The Federal Reserve Board has announced the approval of fee schedules, effective January 3, 2011, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Board has also approved maintaining the current earnings credit rate on clearing balances.
The Reserve Banks project that they will recover 102.0 percent of their priced services costs in 2011. The Reserve Banks expect to recover all of their actual and imputed expenses, and earn a profit that is above their targeted return on equity. Overall, the price level for Federal Reserve priced services will decrease about 3 percent in 2011 from 2010.
Because an increasing proportion of checks collected through the Reserve Banks will be presented electronically, the effective fees paid to collect checks using the Reserve Banks' Check 21 services are expected to decline, on average, 14 percent. The average fee paid by depository institutions to return a check electronically will decline 20 percent. In addition, the fees for the Reserve Banks' FedACH® service, Fedwire® Funds and National Settlement Services, and Fedwire® Securities Service will increase approximately 3 percent.
Fee schedules for all priced services will be available on the Federal Reserve Banks' financial services website.
In addition, the Board approved the 2011 private-sector adjustment factor (PSAF) for Reserve Bank priced services of $39.5 million.
See press release for full details.