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

Federal Reserve Board Announces Pricing for Payment Services Effective January 1, 2025

Washington, D.C., November 22, 2024 – The Federal Reserve Board on Tuesday announced pricing for payment services the Federal Reserve Banks provide to banks and credit unions, effective January 1, 2025. The pricing is designed to recover the costs of providing these services and promote the safety and soundness of the financial system.

The pricing changes include:

• An increase in the per-item fee for automated clearing house (ACH) payments from $0.053 to $0.058.
• An increase in the per-item fee for Fedwire funds transfers from $0.25 to $0.27.
• A new fee of $0.01 per item for real-time payments (RTP).

The Fed also announced that it will continue to offer a volume discount for ACH payments, with a discount of 10% for volumes of 100,000 items or more per month.

The pricing changes are based on a cost study that the Fed conducted in 2023. The study found that the costs of providing payment services have increased in recent years due to a number of factors, including the rising cost of technology and the increasing volume of payments.

The Fed believes that the pricing changes are necessary to ensure that it can continue to provide safe and efficient payment services to banks and credit unions. The Fed also believes that the pricing changes will promote competition in the payments market by encouraging banks and credit unions to use the Fed’s services.

The pricing changes will be effective January 1, 2025. The Fed will continue to monitor the costs of providing payment services and make adjustments to pricing as necessary.

For more information, please contact the Federal Reserve Bank in your district.

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

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