Federal Reserve Board Announces 2027 Pricing for Payment Services and Check Service Adjustments

According to Federal Reserve Press Releases, the Federal Reserve Board announced pricing effective January 1, 2027, for payment services that the Federal Reserve Banks offer to banks and credit unions. These services encompass the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services.

By legal requirement, the Federal Reserve must set fees to cover the costs, including imputed costs, associated with supplying payment services over the long term. For 2027, the Federal Reserve anticipates recovering 101.5 percent of its actual and imputed expenses, which includes the return on equity that a private-sector entity would have earned if it were providing those services. Overall, the price modifications for 2027 are projected to cause an average price increase of approximately 1.4 percent for services that are established and mature.

Furthermore, the Federal Reserve Banks have announced modifications intended to streamline and adjust their check services. The volume of checks processed by the Federal Reserve Banks has been decreasing, yet checks continue to serve as a significant payment method for numerous consumers and businesses. The changes were developed with public feedback in mind to ensure the Federal Reserve Banks maintain efficient provision of check services. These adjustments involve optimizing the windows for check processing during times of low volume, increasing the fees that banks and credit unions pay to process checks, and implementing other operational updates. These changes do not affect the capacity of consumers or businesses to pay with or receive checks; they only affect the manner in which banks and credit unions process checks through the Federal Reserve Banks.

The complete fee schedule for all of the Federal Reserve's payment services for 2027 is available on FRBservices.org®. Usage statistics regarding the Federal Reserve's payments services can be found on the Board's website.