The Federal Reserve has announced pricing for payment
services offered to credit unions by Federal Reserve Banks, effective Jan. 2,
2024. These services include the clearing of checks and automated clearing
house transactions, as well as wholesale payment and settlement services.
The Fed-approved private-sector adjustment factor (PSAF) for
2024 will be set at $29.2 million, according to the Fed’s notice published in
the Federal Reserve. The notice includes 2024 fee schedules for all Fed-priced
services and electronic access.
The Fed is required to establish fees to recover the costs
for such services under the Monetary Control Act of 1980, including imputed
costs and other costs associated with providing payment services over the long
run.
Banks operated by the Fed anticipate adjustments for 2024 to
result in a 1.8 percent average price increase for established, mature
services. The Fed indicated it expects to recover 103 percent of actual and
imputed expenses in 2024. This estimation includes the return on equity, which would
be earned if the services provided to credit unions by the Fed banks were
offered by a private-sector firm.
The Reserve Banks will maintain the previous year’s fee
schedule for the FedNow Service, with relevant discounts included. More details
about the FedNow Service, including pricing and implementation costs, as well
as the entire 2024 fee schedule, are available in the notice published in the Federal
Register.