Federal Reserve Board announces pricing, effective January 1, 2027, for payment services the Federal Reserve Banks provide to banks and credit unions, and changes to streamline and adjust their check services

The Federal Reserve Board has announced that starting January 1, 2027, there will be new pricing for the payment services it provides to banks and credit unions. These services include check clearing, Automated Clearing House (ACH) transactions, instant payments, and wholesale payment and settlement services. According to law, the Federal Reserve must establish fees to cover the costs of providing these services, including estimated expenses and imputed costs.

The Federal Reserve anticipates recovering 101.5% of these expenses in 2027, including the return on equity that a private-sector firm would have earned by providing the same services.

For established, mature services, the price changes in 2027 are estimated to result in an average 1.4% increase. Additionally, the Federal Reserve Banks have made changes to streamline their check services. While the volume of checks processed by the Federal Reserve Banks is decreasing, checks remain a significant payment method for many consumers and businesses.

The adjustments aim to ensure the Federal Reserve Banks continue to provide check services efficiently. These changes include optimizing check processing windows during low-volume periods, increasing fees for banks and credit unions processing checks, and other operational updates.

These adjustments do not impact consumers' or businesses' ability to use checks for payments and only affect how banks and credit unions process checks with the Federal Reserve Banks. The complete 2027 fee schedule for all Federal Reserve payment services is available on FRBservices.org®. For more information on Federal Reserve payment services, including usage statistics, visit the Board's website. Media inquiries can be sent to [email protected] or called at 202-452-2955.