The Federal Reserve Board announced payment service pricing effective Jan. 1, 2027, for banks and credit unions, alongside changes to Federal Reserve Banks’ check operations. Prices for established, mature services will increase by an estimated 1.4% on average, compared with the 0.9% increase set for 2026. The services include check clearing, automated clearing house transactions, instant payments, and wholesale payment and settlement services. Projected recovery of actual and imputed expenses is 101.5% for 2027, including the return on equity a private provider would earn. Fees must recover these costs over the long run.
With check volumes declining, the Reserve Banks will adjust check processing windows during periods of low volume and raise check processing fees, alongside other operational changes. The adjustments reflect public feedback on a 2025 request for information and affect how banks and credit unions process checks with the Reserve Banks. They do not affect consumers’ or businesses’ ability to pay with or receive checks.