Release Date: November 4, 2014
For release at 1:00 p.m. ET
The Federal Reserve Board on Tuesday announced the approval of fee schedules, effective January 2, 2015, for payment services the Federal Reserve Banks provide to depository institutions (priced services).
The Reserve Banks project that they will recover 101.9 percent of their priced services costs in 2015. The Reserve Banks expect to fully recover actual and imputed expenses, and earn a profit that is above their targeted return. Overall, the price level for Reserve Bank priced services will increase approximately 1 percent in 2015 from 2014. The effective fees for the Reserve Banks' Check 21 services are expected to decline approximately 3 percent. In addition, the effective fees for the Reserve Banks' FedACH® service will decline nearly 1 percent. The effective fees will increase about 5 percent for Fedwire® Funds and National Settlement Services and increase approximately 15 percent for Fedwire Securities Service. Finally, the Board also approved a modest increase to FedLine® access fees.
The 2015 fee schedule for each of the priced services, except the check service fee schedule, is included in the attached Federal Register notice. Fee schedules for all priced services are available on the Federal Reserve Banks' financial services website at FRBservices.org.
Lastly, the Board approved the 2015 private-sector adjustment factor (PSAF) of $18.0 million for Reserve Bank priced services. The PSAF is an allowance for income taxes and other imputed expenses that would have been paid and profits that would have been earned if the Reserve Banks' priced services were provided by a private business. The Monetary Control Act of 1980 requires that the Federal Reserve establish fees to recover the costs of providing priced services, including the PSAF, over the long run, to promote competition between the Reserve Banks and private-sector service providers.
The Board's notice is attached.
For media inquiries, call 202-452-2955.Board Votes