The Fed has stated that the initial fee schedule for the service will change as the service matures, NAFCU said.
Additional details are available here.
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