The Federal Reserve Board has announced the approval of fee schedules for payment services the Federal Reserve Banks provide to depository institutions (priced services), effective January 2, 2009.
The Reserve Banks project that they will recover 93.7 percent of all their priced services costs in 2009. This cost recovery is heavily influenced by the projected under recovery in the check service as it transitions to an end-to-end electronic check processing environment. As an increasing proportion of checks collected through the Reserve Banks are presented electronically, the effective fees paid to collect checks using the Reserve Banks' Check 21 services are expected to decline 10 percent. This change, along with a 41 percent increase in paper check fees, will further encourage the continued movement to electronic check collection.
Fee schedules for all priced services are available on the Federal Reserve Banks' Financial Services website.
See the press release for full details.