WASHINGTON – The Federal Reserve yesterday announced it will increase its fees for services by an average of 3% next year, which will include a 5% rise in check service fees and an 8% decrease in fees for the Fed’s electronic payment services.
In 2008, the Fed’s regional banks will continue to encourage the movement to move to a more electronic check-processing environment by lowering the fees for Check 21 deposits destined to electronic recipients by 3% and raising the fees for paper check deposits by about 12%.
In addition, the Fed will offer depository institutions greater incentives to receive their check presentments electronically through Check 21.
For the fourth straight year, the fees will cover all of the Fed’s expenses in managing the payments system.
