WASHINGTON—The Federal Reserve Board has approved the fee schedules for payment services the Federal Reserve Banks provide to depository institutions in 2019.
The changes are estimated to result in a 2.5% average price increase across their services, NAFCU reported.
With these fees, the Reserve Banks expect to recover more than 100% of their priced services costs, including actual and imputed expenses and profit that would have been earned if it were a private business providing the services.
The Fed approved $17.8 million for the 2019 private-sector adjustment factor (PSAF). The PSAF is an allowance for income taxes and other imputed expenses that would have been paid and profit that would have been earned if the priced services were provided by a private business, NAFCU noted.
The fee schedules will go into effect Jan. 2.