The adjusted fee schedule for payment services provided by the Federal Reserve Banks is set to take effect Jan. 1, 2025. These services include the clearing of checks, automated clearing house transactions, instant payments, and wholesale payment and settlement services.
Overall, the Federal Reserve Banks estimate the price changes for 2025 will result in a 2.8 percent average price increase for established, mature services.
The Fed expects to recover 104.1 percent of actual and imputed expenses throughout 2025, including the return on equity that would have been earned if a private-sector firm provided the services. By law, the Federal Reserve is required to establish fees to recover the costs for providing payment services to private sector entities, including banks and credit unions, over the long run.
Along with the pricing information, the Fed also released transaction volume and value data for FedNow, the Fed’s instant payments service. The data suggest a continuous growth in adoption with modest volumes that generally align with expectations for a relatively new payment service, according to the Fed.
The complete 2025 fee schedule is available in the Federal Register notice and will also be published at FRBservices.org. More details about the Fed’s payments services, including service usage statistics, is available via the Fed’s website.