Federal Reserve announces 2027 payment pricing and check service changes

The Federal Reserve Board announced payment service pricing for the Federal Reserve Banks on Thursday 12 November 2026. The pricing takes effect January 1, 2027, for services provided to banks and credit unions. The services include check clearing, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services.

The agency said federal law requires the Federal Reserve to establish fees that recover the costs of providing payment services over the long run. The fees cover actual and imputed costs. The Federal Reserve expects to recover 101.5 percent of actual and imputed expenses in 2027. This includes the return on equity that would have been earned if a private-sector firm provided the services.

The Federal Reserve estimated that overall price changes for 2027 would produce a 1.4 percent average price increase for established, mature services. The agency said the pricing covers payment services provided by the Federal Reserve Banks to banks and credit unions.

The Federal Reserve Banks also announced changes intended to streamline and adjust check services. The agency said the changes were informed by public feedback and would help the Federal Reserve Banks continue providing check services efficiently. It said checks remain an important payment instrument for many consumers and businesses even though the volume of checks processed by the Federal Reserve Banks is declining.

The adjustments include optimizing check processing windows during low-volume periods. Banks and credit unions will also pay higher fees to process checks. Other operational updates are included. The agency said the changes do not affect the ability of consumers and businesses to pay with or receive checks. They affect only how banks and credit unions process checks with Federal Reserve Banks.

The full 2027 fee schedule covers all Federal Reserve payment services. The announcement said the schedule includes pricing for check clearing, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services.