Fed 2024 Priced Service Fee Schedule

On Nov. 17, Fed issued 2024 pricing for payment services it provides.

  • Fed announced its pricing schedule, effective Jan. 2, 2024, for payment services.
  • Services include clearing checks, ACH transactions, wholesale payment settlement.
  • Pricing Provisions
  • By law, Fed must establish fees to recover costs of providing payment services.
  • The expectation for 2024 is to recover 103% of actual and imputed expenses.
  • Overall, Fed estimates price changes will result in a 1.8% average price increase.
  • Also announced 2024 pricing for FedNow Service, real-time payment platform.
  • FedNow pricing will maintain the previous year's fee schedule for FedNow Service.
  • Effectiveness
  • The new fee schedules for Fed payment services become effective on Jan. 2, 2024.
  • Nov. 2023 Fed Final Fees Schedule
  • On Nov. 24, 2023, Fed published final private-sector adjustment factor (PSAF), pricing.
  • PSAF for 2024 set at $29.2mn; also, Fed approved fees schedule for priced services.
  • For 2022 actual, 2023 forecasted, and 2024 budgeted, Fed provided revenue, total expense, net income (ROE), targeted ROE, and recovery rate after targeted ROE (%).
  • Notification of 2024 PSAF and approved fee schedules made in the federal register.

Regulators Fed; FedWire
Entity Types Bank; Depo; Thrift
Reference 88 FR 82356, 11/24/2023; PR, 11/17/2023; Docket No. OP-1822;
Functions Financial; Operations; Reporting; Settlement; Technology; Treasury
Countries United States of America
Category Central Bank; Clearing/Depository
Products Banking; Clearing; Deposits; Payments
Regions Am
Rule Type Final
Rule Date 11/17/2023
Effective Date 1/2/2024
Rule Id 191611
Linked to N/A
Reg. Last Update 11/24/2023
Report Section US Banking

Last substantive update on 11/25/2023