Fed releases 2024 pricing schedule

The Federal Reserve Board announced that the fee schedule for payment services provided by Federal Reserve Banks and used by depository institutions will go into effect Jan. 2, 2024.

The Fed is required, by law, to establish these fees to recover the long-term costs of providing payments services over the long run. With these fees, the Reserve Banks expect to recover 103 percent of their priced services costs for 2024, including actual and imputed expenses and profits that would have been earned if it were a private business providing the services.

The Reserve Banks will maintain the previous year’s fee schedule for the FedNow Service, inclusive of discounts. Other information on the FedNow Service, including pricing and implementation costs, is available in the Federal Register notice.

 

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