In early February, your institution should receive its first 2023 invoice from Federal Reserve Financial Services. As announced in November 2022, our customers will see modest increases in prices for our products and services. For additional context, the majority of our fees remained flat over the past two years. We remain committed to meeting our obligation of cost recovery across all business lines over the long term.
Services with pricing changes in 2023 are:
- Check Services
- FedACH® Services
- FedLine® Solutions
- Fedwire® Funds Service
- Fedwire Securities Service
New in mid-year 2023 will be the Federal Reserve’s instant payments offering, the FedNowSM Service. To support widespread adoption of instant payments, the Federal Reserve is offering key pricing discounts for new FedNow Service customers in 2023. These include waiving the $25 monthly service fee ($300 annual value) and discounting the $0.045 customer credit transfer fee on the first 2,500 customer credit transfers per month (up to $1,350 annual value). Other FedNow Service pricing fees include a $1.00 Liquidity Management Transfer fee, a $0.01 request for payment fee and a $0.045 return customer credit transfer fee. Fees for the FedNow Service will commence when the service is generally available.
The impact of these changes on your institution will depend on your product mix and volume. Details on specific changes and information you need to price your services or reconcile your bill can be found on the Service Fees page. This page includes links to both the 2022 and 2023 fee schedules for all our services.
If you have questions about product and fee changes or how they may affect your institution, please contact your account executive. You can look up your Accounting Services contacts by entering your institution’s ABA number in the “Find Your Contacts” field on the Contact page.