The Federal Reserve Board announced on November 12, 2026, the pricing structure for payment services provided by Federal Reserve Banks, effective January 1, 2027. These services include check clearing, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services. Additionally, the Federal Reserve Banks introduced changes aimed at streamlining and adjusting their check services.
Details of the Pricing Adjustments
In accordance with the Monetary Control Act of 1980, the Federal Reserve is required to set fees that recover the full costs of providing payment services over the long term, including imputed costs and a return on equity comparable to private-sector firms. For 2027, the Federal Reserve projects a cost recovery rate of 101.5%, which includes these imputed expenses.
The overall price adjustments for 2027 will result in an average increase of 1.4% for established and mature services. The private-sector adjustment factor (PSAF) for 2027 has been set at $35.3 million. Fee schedules for these services are available on the Federal Reserve Financial Services website.
Streamlining Check Services
As part of the announced changes, the Federal Reserve Banks will optimize check processing windows to improve efficiency, particularly during periods of low volume. These adjustments follow a request for information on check services issued in 2025, which highlighted the need for modernization in response to declining check volumes.
Implications for Financial Institutions
The pricing updates and operational adjustments are expected to impact banks and credit unions that utilize Federal Reserve payment services. By recovering costs and optimizing processes, the Federal Reserve aims to maintain the efficiency and reliability of its payment infrastructure while adapting to evolving market demands.
