Federal Reserve Board announces pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions

The Federal Reserve Board on Friday announced pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services.

By law, the Federal Reserve must establish fees to recover the costs, including imputed costs, of providing payment services over the long run. The Federal Reserve expects to recover 104.1 percent of actual and imputed expenses in 2025, including the return on equity that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes for 2025 will result in a 2.8 percent average price increase for established, mature services.

Along with the pricing information, the Board also released transaction volume and value data for FedNow, the Federal Reserve's 24x7x365 instant payments service. The data show that adoption continues to grow, with modest volumes that are in line with the introduction of a new payments service.

The entire 2025 fee schedule is included in the Federal Register notice and will also be published on FRBservices.org ^®. Additional information on the Federal Reserve's payments services, including service usage statistics, is available on the Board's website.

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