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Federal Reserve Board announces pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions,…

November 03, 2022

Federal Reserve Board announces pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services

For release at 3:30 p.m. EDT

    The Federal Reserve Board on Thursday announced pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services.

    By law, the Federal Reserve must establish fees to recover the costs of providing payment services over the long run. The Reserve Banks expect to fully recover 100.2 percent of actual and imputed expenses in 2023, 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 2023 will result in a 2.9 percent average price increase.

    The Board also announced the 2023 pricing for the FedNowSM Service, a real-time payments platform, which i

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